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Atricle Dump - Seven Secrets to Buying a Franchise
I've always had trouble fathoming those that own businesses in low growth industries. I'm not being pious, or looking down on anybody--this is just my own thought processes--but whoever got rich running a gas station, sandwich deli, low-priced hair salon, mini-mart, or any number of other such businesses? I'm not talking about the few that buy up multiples of such types of stores as an investment. That I get. But those that become
What controls does the franchisor impose?
5. Get Substantiation for Any Earnings Representations Some franchisors may tell you how much you can earn if you invest in their franchise system or how current franchisees in their system are performing. Be careful. The FTC requires that franchisors who make such claims provide you with written substantiation.
In my opinion, one of the biggest skills of being able to sell well is developing your listening skills. Most sales companies and sales people talk about being consultative but they don't really know what consulting is! No-one can consult if they cannot listen first. You cannot sit around a table with your fellow sales people and decide what consulting services you are going to offer to a client - it doesn't work like that. Yes, y
But be cautious before you sign on the dotted line.
1. Know How Much You Can Invest - A franchisor may tell you how much you can afford to invest or that you can't afford to pass up this opportunity. Before beginning to explore investment options, consider the amount you feel comfortable investing and the maximum amount you can afford.
2. Know What Type of Business is Right for You - A franchisor may attempt to convince you that an opportunity is perfect for you. Only you can make that determination. Consider the industry that interests you before selecting a specific franchise system. Ask yourself the following questions: Have I considered working in that industry before? Can I see myself engaged in that line of work for the next twenty years?
3. Realistically Evaluate Your Own Background and Skills - If the industry does not appeal to you or you are not suited to work in that industry, do not allow a franchisor to convince you otherwise. Spend your time focusing on those industries that offer a more realistic opportunity.
4. Take the Time to Comparison Shop Talk to or visit several franchisors engaged in the type of industry that appeals to you. Get answers to the following questions:
How long has the franchisor been in business?
How many franchised outlets currently exist?
Where are they located?
How much is the initial franchise fee and any additional
start-up costs?
Are there any continuing royalty payments?
How much?
What management, technical, and ongoing assistance does the franchisor offer?
What controls does the franchisor impose?
5. Get Substantiation for Any Earnings Representations Some franchisors may tell you how much you can earn if you invest in their franchise system or how current franchisees in their system are performing. Be careful. The FTC requires that franchisors who make such claims provide you with written substantiation. M
So, you are dropped from a spaceship, told to infiltrate and await a signal from the Home Planet. In order to live, you have to get a job. Your space boss tells you Get a job in Customer Service.You suddenly have to acclimate yourself to a new environment, find a job with no skills and blend in so you are not discovered.Sometimes in Customer Service we look around and see that person working next to us, dont we? T
2. Know What Type of Business is Right for You - A franchisor may attempt to convince you that an opportunity is perfect for you. Only you can make that determination. Consider the industry that interests you before selecting a specific franchise system. Ask yourself the following questions: Have I considered working in that industry before? Can I see myself engaged in that line of work for the next twenty years?
3. Realistically Evaluate Your Own Background and Skills - If the industry does not appeal to you or you are not suited to work in that industry, do not allow a franchisor to convince you otherwise. Spend your time focusing on those industries that offer a more realistic opportunity.
4. Take the Time to Comparison Shop Talk to or visit several franchisors engaged in the type of industry that appeals to you. Get answers to the following questions:
How long has the franchisor been in business?
How many franchised outlets currently exist?
Where are they located?
How much is the initial franchise fee and any additional
start-up costs?
Are there any continuing royalty payments?
How much?
What management, technical, and ongoing assistance does the franchisor offer?
What controls does the franchisor impose?
5. Get Substantiation for Any Earnings Representations Some franchisors may tell you how much you can earn if you invest in their franchise system or how current franchisees in their system are performing. Be careful. The FTC requires that franchisors who make such claims provide you with written substantiation.
I just finished reading a powerful book The Profitable Power of Purpose in which the author Ian Percy (www.IanPercy.com) states If your customers were not irritated, they would not even be your customers. How true it is! In 1978, I ran an ad in a New York City newspaper, Organizing consultant can help you make better use of time and space and launched a 25+ year business w
3. Realistically Evaluate Your Own Background and Skills - If the industry does not appeal to you or you are not suited to work in that industry, do not allow a franchisor to convince you otherwise. Spend your time focusing on those industries that offer a more realistic opportunity.
4. Take the Time to Comparison Shop Talk to or visit several franchisors engaged in the type of industry that appeals to you. Get answers to the following questions:
How long has the franchisor been in business?
How many franchised outlets currently exist?
Where are they located?
How much is the initial franchise fee and any additional
start-up costs?
Are there any continuing royalty payments?
How much?
What management, technical, and ongoing assistance does the franchisor offer?
What controls does the franchisor impose?
5. Get Substantiation for Any Earnings Representations Some franchisors may tell you how much you can earn if you invest in their franchise system or how current franchisees in their system are performing. Be careful. The FTC requires that franchisors who make such claims provide you with written substantiation.
Easy, quick and painless. If your Credit policy is flowing smoothly, it is probably all of these.Become the Squeaky Wheel, a new book written by a leader in the debt collection industry, Michelle Dunn, explains that Credit policies are a must for any business. Her book will give you the tools you need to collect more money and prevent bad debt in the future.Some steps you can take to make your credit policy, Easy
How long has the franchisor been in business?
How many franchised outlets currently exist?
Where are they located?
How much is the initial franchise fee and any additional
start-up costs?
Are there any continuing royalty payments?
How much?
What management, technical, and ongoing assistance does the franchisor offer?
What controls does the franchisor impose?
5. Get Substantiation for Any Earnings Representations Some franchisors may tell you how much you can earn if you invest in their franchise system or how current franchisees in their system are performing. Be careful. The FTC requires that franchisors who make such claims provide you with written substantiation.
This is my second attempt at cooking the Turkey. Last year I bought the traditional frozen turkey and utilized a recipe from the Food Network's web site. Resulting in a typical and predictable outcome, average.This year I went to my local meatery (if this turns out to be a word, just remember, you read it here first) and purchased a fresh bird. Although it was small (11 pounds), it was more than enough for my family. I cook
What controls does the franchisor impose?
5. Get Substantiation for Any Earnings Representations Some franchisors may tell you how much you can earn if you invest in their franchise system or how current franchisees in their system are performing. Be careful. The FTC requires that franchisors who make such claims provide you with written substantiation. Make sure you ask for and obtain written substantiation for any income projections, or income or profit claims. If the franchisor does not have the required substantiation, or refuses to provide it to you, consider its claims to be suspect.
6. Avoid High Pressure Sales Tactics You may be told that the franchisor's offering is limited, that there is only one territory left, or that this is a one-time reduced franchise sales price. Do not feel pressured to make any commitment. Legitimate franchisors expect you to comparison shop and to investigate their offering. A good deal today should be available tomorrow.
7. Study the Franchisor's Offering Do not sign any contract or make any payment until you have the opportunity to investigate the franchisor's offering thoroughly. The FTC's Franchise Rule requires the franchisor to provide you with a disclosure document containing important information about the franchise system. Study the disclosure document. Take time to speak with current and former franchisees about their experiences. Because investing in a franchise can entail a significant investment, you should have an attorney review the disclosure document and franchise contract and have an accountant review the company's financial disclosures.
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