Starting a Business? Control Your Risk with a Franchise??

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So you want to start your own business but don't know where to start? Maybe you're concerned about risk, lack of experience in the specific business that caught your fancy or are nervous about blazing an entirely new trail.  For the thousands of folks looking to gain control over their working lives each year, a franchise offers some compelling advantages. For one thing, instead of beginning your research by talking to people operating a similar business, you can learn the ins and outs from people in the very same business. A franchise operation offers a veritable network of support, plus a treasure trove of statistics and operating history is available to give you a leg up in the marketplace. By contrast, when you start an independent business, you must invent…
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Financing a Franchise May Be Easier Than You Think

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Perhaps the most essential building block to starting a new business is sufficient capitalization. So what are the best ways to ensure you have enough money to start and run your business until you begin to earn a profit? Preparation must come first, so by the time you sink any money into your new business, you will have completed your due diligence and set a solid path to success. This includes extensive research into your future business, including interviewing many people along the way to help you settle on a business that best matches your skills, experience and interest. If, like many budding new business-owners you select a franchise, you will have consulted a franchise coach, an accountant, plus the many experts with the franchise company, trained to help you…
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Wondering When the Profits Will Start Rolling In? Find Out Before You Invest in a New Franchise!

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Wondering When the Profits Will Start Rolling In?  Find Out Before You Invest in a New Franchise! So you've selected a franchise and have your initial investment capital saved and now you want to know: How much money will I make? To answer the question you'll need to weigh your costs against expected potential revenues. The beauty of a franchise is you actually have a good shot at figuring all these numbers out. Between the financial disclosure document (FDD) and information available from existing franchisees, you can get a good feel for expenses, as well as potential revenues, so long as you factor in differences related to location, local market and, not to be forgotten, the range of talents and experience individual franchisees bring to their businesses. Why is it…
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Want to Buy a Franchise: Learn to Navigate the 23 Steps to Success

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Want to Buy a Franchise: Learn To Navigate the 23 Steps to Success Twenty-three? That's the number of items in the Franchise Disclosure Document -your golden ticket that franchise companies are required to provide their prospective franchisees. The disclosure rules enforced by the Federal Trade Commission (FTC) give you the tools you need to choose a franchise. Once you learn to navigate this comprehensive document, you should be able to make a match that will allow you to succeed in your new business. The trick is to figure out where to focus your energy. A franchise coach can help you understand the fine print. But as you begin to peruse these documents, we recommend you focus on the following items: Item 1 - The Franchisor The very first page gives…
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Are You Cut Out for a Franchise? Take the Quiz!

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  Buying a franchise is one of the quickest, safest ways to start your own business, but a franchise is not for everyone, particularly if you’re the type of person who likes to blaze your own trail. For starters, to be successful with a franchise — that is to maximize your potential earnings — you must be prepared to follow the franchisor’s system, the time-tested method the company has for virtually every aspect of its operations, including staffing protocols, an advertising campaign and store build-out plans. After working with dozens of franchisees over the years, I still see new franchisees decide they can cut corners, for example, by declining to hire enough people to cover the day-to-day responsibilities of meeting the needs of customers. The owner may decide to save…
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Ready to Buy a Franchise? Not Until You’ve Interviewed Some of their Franchisees

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  Thinking about starting your own business by buying a franchise? The good news is there are a lot of people with pertinent information to share. And, as anyone of them would tell you, good preparation is key to success. Your best resource bar none are the company's current and, yes, former franchisees. They offer the best information on what it's really like to run that business, and their perspective is so valuable because they're most likely to give it to you straight. By contrast, when you call a franchisor, you may be talking to a salesperson on commission who will tell you only what will make his company look like a great deal. So for a more accurate picture, talk to the franchisees, the more the better. Get a…
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Important Pointers for Buying a Franchise

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You’ve got your mind set on what seems like the perfect franchise, and you’re already dreaming about your future life as a successful business owner. Sound familiar?  Before you get out your checkbook, you need to ask yourself if you’re really prepared. Have you talked to: •          A franchise coach •          Franchise companies •          Franchisees •          An accountant •          A franchise attorney Sound like a lot? Not when you consider the importance of this decision, the commitment of time and money. Because once you take the leap, you and your money are on the line. There will be no one else to pick up the slack when you feel like slinking away. First, let me say that I think a franchise is a great way to get started in business.…
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Shopping for a Franchise? — Stay Away from the Next New Craze!

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Cupcakes are all the rage these days in franchising, and while they make a pretty window, their long-term appeal may be fleeting. Frozen yogurt is also making a strong comeback after almost disappearing some years ago. But it doesn’t take much to saturate the market, and you know it’s a fad when it fizzles out fast. What’s hot and what’s not may be a typical headline on a fashion spread, but you probably want to stay away from fads when it comes to franchises. Sort of like the flavor of the month, when folks get tired of it, they stop buying. A better focus is to pinpoint what people need. After all, people are not likely to buy specialty cupcakes on a regular basis or continue buying frozen yogurt when…
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Sick and tired of your job? Try our Entrepreneur’s Checklist

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If you're one of the 90 percent of Americans employed full time by someone else, chances are you're not feeling much satisfaction at work. Some of you are stuck with a boss who makes your lives miserable, while others may be merely bored or vastly under appreciated. Only 30 percent of Americans are actively engaged in their jobs, according to a recent Gallup report, State of the American Workplace. Not only does being unhappy at work lead to a whole range of obvious complaints, it can also take a toll on your health, the survey reported. One way to improve your situation is to strike out on your own. So how do you know if you've got what it takes to run your own business? Just like most things in…
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How A Laid-off Comcast Business Manager Made it Big with a Franchise

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When Bryant Greene was laid off from his job as a Comcast business manager at the start of the Great Recession, he knew it would be tough, but, still young in his late 30s, he had a lot of confidence that his resume, including an MBA, would help him land on his feet. Six months later, he was discouraged by his lack of success in the job market. As the recession raged on in July 2009, he headed off to a “diversity job fair/pink slip party,” where he noticed Comcast had the largest booth and a long line of would-be employees. Then he turned around to hear the question: “Have you ever thought of owning your own business?” “Who would start a business in the middle of a recession,” replied…
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