Sunday, March 21, 2010
Buying A Franchise Business - How To Choose?
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Buying a Franchise is a great business opportunity as the majority of franchisees are still trading successfully after 7 years (source - US Department of Commerce figures). Before you start looking at franchises, decide which market niche you want to enter. Choose a field that not only creates a livelihood but one that you personally will enjoy.
You also have to analyse your self. Are you good at sales? If you do not like being cooped in to one environment, then a franchise which demands that you out and meet people might be good for you.
Do you prefer it if the customer comes to you? If you prefer to have a retail outlet where you task is to ensure that the environment is as conducive as possible so that customers will be more inclined to shop, then a fast food franchise or similar might be up your street.
Where does your expertise and strength lie? This analysis will determine the franchise that you choose. Always choose the option that is right for you!
Some franchises do all the market research for you and even help you to choose a location for your business. Your job is then to manage the business, keep proper accounting records, always be at hand and control the staff. This would be ideal for a person with good management skills.
Other franchises ask you to work from home, set up a mini office and then go out and network with local business to generate your income. This might suit people who do not like to be tied down and handle rejection fairly easily.
Once you have found the niche that you enjoy, then start looking at all the franchises available in this field.
Choose a franchise which has a proven track record, and then speak to existing franchisees. By speaking to them you will be able to quickly understand the business and the pit falls. Spend your free time analysing the market and visit the library if you require further information.
Most franchisors offer excellent training and long term support. Some even have refresher courses throughout the year which you can attend.
The advantages of working for yourself, but not by yourself are what many franchises try to encapsulate. The disadvantages of buying a franchise are that you have are restricted in many areas.
If you're ready to make the commitment, franchising can be a rewarding, and often highly lucrative business. Remember to take professional advice before signing any legal documents.
(ArticlesBase SC #87232)
Labels: business franchise, buying a franchise business, buying franchise
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Buying a Franchise Business
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Buying a franchise business is one of the most difficult decisions you have to take in your life. It is vital that you seek expert advice before buying a franchise.
Franchises in UK are becoming more and more popular; many of which can be found on Franchise Select UK. Profits are much higher as compared to previous years. Thus it’s a fantastic opportunity for better earning.
The initial investment should be considered first before buying a franchise business. Finance Select UK for instance start at only £6595. Then you must check whether your proposed business can be a success in that particular area where you are going to start the franchise.
Better choose a franchise which is nationwide so that there is more chance for getting more customers while compared to local competitors.
If you select a nationwide brand you should follow all the criteria followed by them. Please make a detailed report of the trading history of the franchise you have decided to buy.
Ask franchisor the contact details and the trading details of an existing franchise.
In the case of new franchise companies, it’s very difficult to get references from other people who are running the franchise, but they tend to offer incentives and discounts to get you on board and sometimes getting in at the start has its rewards.
Franchisor should provide proper training for better operation of the franchises. Training should be based on the business methods followed and the way of implementation of those methods. The franchisor should provide ample support for all the business related activities.
Franchisor should be able to handle various issues and disputes that may arise. You should carefully verify the agreements related to the renewal and resale of the franchise.
Check whether the franchise company is a member of franchise association. In United Kingdom, British franchise association have adopted several policies for better operation of the franchise business.
Please visit Franchise Select UK for a full listing of hundreds of franchises across the country.
(ArticlesBase SC #326138)
Labels: best franchise business, buying a franchise business, buying franchise
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Mistakes to Avoid When Buying a Franchise Business
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Buying a franchise business for sale can a good investment for the right buyer. There are some common mistakes that buyers of franchises make that can be avoided. This article examines some of the more common errors to stay keep top of mind.
Mistake #1. Not using a lawyer
It is highly recommended that you use the services of a lawyer when you are contemplating buying a franchise business. There are many documents to be reviewed such as leases or sub-leases and the franchise disclosure, which, by law, must be provided to a buyer in the Province of Ontario.
Mistake #2. Assuming that purchase financing will be there
It can be easier to finance a franchise business than a non-franchised one but this does not mean that financing is assured. Certainly there are many lending programs tailored to franchises but you should talk to a lender early in the process. You still need to be qualified and have sufficient cash recourses on hand to consummate a deal.
Mistake #3. Size does not always matter
There is a perception in the marketplace that the bigger the franchise organization, the better the chances of success. This is not always the case. Sometimes smaller organizations offer great value to an investor and a very compelling value proposition. Bigger is not always the best way to go.
Mistake #4. Success in a franchise is guaranteed
There is no guarantee of success in business – any business. When you buy a business, there is always the element of risk present. Going into a franchise group may mitigate some of the risks in running the business, but not all.
The onus is still on you to properly operate your store, manage employees and generate revenue and profit. There is no guarantee.
Mistake #5. It will be an easier business to sell
Selling a business can be challenging. Some franchises that are popular, profitable, growing, managed properly and priced correctly may be easier to sell.
Do not let this fool you though, if your franchised operation does not have all of these factors aligned then it certainly will be a challenging business to sell. Talk to a business broker to discuss the opportunities on the franchise re-sale market.
Mistake #6. Expecting too much
As a franchisee you would (typically) pay a royalty as well as a marketing or advertising fee to the franchisor. Because of the advertising fee that is paid, some owners feel that all of the marketing work is being done for them.
This is not always the case. There may be significant local market opportunities for you to explore. Talk to the franchisor, learn what local marketing initiatives are available to you. Make sure that they fall in line with the terms of the franchise relationship.
There are many misconceptions about franchising in the marketplace. Before you make any decisions please work with your professional advisors.
Also, talk to a business broker and visit different trade shows and events. The Canadian Franchise Association has great resources and events where you can learn more.
(ArticlesBase SC #1107388)
Labels: best franchise business, buying a franchise, buying a franchise business
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Buying a Franchise Business | Business for Sale in Australia
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Selling or buying a business is not an easy task. You have to collect potential information all about that particular business. When you plan to sell a business, you will have to think from the customer’s point of view that what all I want to know about this business.
Then you should be prepared to provide all sorts of information in a clear and professional manner. The kind of information will be the same for every business but it will depend upon the nature of the business but certain basic knowledge is always required.
This information will include revenue, expenditures, key contracts, competitive advantages etc. If you want to buy a business, then it becomes more important to know even a minute detail about the business.
Many businesses are sold and bought on a daily basis. If you look for a business for in Australia, you can find the relevant information online. You can find a good database of business & franchise for sale in Australia on internet.
Not only brief information but you can get the business profile, contact details and recent photographs of business location for each business advertised for sale in Australia.
Most of these businesses are motels, coffee shops, , restaurants, wholesale businesses, import-export businesses gift-ware shops, manufacturing retail businesses, franchises for sale in Australia and many more.
If you are buying a franchise business, you should have answers of certain questions. These questions can be asked to franchisees and to yourself too.
- The business that is for sale in Australia, is it a good business or a product? If later you feel that this was not a good business to start with, you will be in trouble.
- Whether you have the financial strength to expand the business and reinvest in it. If you don’t have the financial means to grow the business, it will not be benefitted for you in the long run.
Every business can not give you the profit as soon as you start it, you might have to invest initially. You may need to spend money to make money.
- Before buying a franchise business, analyze” do you carry those skills this franchise requires to operate the business on a daily basis?” If you do not possess these qualities, it will not be wise to buy a business for sale in Australia.
Will buying this franchise business help you in achieving your goals? One should have a clear sense of what he/she does expect from this business, personally and financially both. Suppose you are looking for a new business for extra earning and you have no liabilities in terms of family.
You plan to buy a business for sale in Australia, the risk that you take from it will be much lower than someone who has a lot of responsibilities and has no other source of income.
In buying a franchise business, you can get the most reliable information from the existing franchisees. You can know their relationship with the franchisor and what he expects from them. A thorough analysis will help you reach your business goals.
If you have any business for sale in Australia or you are buying franchise business in Australia or you want to put your Sydney or Brisbane business for sale, log on to www.topsnap.com.au and rest assured of the best prices.
(ArticlesBase SC #287957)
Labels: business sale franchise, buying a franchise business, franchise business
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Thursday, March 11, 2010
Hello World
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Welcome to the Buying A Franchise Business blog.
Labels: automotive franchise, best business, best franchise, best franchise business, business, business brokerage, business brokers, business for sale, business for sale by owner, business for sales
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