What is a franchise?
In exchange for an initial fee to a franchisor, and ongoing royalties a franchisee acquires the use of a trademark, the right to use the franchisor’s system of selling products and services and ongoing support.
1. Understanding why a franchise might be a good choice
A business already established for your benefit,
Provides you with branding, trademarks, marketing/advertising, processes, products, systems, services, operations manuals, a peer group of fellow franchisees and ongoing corporate support.
2. Do you have what it takes?
Consider the following:
· Capital – Most franchisors have a minimum net worth and liquid capital requirement,
· Good interpersonal skills,
· Following a system that works is the essence of franchising.
3. Know yourself
Take stock of the most important component of the equation – YOU.
What skills/experience/interests do you have?
Consider your past jobs and determine what you liked best and least about them; then list your strengths/weaknesses.
I love using my consulting experience to help candidates explore franchise options to find one that fits your goals. To learn more call 925.642.9976.