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Franchises offer the first time business owner a proven and successful
business opportunity. If you are looking to start your own business for
the first time, franchises provide you with the greatest opportunity
for success.
When you purchase a franchise from the "Franchisor", and become a
"Franchisee", you are not only purchasing a business, but a complete
business system.
Franchises have over a 90% success rate, compared to about a
15% success rate for those indidviduals starting their own businesses
from scratch. Franchises have spent years developing and modifying
their systems of doing business, and they pass that "trail and error"
knowledge on to their Franchisees. Initial training exists for every
aspect of the business, which can last anywhere from 1 to 2 weeks.
Training usually takes place at one of the franchises existing
locations or their corporate office. Training may consist of the day to
day "hands-on" positions required to run the business, to marketing,
hiring, purchasing, bookkeeping, management and supervisory techniques.
Assistance is available with "demographic" reports to aid in
selecting the right location. Support is also available for lease
negotiation and "build outs", if necessary. Pre-opening strategies and
marketing materials for newspapers, print-ads, handouts, yellow page
advertising, radio and even TV ads are are complete and professional.
During the first few weeks of business the Franchisor may
provide its own personel to the Franchisee for assistance and support.
This helps ensure a smooth opening. Additionally, once the business is
open, a Franchisee will receive ongoing assistance and support from the
Franchisor, not to mention support from the other franchisees, all who
are all just a phone call away.
Once a year or more Franchise Meetings occur between the
Franchisor and their Franchisees to exchange ideas, develop new
techniques and startegies, and to compare progress and profits.
All of this is not free, of course. Franchisees normally pay
the Franchisor an initial Franchise Fee, plus monthly royalties which
can range from 3% - 12% of their total income per month. But it can be
well worth it!
In owning a Franchise, you are in business for yourself, but you are not by yourself!
About The Author
Ernie Horning is a Franchise Consultant and owner of multiple
businesses. He is a former franchise owner, and writes articles for www.businessventureinc.com.
(Copyright 2005-ehbvi-www.businessventureinc.com)
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