Should I Buy A Franchise?

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Should I Buy A Franchise?

Posted On : Sep-27-2011 | seen (191) times | Article Word Count : 621 |

Franchise ownership can be of a great opportunity, provided you are prepared and comfortable with the concept. By following these steps, one can certainly help in making the decision that is best for you.

As a franchise consultant and broker, one might take my answer to this question be “yes”. Since I am paid to SELL a franchise for a commission, it is natural to make that assumption. Let’s face it! The Deep Throat would say, “Follow the money”.

The reality is that the case is not likewise. In fact, more often than not, I find myself either trying to talk of strategizing the prospect out of a franchise, or a business for that matter. I even go as far as trying to CONVINCE them not to do anything. In the current economic environment, if you are happy by making a good living and enjoy what you do; then, there is no requirement of any change.

This is where franchise brokerage becomes franchise consulting. While many professionals will disagree with the approach and say we are simply brokers, trying to make commissions; there is a coaching element to the process. Frankly, most franchise consulting and brokerage firms would tell you not to sell franchises; rather, you should help people buying them.

But this still calls for the question… Should You Buy A Franchise?

Here are a few tips to be considered. Please make sure that I am answering the question assuming that you are unhappy in your current business or employment situation, have adequate financial resources to afford the business and cover living expenses, and are passionate about becoming a business owner.

The first thing I look for is a willingness to follow a franchise system. This is one of the benefits of owning a good franchise system. In my franchise consulting research and practice, when I work with clients, there is a need to follow a process. While this can be frustrating, in my experience, if the candidate won’t follow a process, there is a sure chance that they won’t follow the system. The best franchise candidates are coach-able, willing to listen, learn and follow the system.

The next thing I look for is to check if the person is comfortable with sales. While they may not be doing the selling (you can hire employees), the bottom line is to generate income by selling something. The best business owners have a firm grasp on the matter of selling and are COMFORTABLE in knowing that there income and livelihood is predicated on meeting, and in fact, exceeding sales objectives.

The final thing to be checked out is organization. Owning a business is all about PLANNING. Trust me; I used to think that I can simply swim away with the flow. I didn’t take much time to prepare a checklist, write down goals and objectives. Regrettably the “go with the flow” strategy seemed to work for me. When I started my practice, I was initially successful; but soon, my results and performance lagged behind. Fortunately, I am supported by a group of trusted advisors, who truly follow the “tough love” approach. The issue was organization, and what’s interesting is good franchise model that will help you with that aspect. The last element I look for is ORGANIZATION. If you struggle with this franchise concept, your business will not perform well. When you are organized, you will operate more efficiently, have more time for business and pleasure, and ultimately earn more income.

These three concepts are some of the basic attributes of franchise development that is used in addressing the above referenced question. Please note that the assumptions that I had made in my answers. Franchise ownership can be of a great opportunity, provided you are prepared and comfortable with the concept. By following these steps, one can certainly help in making the decision that is best for you.

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<h1>Should I Buy A Franchise?</h1> Author: <a href='http://www.articleseen.com/profile_sunshineconsultingltd.aspx'>sunshineconsultingltd</a> As a franchise consultant and broker, one might take my answer to this question be “yes”. Since I am paid to SELL a franchise for a commission, it is natural to make that assumption. Let’s face it! The Deep Throat would say, “Follow the money”.

The reality is that the case is not likewise. In fact, more often than not, I find myself either trying to talk of strategizing the prospect out of a franchise, or a business for that matter. I even go as far as trying to CONVINCE them not to do anything. In the current economic environment, if you are happy by making a good living and enjoy what you do; then, there is no requirement of any change.

This is where franchise brokerage becomes franchise consulting. While many professionals will disagree with the approach and say we are simply brokers, trying to make commissions; there is a coaching element to the process. Frankly, most franchise consulting and brokerage firms would tell you not to sell franchises; rather, you should help people buying them.

But this still calls for the question… Should You Buy A Franchise?

Here are a few tips to be considered. Please make sure that I am answering the question assuming that you are unhappy in your current business or employment situation, have adequate financial resources to afford the business and cover living expenses, and are passionate about becoming a business owner.

The first thing I look for is a willingness to follow a franchise system. This is one of the benefits of owning a good franchise system. In my franchise consulting research and practice, when I work with clients, there is a need to follow a process. While this can be frustrating, in my experience, if the candidate won’t follow a process, there is a sure chance that they won’t follow the system. The best franchise candidates are coach-able, willing to listen, learn and follow the system.

The next thing I look for is to check if the person is comfortable with sales. While they may not be doing the selling (you can hire employees), the bottom line is to generate income by selling something. The best business owners have a firm grasp on the matter of selling and are COMFORTABLE in knowing that there income and livelihood is predicated on meeting, and in fact, exceeding sales objectives.

The final thing to be checked out is organization. Owning a business is all about PLANNING. Trust me; I used to think that I can simply swim away with the flow. I didn’t take much time to prepare a checklist, write down goals and objectives. Regrettably the “go with the flow” strategy seemed to work for me. When I started my practice, I was initially successful; but soon, my results and performance lagged behind. Fortunately, I am supported by a group of trusted advisors, who truly follow the “tough love” approach. The issue was organization, and what’s interesting is good franchise model that will help you with that aspect. The last element I look for is ORGANIZATION. If you struggle with this franchise concept, your business will not perform well. When you are organized, you will operate more efficiently, have more time for business and pleasure, and ultimately earn more income.

These three concepts are some of the basic attributes of franchise development that is used in addressing the above referenced question. Please note that the assumptions that I had made in my answers. Franchise ownership can be of a great opportunity, provided you are prepared and comfortable with the concept. By following these steps, one can certainly help in making the decision that is best for you.About the Author: The author of this article has specialization in Franchise Concepts. His enormous experience is summed up in the article ‘Franchise Disclosure Document brings the master plans for the Franchise Opportunities’. Along with this he also provides <a rel="nofollow" href="http://sunshineconsultingltd.com/services/franchise-consulting/">franchise consulting</a>, franchise development and brokerage services to both individuals and franchise systems.
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Author Resource :
The author of this article has specialization in Franchise Concepts. His enormous experience is summed up in the article ‘Franchise Disclosure Document brings the master plans for the Franchise Opportunities’. Along with this he also provides franchise consulting, franchise development and brokerage services to both individuals and franchise systems.

Keywords : Franchise Consulting, Franchise Models, Franchise System, Franchise Brokerage, Business Coaching, Strategic Business Planning,

Category : Business : Business

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