Franchise, Do you own one? How did you decide to go for it? Are you happy with it?
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2007-03-15 06:37:24 · 6 answers · asked by Monca B 2 in Business & Finance ➔ Small Business
This is a huge question. It depends on the product or service. There are so many Good ones and so many bad ones. My best advice would be to make sure you have a solid business plan and then decide if buying a franchise would be of benefit. I have consulted to various businesses and unless your buying a McDonald's or other top name franchise you can usually do better on your own. The easy way is to ask your friends. Give them the name of the company and ask what they do. If they don't know then why bother with that franchise. The name is the biggest thing a franchise has to sell. Remember most franchises big and small become your partners they all take some sort of fees.Some require you to buy over priced items strictly from them. I had a friend who owned a large chain Iced cream franchise store and they made him buy cones from them at three times what he could get them for elsewhere. Simple things like napkins with their logo on them all add up. Take your time, research it well, talk to people before you spend a dime. What ever you do don't jump into a business you know nothing about. If your a baker don't buy a cleaning franchise. By the time you learn all there is to know you will be broke. Be an expert in the field or you will not know how to compete. Many franchisers really do not care if you make it or not. They can just resell it to someone else. There is a reason companys sell franchises. They find its more profitible to sell the franchise and charge you a percentage then to try and make a profit buy running the location themselves. Their way they always win because it's your money that's at risk not theirs. Do not go into business with out having at least 6 months in forcasted monthy expenses in the bank. The first year in business things have a way of poping up.
2007-03-23 03:54:21 · answer #1 · answered by asccaracer 5 · 0⤊ 0⤋
Actually I own a company which we franchise our small scale boutiques. The reason was I was looking a ways to empower women and help them develop the skills need to be entrepreneurs with lower risks so that they would have a better chance to more successful. The plus for them was brand name recognition and well organized franchise model that included not only the key start component but support and training as well - ans access to start up capital (we have a less then 1.3% failure rate for first time franchises)
I have found that many of partners have become very happy not only from the revenue stream, but the empowerment of ownership and the pride of being recognized as a contributor to their families and communities (many of our partners are activity engaged in CSR)
2007-03-23 03:52:07 · answer #2 · answered by rowanwagner 5 · 0⤊ 0⤋
I had one and sold it, the reason to buy it was name recognition and also the knowledge and back up they would provide, since it was an unfamiliar trade to me.
The draw back was soon after running the business you really don't need them anymore and you are still obligated to the high fees associated with the franchise.
We sold ours because we weren't happy with it. Often time if you have a good idea it's better to try it on your own rather than piggy back on a franchise.
2007-03-15 06:54:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2016-10-18 11:12:01 · answer #4 · answered by ? 4 · 0⤊ 0⤋
I think you should start a business in your own name instead of paying someone to let you use their name because you spend thousands of dollars without a knowing if you would make the money back
2007-03-22 06:13:28 · answer #5 · answered by Mrs. G 1 · 0⤊ 0⤋
Yes I do own a franchise.I decided it because I love travelling and I get paid on top of it.It's called PAYCATION!Would you like it.Email me.
2007-03-15 10:20:19 · answer #6 · answered by Prakash P 2 · 0⤊ 0⤋