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Proud Momma | Should I even TRY to start a franchise? |
I have often thought that I would like to start my own business, but can never really come up with what that business should be. I am thinking that a franchise might be worth looking into. I know there are franchise fees involved, but it may be worth it for the name recognition and support. Can a franchise be a profitable option for a middle-class family? I'm no millionaire, so buying a McDonald's is out of the question. Any suggestions? |
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Matt M
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First, all franchises require some sort of initial fees to join then some kind of ongoing fee. Some have a set monthly or yearly fee (usually called and advertising fee to supposedly pay for your portion of advertising that the franchisor does) and some require a percentage of your revenue (sometimes called a royalty)
Second, different franchise agreements provide different things from as little as a few hours training and your on your own from there up to very all inclusive services such as HR management, payment of your checks on your behalf(out of your account), loans for start up, free advice, etc. Make sure you understand exactly what you are getting from the franchisor and compare that with the costs before starting any franchise. To me it sounds like some franchisors charge you tens of thousands of dollars for very little in return. Check out franchise.org for many suggestions and some details.
Third, any new business is going to require a bunch of cash to start and more cash to keep running until you start to bring in some revenue. So, unless you have enough money on hand to start up the franchise and enough to support your family and your business for the first few months then you may not even have enough capital to start.
Fourth, if you ever quit any 9-5 regular kind of day job that had been supporting your family and become self employed (ie you don't get a new 9-5 job) it will very difficult to impossible to get any new bank loans or credit because you will not immediately be able to show that you have any way to pay back those loans. So, once you decide to start a business make sure you get funding before quitting your old job.
Fifth, you will need to have a detailed business plan including your expected costs, revenue etc for the next few years before you would be able to get a small business loan.
Bottom line: Unless if you absolutely love the industry/business you are getting into, you know a ton about it, you have personally talked to a few people who are already in that business, you understand the costs and risks, you know potential employees to run it, you have the cash saved up (anywhere from $25K to $100K), you have the moral support of your family, the time (up to 60 hours a week), a long term strategy for your self and the business (ie 1-5, 10 15 years ahead), you don't think you would be successful just starting a business yourself in that industry and your have an intimate knowledge of business, then you should get a franchise. |
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Daniel L
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Don't try, do. You cannot afford to play around.
Research the business financing, operations, marketing and product research before you buy. You need to love it or you will fail.
Franchises are good for those who cannot do it all on their own but it is not a sure thing. You should consider getting a part time job at one before buying... just to see what you are getting into. |
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Jim T
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Like any business, a franchise can be a risk or a reward.
Make sure that you have an understanding of the market into which you are looking to enter. Don't try to open a location in an area which is already oversaturated with that product and even with that particular franchise.
And look into the viablity of any franchise you are interested in. Take a look at the parent company, it's past history, it's record concerning franchises, etc. Make sure that the company you are interested in has been supporting franchises for some time, and are not new to that concept. Look into the level of support they provide to their franchiesees. |
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grudgrime
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If you do a search of the franchise name you are interested in along with the word "franchise" you can pull up a page that lists the costs and requirements.
They will have certain net worth and/or liquid net worth requirements plus the franchise fee which can be anywhere from a few thousand to a few hundred thousand.
It will give you contact information
Plus the working and training requirements
You can certainly make a good living off a franchise if done with the right intentions, some business knowledge and the right location is key. |
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walterknowsall
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franchise is a good idea, you do have to put up $$$ up front, but you do have the support, consumer knowledge of the company, they stock you and give you learning skills and help that you need, [think about having anywhere from 50,000 and more to start] if you decide to do this, work at the place of choice to become familar with it before investing $$$ in your own [ for example if it is a 7 /11 store or fast food place , check it out first] |
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Mexico4me
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I looked into several franchises to see what the start-up costs would be, etc. What I found is that you are essentially buying yourself a job, and it costs you a lot of money to do that!
The least expensive one that I found was still an investment of $125,000 + and it stated that you will not earn much profit for the first 2 years. They also have many rules you have to follow, like how many employees you can hire and how many hours they expect you to fill...which for me was utterly ridiculous.
So, I did some homework on what kind of income I could generate with a small home business and chose that route instead.
I am so glad I did. I choose my own hours, I do face to face selling in the daytime, as well as working from the telephone and the computer in the evenings. I really dedicate myself to it, as I am building very quickly and being rewarded for my efforts very well. I also get to pick and choose who I work with, and all this for an investment of less than $200 US.
It's by far the greatest choice I could have made |
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dawncs
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It really depends on how much time a person can place into the business. Running a business can be time consuming even when employees are involved in helping an individual run a business. If there are time constraints or money is tight, an idea might be is to become a consultant with a party plan type business to see if a business is right for you and your business. Some of these party plan businesses take very little money to start it. I have listed below some great websites for consideration. |
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sk3vld
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Do you really want to open a store where you work way to many hours and not enough pay? I have my own home based business. I set my own hours and I have replaced my full time income in less then 6 months. My investment was only $29 and it was totally refundable.
Let me know if you want more info.
www.stayhm.com |
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You are loved
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I don't think you should have a franchise for starters, you'd need to start slow and simple, perhaps a florist, if you are into that, but it does require you have experience or hire someone professional to make floral arrangements, and then add some gifts and balloons, you may also try some interior decor, if you are into art, It's a really great and exciting business, but I would stick to the same line of work you are currently in (which means you are experienced in whatever you do) that is a must for success. |
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Oh...that dude
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Honestly if you don't have a lot of money, then the big names are out of the question. You can look into Subway franchises. I don't think they require a lot of fees. I think they require 6 months of Subway experience though. |
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