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Published on Monday, May 19, 2008
Franchising is a popular way for entrepreneurs to fast-forward their small business ownership ambitions.
Franchisers provide a tested and proven base structure of the business, freeing their franchisees from having to invent the operational wheel. Franchisers also provide ongoing guidance, innovations and tested marketing materials.
New franchise opportunities emerge regularly. According to the International Franchise Association (IFA), 900 new concepts were launched between 2003 and 2005.
But even with its many attractive advantages, franchising has many risks and challenges that need to be considered. The biggest mistake is believing that franchises never fail.
Although the failure rate is much lower than that of independent businesses, the franchisee still must have the necessary commitment and drive to make the franchise successful.
Purchasing a franchise also requires a substantial financial commitment. Franchise owners have no special legal protection after they purchase the business. The Uniform Franchise Operating Circular (UFOC) protects the buyer before the sale. If the agreement is signed, however, you are legally required to abide by its rules and requirements.
That's why it is important for prospective franchise owners to thoroughly research their franchising opportunity. Don't rely solely on the Internet. Literally ''walk the street'' and ask people if this kind of business is needed. Study the competition, what are they doing, and how can you do it better.
Make sure that the franchise you are purchasing is providing the value for your money. Ask questions about customer awareness, quality of product or service, fees related to sales, restrictions on product purchases and limitations on offerings of goods and services.
In researching a franchiser, make arrangements to visit other locations and examine their processes. Ask the owners if they would buy the franchise again, if the franchiser is providing enough support, if the experience is living up to their expectations, and if they are meeting their business goals. These relationships can be helpful should you decide to make the franchise purchase.
You can develop a network of friends who can serve as a source of help when you have questions or good ideas to share.
As with any small business, you will need a thorough, well-crafted business plan to map your franchise's performance and growth strategy. The business plan will help you determine where you want to go and the best way to get there.
If you would like more information on this or other business-related subjects, contact Akron SCORE via the Internet at http://akronscore.org or by calling 330-379-3163. Services are free and confidential. SCORE is a resource partner of the U.S. Small Business Administration.
Franchising is a popular way for entrepreneurs to fast-forward their small business ownership ambitions.
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