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Can DNA tests free ex-Akron captain?
Zips' Porter creates culture of success
Health reform passes hurdle in Senate
Lawyers compare four cases to Prade's
Visiting new Navy ship brings back memories for Doylestown man serves on USS New York in 1930s
Green High senior goes extra mile for those who walk and jog the park trails
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Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Man found dead in North Akron home is identified
Dad accused of forcing son into field, killing him
Coventry man killed in crash at I-77 ramp
NFL star Chris Spielman's wife loses cancer battle
College student mistaken for deer, shot to death
Browns' roster nearly devoid of consistent players
Blogs:
Pets:
Cat-loving chihuahua suckles seven abandoned kittens
The Heldenfiles:
Friday Night Notebook
Patrick McManamon:
For your Saturday entertainment …
Akron Zips:
Hitchens leads Zips in second-half comeback
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Holmgren expresses interest in Browns position
Kent State Sports:
Kent State blown out in second half, loses to Temple 47-13
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
OSU – Michigan college football rivals meet in Baghdad
Varsity Letters:
Four area football teams play tonight
All Da King's Men:
Headed For Disaster
Blog of Mass Destruction:
Will Health Care Reform Pass?
Akron Law Café:
Health Care Financing Reform: (68) Democrats Secure 60 Votes for Cloture
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Silverdome Potentially SOLD!
Ohio Travels with Betty:
George is looking for a Thanksgiving buffet in Akron.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
Colloquium at University of Akron
Akron Gamer:
Nintendo's Mario endures even as games come and go
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.
Get the full article here.
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