Starting a franchise
Investing in your own business can be one of the most critical decisions one will ever make. The challenges are enormous physically and emotionally. Even finalizing a decision to own one's own business is daunting in itself. Many budding entrepreneurs cop out early into the decision making process. Usually individuals wanting to strike out on their own were never responsible overall for: sales, marketing, human resources, customer service, quality assurance, operations, legal compliance, accounting, and much more. When owning a business, including a franchise ALL of those roles will often be carried out on a daily basis. In principle owning a franchise will reduce the risk of not having conducted many of those roles for those brave individuals who ultimately decide to become a franchisee. The foundation of business format franchising is that the franchisor has developed a system, which has been proven successful, which can be duplicated by others …being franchisees. When a business, whether it be associated with food, automobiles, building, or consulting (there are 75 franchise industries) decides to grow by franchising vs. a product or service distribution scheme, that business must develop documented systems which have contributed to that business' prior success, and which can be replicated by its future franchisees. The new franchisee will be trained and provided with, or access, to manuals covering the mission critical functions referred to earlier. Selecting the franchise in itself is a serious and time-consuming process. While many new franchisees select a franchise after having a personal experience at a franchise outlet, most use the Internet to search for a franchise to buy. Since 2000 online franchise directory web sites have proliferated. While many are just bulletin boards, other web sites like Franchise.com more full information on each franchise opportunity and its requirements. When interested in one or more...
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