Article by Michael Johnson
The world is not just black or white, as it is full of a lot of gray. When it comes to making a living it is no different. There are some who enjoy working for someone else as an employee and collecting a paycheck every other Friday. Also, there are those who want the freedom of being their own boss and are self-employed. However, there is a large group of people who are in the middle, who would love to own their own business if they were provided with an established business model, given a brand, provided training, and then provided with ongoing operational support. These people are held back because they don?t have the time, energy, money, understanding, or resources to build a business from the ground up. Let?s face it; starting a business is no easy feat and that?s where franchising comes in.
Franchising is a way for people to launch themselves into business. When someone joins a franchise they don?t have to spend the time to build a brand name, and can join a franchise with an already established brand. Also, instead of looking for a business model or industry that will work, they can join a franchise that has already tested the marketplace and has seen a return on investment, avoiding costly mistakes and even failure. Additionally, instead of spending the time and money to establish the operations of a business, they can join a franchise company that already has a defined and proven way of conducting daily operations. Franchising shaves years off of trying to build a business from scratch. Best of all, once the business is up and running franchisees receive ongoing training and support to help them continually improve the way they do business. Owning your own business definitely has benefits. The benefits include:* You can be your own boss.* You earning potential is only limited to your efforts and abilities.* You can choose what work you want to do.* You can choose where you work.* You can choose who you want to work with.* You can take time off without asking your boss.* You have the ability to tend to your family and other non-work issues if needed.
However, if you don?t go into business the right way, it can be a costly experience. I once talked with a man who invested all he had into a coffee shop in an affluent beach city in California and failed. After his failure, he commented on who he wished he would have been part of a franchise organization. He said that he didn?t pick the right location, didn?t have his product focused on the needs of the people living the particular area and had difficulty attracting attention to the name his shop. Then, once he started getting customers, the customers seemed to be more interested in giving him feedback on why they didn?t like his shop than in returning for a second visit. He learned that his customers didn?t like the non-environmentally friendly Styrofoam cups he was using, the types of coffee he was serving and that due to his location more people were interested in buying a sandwich or getting something to eat, than a hot cup of coffee. Unfortunately, he ran out of capital and was never able to fine tune his business model in time. If he would have had the guidance, brand, and support of being a part of an established franchise company I am confident that he would still be in business today.
As great as franchising is, it is not for everyone. Each person is different and each person needs to decide for themselves whether they are better off just being an employee, starting a business on their own, or if they should start a franchise business.
First, if you are going to own your own business, either as a franchisee or independently, it does require certain attributes and commitments. As a business owner you should possess: * Good communication* Tolerance for risk* Willingness to market and network* Ability to work with others* Leadership* An eye towards customer service * Time management skills* Family and friend support
If you believe you possess, such attributes, and have a desire to reap the benefits of owning your own business, then, it is just a matter of deciding whether you should try to start a business from scratch or whether you should embrace the many advantages of being part of a franchise organization. Making such a decision should be through research and investigation into the various franchise industries and the different types of franchise organizations. http://www.getintofranchising.com is a great resource for some of the hottest franchise opportunities. As you go through the exploration process, don?t be afraid to reach out to the franchise development departments and to ask questions. It is important that you are the right fit for the franchise organization as the franchise is the right fit for you.
About the Author
Franchise and business consultant for http://www.getintofranchising.com
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