30 Minute: How to Buy a Franchise?by James Mazzola
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While many people desire to open and operate their own independent business, there are quite a few obstacles that most face. Starting a company from scratch can be very intimidating, and most people don't even know where to begin. Entrepreneurialism can seem like a path filled with many hardships and complications along the way. So what is an aspiring entrepreneur to do?
For many, purchasing and running a franchise business may be the way to go. Purchasing one of these outfits offers you the privilege to promote an already successful, recognized product or service, along with many other benefits. If you are looking to open and run your own operation, franchising may very well be the best option for you, and should at the very least be seriously considered. Here is some further information that may help you decide if franchising is right for you.
Generally safer than starting a company from scratch, franchising is a proven business format that helps firms grow more quickly and efficiently. In other words, purchasing a franchise is a great way to go into business for your self, but not by yourself. Think of it as "entrepreneurial coloring inside the lines." In general terms, a franchise is a license to use the name, trademarks, and products or service offered by an already existing company. Franchising opportunities allow you to distribute products or offer the services of an established business, while also allowing you to utilize their successful business systems, including marketing and advertising, human resources, accounting, and site selection and/or acquisition.
Of course as with all ventures, there are risks involved in running a franchise. However, having a proven franchise system will help to minimize these inherent risks. Good franchisors will provide you with proven systems that are easily replicated, with predictable results.
The potential for running a successful franchise is almost limitless. Franchising accounts for 10 to 12% of all retail enterprises, yet these businesses attain over 50% of the revenues in these sectors.
There are a plethora of franchising opportunities waiting to be taken advantage of. Whether you are unsure of what type of venture you would like to run, or you know exactly what type of industry was meant for you, the options available are infinite. There are roughly 3,000 franchising companies in over 80 different industries.
The advantages of owning a franchise business are vast. And the opportunities are only limited by you own personal aspirations and desires. There are also many franchising consultant experts that can help you decide if purchasing and running a franchise venture is right for you. The services offered by these experts can help place you with a franchise business that is right for you, as well as answer any questions you may have pertaining to franchising.
- James Mazzola
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