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I have a franchise and it was definitely the way to go for me. If you have a lot of small business experience, then you may have more freedom going out on your own. Franchises do have various "rules" and guidelines about a lot of things, ranging from store decor to customer management systems. However, if you are a newbie and haven't had a lot of experience running your own business, I think franchise opportunities give you a head start in getting your business up and running. In a lot of ways, the franchise does a lot of the work for you and you can benefit from their expertise. I have a Pass Your Plate franchise and love it. Feel free to take a look at my Story that I published on the site for more tips and franchise benefits.
Have you checked out the Experts tab? There's an interesting article called Franchise 101. Check it out!
I recently purchased a franchise and I also feel that it was the way to go for me also. I have worked for 20 years at various businesses but I never realized all the red tape you have to go through but the franchise directed me and made sure all of the proper details were taken care of before the business started. I opened a Rapid Refill Ink store in a small town which was totally a new concept for the area. It has steadily grown over the last two months so I guess I made the right choice. By the way there are franchise "head hunters" who will help you match your ablilities with a good franchise. They will also give you information on several so that you can make your choice.
The nice thing about a franchise is that your reputation is already established. Your customers have likely hard of you before. Also, there are many connections and manufacturers already established. So, a lot of the work is done for you. A few less headaches. Because of that, you have to pay for that work.
One of the cons is that you can be limited in pricing and what you can offer, depending on the store. Your creativity may be limited. You won't be buidling something new. You won't be making a name for yourself so much as for the franchise.
Good luck deciding.
Hate to be the bearer of bad news but owning a franchise is not always fun and roses. I own a franchise and it has been anything but fun. The franchisor promises you the world but in rality, they may not be able to deliver on any of the promises.
Be careful and do your research on the franchise before signing anything. Get a list of current and prior franchisees and call them up for references on their experience with the franchise.
If you are looking at a large established franchise, then you will likely get the benefit of infrastructure and name recognition. If you are looking at a smaller franchise, or one that is not established in your target area, you're basically going to be on your own.
Also to be considered is the amount of freedom you want to have regarding menu items, pricing and decor.
Franchise business has a very high rate of success compare to business starting on scratch. The business has already a winning formula that has to be adhered.Unlike your own business that you have started your territory would be limited.
Once you have choosen the right franchise for you t,alk to the franchisor and commission an accountant to have a look at their book.If the they are a bit secretive about it, be cautious they might be hiding something.
Also ask the list of their existing franchisee ,addresses and telephone numbers.Ring them and if possible visit them and ask questions concerning the franchisor,(are they keeping their promises) are they happy with their business? etc.
I hope this helps.
Please call me at 215-498-6090 and we will go over some information.
The good thing about owning a franchise is most times you already have the branding (name recognition), support, etc. It's a cookie cutter opportunity. However, if you thinking about franchising futuristically, in some cases, you never really own the business, I don't think franchises can be an inherited asset should something happen to the franchisee.
To the opposite, establishing your own business, you definitely need to know what you are doing or hire a business development consultant. You are the builder of your dream, therefore, the responsibility is tremendous but can be fun with support and resources. Futuristically, as an asset, you can sale the business or leave it to family.
Hope the info helped.
anybody have the experience of owning a franchise while still keeping their full time job and hiring a manager to work for you when you are at work ??
Good feedback and info from everyone. However, I feel I have to correct this post regarding inheriting a franchise. You can pass on a franchise to the next generation or even your spouse in case of death, however it depends on the franchise. Read the FDD, this is disclosed along with a lot more important info.
This question keeps coming up on various blogs-here is my late entry.
If you are a natural entrepreneurand have the financial backing and family support to move forward, you can do just as well asan Independent.
However, your growth prospects and value proposition may actually be better in a franchise with all its advantages of buying power, brand name, resale value and such.
I guess it boild down to personality-can I take direction, can I give up some freedom to do what I want for something that works, and do I have the discipline to create my own "System" for success as an independent.
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I'm thinking about starting my own business and am now considering the possibility of going the franchise route. Not sure what the pros and cons are. I don't know if it's better to consider a franchise or to just do my own thing. Can the community please weigh in?