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Is Franchising Right For Me?

Is Franchising Right For Me?

If you have been considering opening your own business but are concerned with risking your money with an unknown or unproven product or service, you may do well to consider franchising. Franchises are often the best way to go, especially for new entrepreneurs who are looking to be their own boss, but at the same time reduce their risk of losing their hard-earned money.

Unlike opening your own startup business from scratch, with a franchise you can get support from the parent company as well as fellow franchisees. You’ll find this can be a valuable resource, helping you with questions and guiding you toward your eventual success in the business world.

Whether or not you are successful in franchising depends a great deal on what type of business you are planning to start. Though, in most cases, you will find that, regardless of the type of business, franchising is the much safer and easier route to go.

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Which role will you play?

You will also want to decide what kind of role you want to play in the business. Do you want to be an absentee owner, who hires management staff that deals with the day-to-day running of the business, or do you want to be more like an owner/operator who is directly involved in running your own business?

About the investment…

    Another important question you will definitely want to consider is how much you plan on investing in your franchise. Franchises can cost anywhere from less than $10,000 to over $1 million.

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    For instance, opening a restaurant franchise will cost a bit more than opening a franchise selling merchandise from home, as you will have to deal with overhead costs such as equipment and food inventory with a restaurant. This BusinessNewsDaily article should give you a good idea of the different types of franchises out there as well as the startup costs.

    Make some research first.

    Once you’ve decided on the kind of business you want to get into and the initial investment you are willing to put up, you will want to carefully research the different franchise opportunities available. Some of the things you will want to consider include: how good of a support system they have, how good is the corporate staff, and how vested are they in seeing their franchisees succeed in their goals. This is an important life decision you are making, and the more time you take in researching your prospective franchisors, the more likely you will succeed in your franchise venture.

    One big part of researching potential franchisors is reading their financial disclosure document (FDD) carefully and thoroughly. You should pay close attention to past or current litigations (Items 1-4), financial performance and historical grown (Items 19 and 21), and current and past franchisees (Item 20). The last of these items is particularly useful for your research, as you can contact not only current franchisees to see how well the program is working for them, but also talk to franchisees who chose to get out of the franchise. It is a good idea to talk to as many franchisees as possible to get an overview of just how well the particular franchise works.

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    What does your franchise need to succeed?

      You may be wondering what type of people actually run successful franchises. Are franchises only for people who are business savvy with a master’s degree in business? Can the common man open a franchise and expect to succeed?

      You will be glad to know that there are many successful franchisees from all walks of life, from business gurus to the “common man on the street.” There have also been many famous celebrities who have recognized the value of franchises, such as those found in this Famous Franchisee Quiz! So, you will be in good company if you do decide to get into franchising.

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      This article only touches on a few of the aspects of franchising, but hopefully, it does answer your question on whether or not this is the right type of venture for you. Just keep in mind, whether you are franchising or deciding to start your business from the ground up, the number one reason for your success will always be YOU. Any business venture, regardless of what type of business it is, requires dedication and hard work, research and commitment. If you are willing to dedicate yourself to your business and put in the work, you have a good chance of becoming successful.

      Featured photo credit: businessfranchiseaustralia.com via businessfranchiseaustralia.com.au

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      Erick Clifford

      Journalist

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      Last Updated on February 15, 2019

      How to Achieve Goals and Increase Your Chance of Success

      How to Achieve Goals and Increase Your Chance of Success

      Does it ever feel like the things you want to accomplish always end up on the back burner? If the answer to that question is “yes,” you’re not alone. Only about 33% of people consistently work toward their goals. In some cases, their goals may seem too lofty to accomplish, or else they aren’t sure how to make a plan for them.

      If you don’t come up with concrete steps to take toward your goals, they’ll remain dreams. There’s nothing wrong with being a dreamer, but being able to turn your dreams into goals you can realize will help you lead a happier and more fulfilling life.

      Luckily, you can realize almost any dream when you harness the right goal-setting methods.

      In this article, I’ll show you how to achieve goals and get closer you success.

      1. Break your dreams down into specific and measurable steps

      We couldn’t talk about goal-setting without mentioning SMART goals.

      SMART goals are specific, measurable, assignable, realistic, and time-related.

      Specific and measurable steps are so important because if we don’t know what our target it, how can we ever hit it?

      Take all those beautiful dreams you have for yourself and make them into things you can actually do. If you want to be an entrepreneur, for example, a step toward realizing your dream might be researching what you’ll need to start your business.

      Find out more tips about utilizing SMART goals here:

      How to Use SMART Goal to Become Highly Successful in Life

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      2. Have at least one clearly defined goal for every interest and role in your life

      It’s so easy to become complacent or stagnate. We often think that our careers are the only places where we need to set goals, but we aren’t only what we do.

      To make the most of your life, take the approach that you’re always learning and growing in everything you do. Anything worth doing is worth doing well after all.

      Set goals whether you’re sponsoring an activity for your child, taking up guitar lessons or trying to prove your worth at work.

      You’ll notice that this approach forces you to constantly develop new skills. It can also be fulfilling to put more focus and value into all areas of your life— not just the ones related to our careers.

      3. Align your goals with your life’s mission, purpose and passion

      Take the opportunity to do some soul-searching. What is it that you want to do with this precious life of yours?

      Anything that conflicts with your life’s purpose is bound to cause discontent. Staying in a bad relationship, doing a job that goes against your values, or maintaining the status quo just because it’s comfortable are not options for you.

      Thinking about your goals in this way can help you eliminate things in your life that don’t serve you. This frees up mental space that you can use to do the things you care about the most.

      Many of us struggle to find the time to work on our goals, but this strategy enables you to make more time.

      4. Create goals that ignite your spirit and inspire you to take action

      If you can’t be fired up about your goals from the start, they might not be good goals for you.

      The road to success is often tough. You’re going to have times when you might feel tired or discouraged.

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      You need to feel inspired enough that you’ll be able to overcome obstacles as you encounter them.

      If what you’re doing motivates you to be the greatest version of yourself, you’ll be much more resilient.

      5. Write down all your goals in specific, measurable detail

      This is your road map for what success will look like. The more you define what you want the finished product to be, the greater the chance that you’ll reach that vision.

      When you write down your goals, you’re creating a document that you can revisit to make sure you’re on track.

      When you’re in the middle of trying to achieve a big goal, it can be hard to see what’s working for you. The things you write in this step will help you stay on-message as you take your goals out of your mind and into the real world.

      Don’t just write down your goals and stash them away in a folder somewhere. Take the extra step to put them somewhere where you’ll see them.[1]

      If you have too many goals to post on your desk, write a summary or choose one or two steps to work on for the day. Just seeing them will keep them in the front of your mind.

      6. Commit to hitting each of your targets without exception

      You wouldn’t have created the target if you didn’t think it was necessary. Hold yourself accountable for taking the steps to succeed.

      You can always adapt your strategy or break your targets into smaller steps if you find that they aren’t attainable as you originally wrote them.

      Hitting even the smallest target is cause for a celebration. It’s a step in the positive direction. Your success will make you crave more success.

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      We often make excuses when we get tired or overwhelmed. Take away the option to make excuses. You will only be satisfied with the best effort from yourself.

      7. Share your goals with others to motivate each other

      There’s something so powerful about people sharing their goals and dreams with one another. Doing so gives voice to some part of us that could remain hidden (and therefore never be accomplished).

      When other people know about your goals, they can cheer you on and hold you accountable. When people share their vision with you, you can do the same for them.

      This strategy is particularly beneficial when you’re trying to develop healthy habits. Post about your workout on social media, or do a healthy eating challenge with your best friend. You’ll be less likely to slack when temptation arises, and you’ll probably encourage someone else to reach for their goals too.

      8. Set a series of daily, weekly and long-term goals, complete with starting times and deadlines

      Many goals never reach realization simply because the goal-setter doesn’t check their progress. People tend to forget what they set out to do, or their goal gets crowded out by other obligations.

      Forcing yourself to revisit your goals at regular intervals breaks them into smaller steps and it reminds you to think about them.

      Giving yourself regular deadlines for smaller tasks related to your goals also helps you reflect on your strategy. You’ll figure out what works for you, whether your timeline is realistic, and whether or not you need additional help to stay on track.

      In addition, celebrating small wins helps you stay motivated. Here’s how:

      How To Celebrate Small Wins To Achieve Big Goals

      9. Take 10 minutes every day to imagine how great it will feel to achieve your goals

      Visualization is such a powerful tool. Some of the most successful athletes, celebrities and business people take time each day to think about how success looks and feels for them.[2] Imagining that feeling of satisfaction can be a great motivator.

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      When you do meet your goals, take some time to be grateful. Thank yourself for showing up and doing the work. Be grateful when the stars align properly to help you advance to the next step.

      It’s not just getting to the destination of your goals that matters. How you take the journey is important too.

      10. Take an action step toward reaching your goals every day

      Your goals can easily get buried in the hustle and the bustle. Even the smallest step in the right direction is still moving you forward.

      Keep chipping away at the work every day and before long, you’ll start to see those dreams come to life.

      Maybe you didn’t start your business today but you designed the logo that’s going to go on your website and business cards. Doing that task well is going to help you so much in the long run.

      Concrete actions day by day draw your dreams out of obscurity and into the realm of possibility.

      The Bottom Line

      Dreams can inspire and overwhelm us. By turning our dreams into goals that we can work toward, we increase our chances of success. Things that once seemed impossible are suddenly within reach.

      It’s time to start turning your dreams into goals and your goals into realities. Change begins today.

      More Resources About Setting & Achieving Goals

      Featured photo credit: Andrew Neel via unsplash.com

      Reference

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