Researching a Franchise Opportunity
An Independent Franchise
The first place that you could possibly direct your questions to is another franchise owner. Considering the fact that many franchise owners are not usually involved with the day-to-day operation of the franchise business itself then franchise owners may actually not mind speaking with you. These are the people, though, who are the most experienced with opening up their own franchises and can easily guide you and inform you with the correct information so that decisions will be easier. Some independent franchise owners may even tell you about whether or not owning a franchise is a profitable venture, but chances are that many times they will endorse the opportunity!
Authority Resources
Another place to go to if you want to know more about that Taco Bell or Wendy's Hamburgers franchise opportunity is the Entrepreneur magazine. The Entrepreneur magazine has both a print publication and an online version of their magazine that you can purchase. In addition, their website is filled with all sorts of good information about how to get started with franchises, the facts about how much money it takes to own a specific franchise you may be interested in, as well as the qualities and considerations that a prospective future franchise owner should make. In addition, though, the Entrepreneur resources will be able to give you the lowdown of virtually all the franchise opportunities in the United States. Entrepreneur is definitely a trusted resource for finding this type of franchise information.
Franchise Brokers
On the other hand another valuable resource that you may have at your disposal is a franchise broker. Franchise brokers are certain individuals that usually get paid a certain percentage of the startup fees that you'll have to pay, but they can be a valuable resource in the fact that they can give you all the secrets about a certain company and what many franchise owners' opinions might be of them!
All in all, there are plenty of places to go to in order to thoroughly research a franchise opportunity. Even though there are plenty of other places to start rather than with another franchise owner, Entrepreneur magazine, and franchise brokers, these places are definitely good sources of franchise information!
Resources and Help for your Franchise Business
Starting a franchise of a restaurant or store definitely has plenty of benefits associated with it, but there are those times throughout ownership of a franchise where you may need just a little bit of help to get. Whether you are dealing with financial responsibilities and commitments that are just too much to handle or you don't know where to start to improve your franchise as a whole, there are many different routes that you can take in order to definitely improve the situation!
The Company Headquarters
Did you know that many company headquarters offer their franchise restaurants ongoing support for their franchise opportunities? Indeed, if you have caught yourself in a snag or a bit of trouble then the company headquarters should be the first place that a franchise should turn to. Chances are that the headquarters will have the perfect solution, or they can at least point you in the direction of where to go in order to find the answer. Considering the fact that many store and company headquarters make franchise owners pay a heft royalty fee out of the profits they receive each year, though, ongoing support and training should be one of the concerns that is practically expected!
Other Franchise Owners
On the other hand if you don't want the company headquarters of the franchise you own to know about the trouble that's brewing in your own franchise store, there are other ways to receive the help that you need. Thinking about the many different franchises that are located throughout the United States alone, it is quite possible to receive some type of support from another franchise. For example, there are thousands of Dunkin' Donut franchises sprinkled across America so chances are that it would be pretty easy to speak with another franchise owner that also owns a Dunkin' Donuts. If franchise owners share information with each other, though, chances are that it would make the process of owning your franchise that much easier!
Internet Resources
Of course there are plenty of other resources that one has at their disposal as well and it's called "surfing the web" to find your answers. Granted, there is a lot of useless information scattered throughout the internet, but if a franchise owner is careful enough then chances are that he or she can find the exact piece of information he is looking for by doing a worldwide search of the internet. Practically any question that you have about owning your own franchise can be answered on the internet, but the trick is to knowing just what search terms to input in order to find the answer!
All in all, though, owning a franchise does take a lot of hard work and dedication and no one has ever said that owning a franchise is easy. But being prepared for the long road ahead by having all of your ducks in a row and resources in order chances are that you'll be able to receive great help and support in no time!
Starting a Coffee Shop Franchise
As you would have guessed, there are plenty of franchise opportunity for pretty much everyone to get involved with. Just think at the number of restaurants, stores, and retail outlets there are across the United States and combine that with the thought that there are so many franchises around the world and you'll be amazed at how many franchises it's actually possible to have in one country! Even so, did you know that there are currently more than 11,000 McDonald's franchise restaurants throughout the United States and about just as many, if not more, exist in other countries as well! Indeed, owning a franchise in today's world has become about the most popular idea next to actually owning your own store or creating it from scratch. There are breakfast house franchises, though, fast food restaurant franchises, retail franchises, and even coffee shop franchises that one is able to start on their own.
A coffee shop franchise is a very interesting and unique opportunity to afford, though. Out of many of the coffee shop franchises available, many of them have upwards of $200,000 in startup costs. Aside from the really big coffee and donut giants like Dunkin' Donuts as one example, owning a coffee shop franchise does require a hefty out-of-pocket financial requirement although $200,000 for the average amount for owning a coffee shop isn't too bad at all when compared to other franchise opportunities. One example of a popular coffee company that everyone has practically heard of is the Gloria Jean's Coffee Company. Even though owning this franchise is the exception to a rule, the startup costs for opening up a Gloria Jean's Coffee store is actually between $300,000 and $515,000!
If one would truly think about the opportunity before them, though, the returns that are earned from a coffee shop franchise are well worth the money that is paid for them. Considering the fact that millions of Americans, as well as individuals throughout the world, absolutely cannot continue throughout their morning or day without first grabbing that cup of Jo then one is definitely in luck if they are going to own a coffee shop franchise!
In return for owning a coffee shop franchise store or any other franchise for that matter though, one can receive in return an awesome set of extra hands to help them with their initial startup problems and jitters. Indeed, the headquarters of the company exists essentially to help out the other franchises around the world, so this is definitely the first place one should turn in order to ask if they can change the seating in their restaurant, order coffee from a different supplier, and ask many of the other questions that coffee shop franchises usually have!
Altogether, it definitely is worthwhile to open up a coffee shop franchise on the next corner of your neighborhood! With all the different types of coffee shop franchises around, though, chances are that it will not be too hard to find a store that you like!
Starting Your Own Franchise
Even though you may be plenty excited to start your own franchise business there are a lot of things that need to be considered before you do! Franchise investments can be a great thing for many different types of business people and if you are the entrepreneurial type then a franchise may be the perfect solution to starting your own business. However, if you have tried to set up your own franchise in the past and actually failed then perhaps it isn't the company's fault but perhaps you should have done some fore-thinking about the franchise. But if this is your second time setting up a franchise, or even if it's your first, here are some very important considerations that you must think about before approaching a company about acquiring a franchise:
The Market around You
The first and foremost issue that you'll want to be concerned is the market around you and where you live. One question to ask yourself before you get started is whether or not there actually is any type of market for your franchise where you live. You may be someone that wants a particular product or service, but if there are no other consumers around the living space that you are in then chances are that your franchise will be doomed from the start. Making sure there is a need, want, or market for the area that you'll be moving into is crucial to having a successful franchise business!
The Competition
Another issue that you'll inevitably need to think about is all the competition that you have along the way down the starting point. It's possible that you may not have to worry about competition if you are offering another unique type of product or service that no one else is offering, but chances are that you'll have some type of competition no matter how fierce it is. On the other hand, though, you want to make sure that your franchise won't be setup in a literal price war zone or else you'll probably have to keep lowering and raising your prices just because another retail seller does!
Growth Potential
Being successful with a franchise is something that many people would like to be, however, one consideration of starting a company's franchise is your growth potential. Is the retail store or other item you are pushing always going to be in great demand or is the market slowly dying for it? One example of a trend that didn't last for very long is the Ty Beanie Baby craze. Even though there was a market for these products in the beginning, the demand for the toys slowly dropped until they were not popular anymore!
These franchise fore-thinking considerations are very important to not bombing out within your first year. Even though it may seem like your business will never get off the ground, if your company truly has a unique product then you don't need to be worried about anything at all!
Subway Franchises: Healthy or Unhealthy?
There are plenty of franchise opportunities that, on the surface, may appear to be a very good thing for everyone in general, but once the inner workings of the company is known than an individual might not seem to keen to open up one of their particular franchises. There are many good franchises available, though, and some companies simply exist to not only further their business and the profits they have made, but also to teach other future franchise owners the good, the bad, and the ugly about owning their own store. One of those genuinely good franchise opportunities that is being referenced her0e is the Subway Corporation. There are many good things about owning a Subway Corporation franchise, and here are some things to think about if the thought has crossed your mind once or twice:
Healthy Food for Healthy People
One good thing (and there are many more) about owning a Subway franchise is that the whole restaurant chain is totally unique with the food that it has to offer. Most of their submarine sandwiches have less calories and less fat than typically other submarine houses throughout the United States and the world! Perhaps this is one of the good things about owning a franchise! Being able to provide healthy food choices for the people in their community is what a lot of Subway franchise owners love about the opportunity to own their own Subway store. It was only with the introduction of the personal pizzas that Subway has upped the amount of calories and fat in a product that they're selling, but many people don't mind this just because of the plethora of other healthy options available!
Subway Franchises Galore!
Did you know that there are actually more than 25,000 Subway Corporation franchises throughout the world today? Perhaps this is because of the good food that they have for consumers, or perhaps this is indicative of something much better. But the 25,000 Subway Corporation franchises certainly beats out the number of McDonald's franchises that exist throughout the United States. Indeed, McDonald's has just over 11,000 franchises located in the United States whereas the number of Subway's franchise stores has grown to just over 21,000. The amazing growth of Subway throughout America, but here is one possible reason why there has been an increase in Subway franchise opportunities:
A Perfect Solution
Perhaps the reason that there are plenty of Subway franchises in the United States is because Subway offers the perfect solution. Not only does this mean that Subway offers plenty of healthy food choices available, but the company headquarters has a reputation for truly caring about their franchise owners. Not only will you receive quality ongoing support from a Subway Corporation professional or another franchise location nearby, but they remember what it was like to struggle through the first few years of owning a business as well!
All things considered, the Subway Corporation franchise opportunity is great for a whole wide range of people. Just thinking about all the great benefits one can receive from owning a Subway franchise should entice anyone to opening one up!
The Advantages of Owning a Franchise
Starting out from scratch when creating your own business can really take a lot of work. Many people choose to start from scratch and build their own company from the ground up just so that they'll be able to have a sense of pride and accomplishment. Those are both noble causes and it's always a good idea to become an entrepreneur when creating your business. On the other hand, there are also some individuals who would rather simply work with a company's brand name so that they won't have to worry that much about marketing or spreading the word about what types of products and services they offer. This type of ownership of a business is called a franchise. There are many advantages that an individual has when they own a franchise, but probably the greatest advantage that a franchise has, as mentioned, is the fact that they are starting out with an already recognizable brand name!
Use of the Company's Whole Reputation
One great thing about starting out with a franchise is that you are able to use the company's whole reputation in order to advertise services, give out coupons, and treat the customer's right. In some cases a franchise may actually be better for the company itself if the company has previously had a bad reputation in certain aspects of treating their customers. But the use of the company's whole reputation means that their is less work involved for the franchise owner.
The Ability to Change
Most companies that allow their stores to be franchised usually have stipulations that go along with owning a franchise of their store. However, one of the abilities that a franchise owner has that others do not is they are able to change things as much as possible. Of course, a pizza company's franchise can't change the whole structure of the business and can't go from selling pizza to office supplies, but other things about that pizza franchise could change. For starters, perhaps the company uses a specific sauce that the franchise doesn't want to use. Of course, all of this and many of the changes have to be cleared with the officials at the company before it's done, but franchise owners do have the ability to change things within their actual store.
One other element of change that franchise owners are usually allowed to do is to change the outside or "look" of the building that they're in. Many people realize that usually all stores, restaurants, and other businesses usually all have the same outside look and feel of the store. However, franchise owners are sometimes not bound to that same outer look of the building!
Simply put, franchise owners really do have the upper hand when forming a branch of a company in their own town or city that they want to start it from. Even though the franchise owners themselves won't gain any of the recognition for starting a company from scratch, he or she will still be able to enjoy everything else that goes along with forming a company and turning profits!
The Best Franchise Companies
Many people would have thought that McDonald's or Burger King or some other similar type of fast food restaurant would make for a good franchise. Even though these types of businesses usually will pull in some sort of profit their first year, they weren't chosen for the best franchises of 2007. In fact, you may actually be surprised at some of the companies that topped the list of Entrepreneur’s list of the Best Franchises for the 2007 year. If you're looking for the perfect franchise opportunity then you may want to take a look at this list for some possible business ideas!
The UPS Store
Even The UPS Store got some kudos from Entrepreneur magazine! The UPS Store is basically an office supply store where customers are able to purchase UPS products, boxes, as well as possibly drop off their boxes and packages for shipment. Perhaps this is the main reason that they were voted at the top of the list for the Best Franchises in 2007. In fact, though, The UPS Store only started to crop up after the beginning of the 21st Century! In a few short years this company, The UPS Store, actually had over 5,000 locations and Franchises worldwide! That is an amazing feat to pull off, but those who are in the business for The UPS Store may just realize the value of the products and services they're selling!
FASTSIGNS
Pulling in well over $500,000 per year this store may not seem like an obvious choice, but it is a franchise opportunity that many consider a once-in-a-lifetime opportunity that they simply cannot pass up! If you are wondering what exactly FASTSIGNS does, they create a whole line of products devoted to signs, labels, banners, displays, digital printing, as well as custom graphics. This franchise and company will even help you wrap your whole car in advertising for different companies. Many smart entrepreneurs have chosen this company to franchise for and it has been proven to be a smart choice!
Got Junk
Even though you thought junk removal probably would never make it to the top of the list for franchise opportunities, the company 1-800-Got-Junk? is actually a fast growing business opportunity throughout the whole country. Many people are taking this company up on their advantage within the current market. You know that fast food restaurant that you were considering franchising for? Perhaps your money would be even more well spent on a franchise such as 1-800-GOT-JUNK.
There are plenty of other great franchises throughout the world, but these are only a few of the ones that made the year 2007's best franchise list! The companies FASTSIGNS, The UPS Store, as well as the Got Junk business all three are excellent franchise opportunities that are formulas for success. But doing this type of research and finding out what type of franchises are great for a ground-floor business opportunity is very important to having a successful business and excelling with a company's brand name!
The Downside to Owning a Franchise
Franchise opportunities exist all over the world today. In fact, franchises are essentially what the whole world is made up of if one is to truly think about all the different opportunities that exist. Considering the fact that one company alone probably has thousands of franchises already located in the United States and around the world, it is definitely safe to say that over 5 to 10 million franchise outlets exist throughout many parts and corners of the world! There are definitely advantages to owning your own franchise of a company because it is essentially like owning a smaller portion of the company itself. Franchise owners get to keep most of the profits that come into their business in exchange for usually a modest royalty fee of their profits that get sent back to the company headquarters.
On the other hand, though, there can be some downsides to owning a franchise. The first downside to owning your own franchise is that you won't actually own your own company even though you'll own your own store or other company location! Many people have the desire to actually open up their own store and create a company all by themselves, but owning a franchise is not what that's all about.
In fact, you are essentially paying for a copyright allowance to be able to use the reputation of the company that you're working for! Indeed, by owning a franchise you are essentially working for that company. Why else does McDonald's or Burger King require part of the profits from your franchise? A franchisee owner is essentially working their franchise location in order to send more profits back to the company headquarters, even though that's not the way that many would like to think about it.
Another downside to owning a franchise, though, could possibly be the contract that you've locked yourself into. Considering the fact that the average contract length for a franchise store owner is usually 15 to 20 years at the onset it would truly make it difficult to get out of if a franchise owner was having trouble getting the popularity of the franchise store off of the ground in the first place. Furthermore, there may actually be hefty breach of contract fees as well if, in fact, your franchise doesn't do as well as projected and fails within the first few years!
The help and resources that a franchise owner might receive from the company may not be worth everything that is paid to the company headquarters as well! Many company headquarters actually have giant startup fees, annual fees, and royalties that must be shared with them, but if the franchise store owner is not able to get adequate help or training then the whole opportunity may be lost in the first place.
Considering all of these things before going down the road of opening up your own franchise is very important. Not only is it important to make sure you understand all the implications of owning a franchise, but making sure one understands the total commitment is also important!
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