Start A Franchise

Sunday, March 21, 2010

Learn the Cost of a Franchise Business - Start a Franchise

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When you start a franchise business understand that there are many costs involved. Do not let some of the start up cost deter you from having a business of your own. Having your own franchise business can be very rewarding so make sure that you investigate all the costs that are involved before you begin.

There can be a simple call such as attorney fees for looking over the agreement before you make it finalized. In some cases this can cost you a couple of thousands of dollars and you also will have a fee to set up your LLC Corporation.

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Other costs that can be involved in setting up a franchise business is the amount you will have to pay back when borrowing money to buy a franchise. It can be well worth whatever it costs in the beginning because you are done and make your dreams come true and owning and operating your very own franchise.

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There are also franchise fees that you will have to pay to the franchisor but if you are doing enough business will not make a difference. You have to look at purchasing this type of business and compare it to a traditional business.

In some cases the costs of opening a business that does not have name recognition can be less. But you are going to have to spend enough money to gain some kind of name brand that people feel comfortable with.

Remember that opening a franchise business can be a great way that you can fulfill your dreams. Before you begin however you need to remember there are costs involved in opening this type of business.

You are to have the initial startup fees by hiring an attorney and having them review your agreement. They will also have to set up your corporation or legal entity before you begin. It is important that you sit down and compare all the fees that are involved with opening a franchise so that you know exactly what to look forward to when you go into business.

(ArticlesBase SC #1047569)

Bryan Burbank - About the Author:

Labels: franchise business, learn cost franchise, start a franchise

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There are many reasons on why you should not start a franchise in this century. Simply, there is a better way! You do not need to put yourself in all that overhead and costs and so much stress when there is a better way. Now let me share a story about my mentor and my coach.

He was is debt a quarter million dollars. At the end of one year of him opening his franchise, which was a restaurant, he noticed he was not making any money and was still in debt a quarter million dollars! What did he do? Your about to find out.

He turned to the internet and found an online business opportunity and now makes 5 figures a month, working from home, and only 3-4 hours a day. Would you like that lifestyle? Or would you like to be working 12 hour days and having to worry about employees and inventory and all the debt your in? If your a smart person I think you will make the right decision from now on. A few more things.

Why is it so easy to make money online? You can leverage the internet and have it do the heavy lifting for you and not having to worry about employees and inventory and so much debt! The internet has come to save us all and allow us to create our own lifestyles and not struggle so much. One last thing.

I told you there was a better way! I told you do not start a franchise! Now what are you going to do?

I hope this helped and I hope you take action today and research online businesses and how well so many are doing working from home and staying with their families all day. Life is good. So let me share something with you.

I am a master marketer and business consultant on a mission to create 100 millionaires by 2012 using the internet. What are you going to do about it? Want to start working with me? Go To http://wealthcreations.ca/

(ArticlesBase SC #1935317)

Elie Nassour - About the Author:

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How to Start a Franchise - is Entrepreneurship for You?

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In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation, and insight.

Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions:

Are you a self-starter? It will be entirely up to you to develop projects, organize your time, and follow through on details.

How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants, or consultants. Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?

How good are you at making decisions? Small business owners are required to make decisions constantly - often quickly, independently, and under pressure.

Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it's also a lot of work. Can you face six or seven 12-hour workdays every week?

How well do you plan and organize? Research indicates that poor planning is responsible for most business failures. Good organization of financials, inventory, schedules, and production can help you avoid many pitfalls.

Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.

How will the business affect your family? The first few years of business startup can be hard on family life. It's important for family members to know what to expect and for you to be able to trust that they will support you during this time.

There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.

Why Choose a Franchise?

If you are concerned about the risk involved in a new, independent business venture, then franchising may be the best business option for you. Remember, however, that hard work, dedication and sacrifice are key elements in the success of any business venture, including franchising.

Starting a franchise has two main advantages. It could span over 75 different product lines and services. The business model is already created and set in place for an upcoming entrepreneur like you and it establishes a specific niche for you.

The first step is to decide what type of service or product that you would really enjoy. Be sure that you would like to spend your days involved in this type of business since it requires a substantial investment. For example, according to entrepreneur.com McDonald’s total investment is $506K-1.6M

Franchise fee: $45K

Ongoing royalty fee: 12.5%+

Renewal fee: $45K

Your next step is to do some research on your own to see the demand for the product or service. Take a close look at your competition and see how they are doing. Competition is good because it helps you to learn more about the market or industry.

Look into how recognized this franchise is in the marketplace because name recognition plays a significant role in a franchise business. Does the franchise have a potential for growth? What is the latest trend in the products or services offered by the franchise? This will make or break your franchise business.

Make sure you will be receiving adequate support from the franchiser including training and staff support. Talk to other franchisees that have similar franchise product or service to get a feel for how they are doing and how helpful the franchisor has been to them.

Get the negative and positive feedback since you want to make an informed decision. This is a serious business and you don’t want too many surprises.

Utilize your work experience since this will help you in choosing the right franchise business. For example a retail franchise might be better for you than a food franchise, if you were a retail manager.

Find a franchise partner if that is possible. Maybe you can ask a family member or a previous coworker to join you. If you use your past skills, then there is a good chance that you will succeed.

Before you go to the franchise interview, be sure to find out about the start-up capital and if you don’t have all the money then you can probably seek a partnership for a 50/50 or any amount that you see fit.

Purchase a franchise magazine and scout out the competition or find a franchise that you can read about and get tons of information including contact number or website to do further investigation. Research is very important before you start a franchise. Choosing the right franchise is so vitally important to your success.

Remember, starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years.

It is time to stop worrying about how you are going to afford to live the rest of your life, and instead, take the first step towards securing your financial future.

(ArticlesBase SC #290586)

Mal Mortoo - About the Author:

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