Small Business Franchise
Small business franchises provide an excellent opportunity for an entrepreneur who needs funding and advice when opening a small business. It offers many benefits that may not be available to the entrepreneur going it alone. Brand recognition, employee or management training, and an established model to follow are only some of the many characteristics of these types of programs.
Brand recognition is the most positive feature of joining this type of venture. By choosing to open a small business franchise that is well-known, the owner has immediate recognition by customers of the products and services that are offered. This will attract customers who have a knowledge of the product, making it easier to attract people than with a brand new company that is not established and unknown and has unrecognized products.
When an owner joins with a larger firm, he receives the option of training for employees and management. Often training will be available at little or no cost to the operator of the new store through the small business franchise company. Opening an individual store without the training means more money and time invested on the owner's part to train new employees on basic product and service information that will be offered to customers. Without this alliance, he will also find it difficult to streamline the employee services, such as finding insurance, conducting payroll, and other concerns.
The owner will have the ability to follow an established plan of action, or model. Most small business franchises have a certain plan or system that is used throughout all stores. These plans include management practices, policies, store layout, and a variety of standards that are set forth in books that are provided to the new owner. By choosing a small business franchise, there is no need for the owner to develop new strategies and procedures when the majority are provided for him.
Making the choice of opening a new store is a difficult decision. The decision between the small business franchise and new store, for a Christian, should come down to prayer and understanding from God. The Bible says, "Teach me good judgment and knowledge: for I have believed thy commandments" (Psalm 119:66). By following these words of wisdom, the best business and life decisions will be evident to a Christian following the will of God. This also means investigating the small business franchises operating practices to make sure that they line up with God's principles and commandments.
Small business franchise opportunities are available in a variety of areas and industries for the potential owner that desires to work within an operation with a track record of success. This type of company is an already a functioning system with proven tactics and strategies. A small business franchise opportunity owner can step into an already established concept and have a much lower risk of failure. In America, 70%-80% of small businesses fail in their first year. That failure rate is limited to 20% when the company is part of a chain or franchise. An already functioning model helps the novice entrepreneur generate profits and donate to the success of the established company.
The success rate with this type of opportunity is generally higher than that of any other type of organization. It is recommended that a potential small business franchise opportunity owner speak with at least five companies before investing in one. Before investing, how much money is available should be considered. Some small business franchise opportunities require a small initial investment, but their royalty fees are higher than other similar companies with higher initial investments. It is important to complete calculations to determine the best strategy to choose.
All ventures into the world as a franchisee require some sort of initial investment and additional monthly or yearly royalty fees that are determined by a set percentage of income revenue. Deciding whether to go it alone or have investment partners dictates how much of the royalty fee and initial investment a single investor will be responsible for. One of the primary reasons businesses fail is under-capitalization. While a small business franchise opportunity will give a good idea of the initial costs, understanding that they can sometimes vary due to leasehold agreements, unanticipated needs, living expenses, etc. is common.
When researching these opportunities, the individual should be sure to view the UFOC or Uniform Franchise Offering Circular. This UFOC is a mandated document by the FTC or Federal Trade Commission which regulates businesses in America. The UFOC contains information on the principals, background and financials of chosen small business franchise opportunities. It also contains a current agreement. These documents are available upon request, and are usually a deciding factor when choosing between the different companies on the market. The entrepreneur must be sure to locate all pertinent information before investing because this could be the difference between failure and success. "For there is a man whose labour is in wisdom, and in knowledge, and in equity; yet to a man that hath not laboured therein shall he leave it for his portion." (Ecclesiastes 2:21)
Real Estate FranchiseReal estate franchises are the best way to enter into the world of selling real estate because customers know that they are working with an agency that they can trust. Name recognition is very important when people are choosing an agent to work with. Investigate the various options available. A real estate franchise will not only bring name recognition, but bring expertise and support in getting the office opened and established. Speaking with agents from various different franchises can help determine what different opportunities offer and determine what image to reflect.
Owning and operating a business can be rewarding. Having the opportunity to make money and run a team of motivated sales people is an exciting career venture. But, choosing the right way to get an office launched will be crucial to the success of the business. Purchasing a real estate franchise could be an option for quick success. There are options that have sterling reputations and having a name buyers and sellers can trust will generate immediate inquiries.
Finding the right method to launch a new office can be time consuming and confusing. Take the time to pray and seek God, His wisdom, and direction about real estate franchises. The Bible teaches all people to commit all that they have and do to God, who supplies all that is needed. "Commit thy works unto the Lord, and thy thoughts shall be established." (Proverbs 16:3) Being faithful in prayer about a real estate franchise, showing trust in God, and having patience for God's answer is the best way to go about any situation, especially ones that involve money.
There are many different options to choose from, and if researching for purchase, then thorough investigations are advised because of the investment of both time and money. With real estate franchises, there will be specific rules and regulations required to obtain a contract, so make sure to be in agreement with these conditions before buying. If there are any questions or doubts in a person's mind, it is important to address them before deciding to buy into a company. When investigating the various options under consideration, ask to speak with other real estate franchise holders and their customers to get an idea of how supportive the agency and company truly are.
Retail franchise opportunities give retail sales people the chance to run their own store and sell products that they love with the guidance and benefit of a major, known retailer. There are many options available in areas such as electronics, pet supply, home decor, gifts, clothing, hobby stores, dollar stores, paper/party supplies, health products, drug stores, and cell phones to name a few. The franchising industry accounts for forty percent of all stores in the United States so investors should be able to find a retail franchise opportunity to fit their interests. Also, there are more than 320,000 franchise retail outlets in the United States making this business a fast growing, exciting, and profitable industry.
When beginning to consider owning a store, entrepreneurs must make sure they have spent time learning about the available options. Of course, using the Internet is probably the most popular and easiest way to find the right retail franchise opportunity. There are many search engines available that will list different companies looking for franchisees. Entrepreneurs need to look at the available retail franchise opportunities and decide on how much they are able to spend and what type of business interests them. As far as costs go, they must make sure to find out the total investment amount including initial fees. Also, it's wise to check to see if there are any of the same stores already in the area.
Before deciding on a particular company, spending the money, or signing a contract, investors need to be well informed about the whole process and situation. There are services online that provide much of the information needed to make an educated decision. These companies provide profile information on the retail franchise opportunities. They also include information on financial requirements like liquid assets, net worth, franchise fees, royalty fees, required capital, and total investment. Most online sources will also provide other quick facts like how long they have been in business, number of existing units, training available, financing available, and territories available about each specific retail franchise opportunity. Most companies have a fee between $2,000 and $35,000.
When making the final decision, entrepreneurs must check the company out completely. There are both federal and state enforcement agencies that regulate franchise sales, purchases, and businesses. Investors should also check with the Better Business Bureau to learn of any complaints made against the retail franchise opportunity of interest. It's best not to get roped into working with a bad company. "Let the lying lips be put to silence; which speak grievous things proudly and contemptuously against the righteous" (Psalm 31:180).