There are many franchise-ideas and opportunities available, such as food chains, pet care, housekeeping, senior care, publishing, fitness gyms, “handyman” and travel franchises. Whatever your passion is, there are many likely franchise opportunities that will allow you to do something you love, while still making a profit. “Inc. Magazine” and “Entrepreneur Magazine” are great sources of information on current franchise offerings and comparisons.
Prudent business practice demands a thoughtful investigation of the target franchise opportunity. One place to check would be the SBA failure rate ranking. Another good source of information is the franchise hound. It is good business to base your decision to invest in a franchise or any other business opportunity on solid research. Your research should, at a minimum, be based on the following fourteen criteria:
It is important to evaluate all of your options and consider the advantages to owning a franchise. The franchisor’s program should help expedite the start-up phase by providing an action plan and helping you make crucial decisions such as site location, hiring new staff members and developing a marketing event for opening day. They also can assist with financing start-up costs and provide quick market penetration because of strong brand recognition.
It is good to know what you are getting into but after all your research you may have selected a franchise with capital requirements beyond your means. If that is the case you can simply move-on, start over, or look for a partner with enough capital to put you over the top. Your decision should be based on your personal situation and how risk adverse you are.
Franchised businesses typically have a proven track record of success. You can have confidence that the business will be successful if you have done your research, heed the advise of your consultants, work hard and follow the franchisors instructions.
Franchise businesses, like most business, had a tough time during the 2009 downturn of the financial markets and there were many failures. Those with solid concepts and business plans are doing well. Yet a significant investment of capital is necessary for even mediocre franchise-ideas. A franchise business is, however, still a great way to get into business and minimize start up risk.
If a franchise business is not for you and you have a passion for helping others, sharing healthy Wakaya Perfection products is a great work at home business. Wakaya Perfection enables Independent Business Ambassadors to share the message of greater health and wellness without the stress of sourcing products, managing inventory, and dealing with suppliers. Click here to check out the opportunity.
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In the end it's not the years in your life that count but the life in your years. Abraham Lincoln