Does anyone know anything about starting a franchise or have any advice on it?
Answer:
I had a friend that was part of a franchise - they gave lots of help but my advice to you is well actually there are a few things:
1. Watch to see how much royalites and advertising are. We live in an area where the main corporate advertising does not help and this person still had to pay a huge amount of money that really did not benefit the store.
2. My friend implimented new ideas into the store and corporate took the ideas and made it their own with no compensation to my friend for the initial ideas and problem solvers.
Do research and then do more before you take the plunge! Good luck!
What type of franchise are you interested in?
If you do all the market research and planning right, get financing or whatever (mortgage your house), then it is like buying a job for yourself. Expect to work your butt off to make the same salary you would make at an 8-5 job, depending on a lot of variables, of course, could be worse, or it could be better, but that's the general idea of franchising: make some sucker take the risk away from the main company, while sticking to the good ole American work ethic way..
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If you would like to start a business I recomend starting a franchise as a last resort. Most frachise companies will charge you a great sum of money just to use their name. Then there are normaly royalties. Besides having to pay them a chunk of your profits you often have to follow strict guide lines for running your company. If you lack the desire or time to start from scratch then a franchise might be right for you. Most franchisers have already established effective methods for running the comapny. They might also pay for your marketing.
It is not clear whether you meaning turning your business into a franchise and offering it to others, or buying an existing franchise. If you are thinking of franchising your business, you really need to be convinced people are going to want to buy your business and run it elsewhere. You will need an excellent business track record. If you are thinking of buying a franchise and becoming a franchisee, you need to be convinced you can work with the franchisors - it's a very personality-based decision! obviously, you also need to be convinced that it's a sound business decision - don't trust the figures they supply you - do your own research!
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