0-15 â€“ Franchising may not be for you. Depending on the franchise, quickly generating revenue may not be a sure shot. While the success rate for franchise-owned businesses is significantly higher than for independent businesses, no individual franchise is guaranteed to succeed,â€ť says Randall S. Hansen, founder of Quintessential Careers, a career development Website. Given the long hours and sometimes heavy upfront fees, ask yourself, â€śare you ready to run your own business,â€ť says Doug Boyce, director of the Small Business Development Center at Binghamton University, in Binghamton, New York.
For more on becoming an entrepreneur or understanding franchises, check out:
16-21 â€“ Franchising may be a good fit, but do your research. Make sure you can cover the start up costs needed to buy into a franchise. Also make sure you know exactly what type of franchise youâ€™re most suited for. â€śIf you don’t do as much research as you should have and find yourself with the wrong franchise, you may be stuck for many years,â€ť says Randall S. Hansen, founder of Quintessential Careers, a career development website. Full fledged entrepreneurship may be your actual calling since one of the drawbacks of buying into a franchise is the â€ścontracts [that] have very explicit standards, allowing little or no alterations or additions to the brand, stifling any creativity on the part of the franchisee,â€ť Hansen says.
For more on starting a small business check out:
22-30 Franchising is right up your alley. Youâ€™ve obviously given the idea of franchising heavy thought and youâ€™re ready to put in the long hours it takes to run a business, and participate in the marketing strategy programs, sales training and mentorship programs that many franchisors offer. â€śThe best thing about a franchise is that you’re not alone,” says Doug Boyce, director of the Small Business Development Center at Binghamton University, in Binghamton, New York. “Most franchising companies offer a total business package, along with thorough instruction in its use,” he adds. This is likely what partially drew you to the idea of becoming a franchisee.
For more on becoming a franchisee check out: