You will be in Control
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So let’s look to see if you have first base covered in finally becoming in control of your work and financial destiny.
Firstly, let’s take a page out of the Playbook of Warren Buffet.
“Invest in what you use”
Secondly, let’s assume that you are going to treat your new business like an investment and will be fully responsible for its performance.
Thirdly, it must be a business that matches your style. That way you already know a lot about the customers because they are like you. To put it another way if you are ill equipped to manage people from all walks of life, don’t have a people intensive business. If you are an extrovert and passionate, find a product or service which you can evangelize.
Lastly, be prudent about your investment as part of your portfolio. What percentage of your funds are you willing to put totally at risk on your effort? Is your partner fully confident of you and supportive? Insurance will take care of disability for you as owner, it will take care of your family and business if the worst happens. Insurance minimizes your personal risk. But you have to have insurance.
Types of Franchises
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Often people assume that Franchises are only a retail storefront, perhaps restaurants, coffee shops or card shops. Decide if you want to work in your franchise or have others do the day to day management and service delivery. The reality is that there is a very large variety of the 63 categories we represent here are a few:
Accounting
Automotive
Beauty and Personal Care
Child Care
Cleaning (Maid Service and janitorial)
Delivery
Manufacturing
Medical and Related
Pest Control
Telephone Related
Top 3 Franchise Questions
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How do I decide if I want to buy a franchise?
Franchises have a proven business system. what that means is that for the right person in the right market you can get the highest success rates and the lowest failure rates of any business. When you purchase a franchise you will receive on-going support for the life of the franchise. By on-going I mean, marketing, training and management support guaranteed by your agreement with the franchisor. When it comes time to sell and retire, a proven and organized franchise gets a higher multiple.
Why should I pay royalties?
Would you hire the best management consultant in the industry of choice to help you be successful? You should get economies of scale for supplies, services and access to customers not otherwise available. Your peers and the franchisor should stop you from making the errors that they made, and your success will be from standing on the shoulders of giants.
How much money can I make?
Investors make more money in buying a franchise than those seeking to replace a job.
It is a matter of attitude. Research the franchise, learn how others have made money, and if this fits with your style and you have the capital reserves, then take the step of due-diligence. The choice of franchise and history of other franchisees profits can be an indication of what you could achieve. It is not, however, a guarantee.
Many franchisors have printed earnings claims in their UFOC documents but they will still insist that all interested buyers call the franchises and get the “real answers”.
Next Steps
Email me and I’ll send you an overview of the process to decide for yourself if you are more suited to a franchise or an existing business.
Or:
Download from Windows Live
gcrispin@realizebv.com
