Purchasing a franchise business has proven to be a smart business idea for many entrepreneurs pursuing the American dream. Entering the franchise arena isn’t without its risks, so it pays to carefully consider these franchising tips for deciding if it’s right for you.
“Purchasing a franchise operation with turn-key components can be a sound business decision for many entrepreneurs seeking to own a business, especially those desiring sales and operations support,” said Tiffan Clark, Marketing Vice President of JumpStart Inc., the venture development organization behind IdeaCrossing, a free online resource that connects entrepreneurs with investors. “But it’s important, as with starting any business, that the entrepreneur does their research and becomes an expert in that area. Franchisees aren’t immune to the common startup pitfalls that plague most entrepreneurs.”
Franchising Tips For Entrepreneurs
August 15, 2008 by Mark | 1 Comment
In Basic Guidelines, Law & Agreements, Franchises
Lafate Smith on December 1st, 2008 at 8:45 pm
Mark,
Your comment “Entering the franchise arena isn’t without its risks…” is spot on. However, the challenge is that most people that are considering starting a business via the franchise option are not aware of all the different factors that need to be considered and therefore fail to do adequate research on prospective companies and in many cases on the company they ultimately selected. Many franchise seekers will receive assistance from a franchise consultant to help them find a business that meets their criteria with respect to the franchise seeker’s finances and skill sets. Unfortunately, most franchise consultants do not assist with doing the necessary financial background, general research of the company or assist with contract review, negotiations, etc.
I’ve learned a lot by way of real life experiences during my search for a viable and affordable franchise opportunity; a search that started over 10 years ago. Realizing that there are a lot of sharks in the water and that many fellow small business entrepreneurs like me will venture into starting their own businesses due to the lack of employment opportunities as a result of an extremely bad economy, I’ve decided to make an attempt to fill this void and do my best to educate those who are just looking to take control of their destiny by working hard in their own successful business.