Owning A Franchise

Saturday, March 20, 2010

Owning a Franchise May Be Hard Work, But There Are Considerable Benefits

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At a glance, it seems that our community is working harder and longer than ever. As the national economy is slowing and unemployment is predicted to rise accordingly, it seems only natural that workers put their noses to the grindstone in an attempt to move up the ladder, or even just to make ends meet.

Whilst this is certainly the case for a majority of the population, for the remaining group there can be noticed a significant shift in their intention and chosen direction when it comes to making decisions about their working life.

More and more people, females in particular, are choosing flexibility and family commitments over climbing the corporate ladder and earning the big bucks.

Currently, one of the most common options that people are turning to as a way to have more control over when, where and how much they work, is franchising. Once only associated with large multi-national businesses such as McDonald's and Starbucks, the franchising sector in Australia continues to grow steadily and can be anything from a cleaning business, to mortgage brokers and supermarkets.

This growth is attributed to two major factors, one being that a greater number of successful business owners are looking to expand their empire and do so by creating and selling franchises. The second reason compliments the first, as people chose to prioritise what is important to them and what best suits their desired lifestyle, they are consequently choosing to purchase these newly created franchises.

Owning a franchise allows business owners to have control over a range of aspects that would be unlikely to be up for negotiation in a regularly employed position.

By owning a franchise, business owners are able to set their own work hours, perhaps molding it around picking up the kids from school, playing tennis with friends at 11am on a Wednesday or any other commitments that may exist.

They are able to work from home or a selected convenient location, as well as having the satisfaction of reaping the direct benefits of their hard work.

Franchising contributes large amounts to Australia's economic landscape through not only creating a wealth of new business owners and providing them with a platform in which to learn and grow as business people and as human beings, but also provides job opportunities and valuable products and services to the community.

By purchasing a franchise, the franchisee is provided with a support framework from the franchisor. This can be anywhere from regular training, to marketing support and networking opportunities, all of which directly benefit the franchisee's business as well as contributing towards the good name and future success of the company as a whole.

A recent Potential Franchisee Survey, conducted by Mortgage Choice, shows that for those considering purchasing a franchise, the most appealing factors were all related to the fact that what they are buying into is already established.

In most cases, there is an established recognition of the business brand within the community. Purchasing a franchise also ensures that there is an established business model along with other necessary tools such as suppliers and access to support networks via the franchisor and other franchisees.

Potential franchisees like the fact that there is a better likelihood of success when compared to starting a small business from scratch. It also opens the door for increased exposure through advertising and media as the combined resources of a franchise can access much more that a single small business owner.

Obviously, purchasing a franchise is not necessarily the right fit for everyone, however many of those that have made the choice would swear that it has made a drastic change in their lives and they will never look back.

As with every important business decision it is strongly recommended that you seek professional independent advice before taking any action, as failure to do so could be damaging down the track.

At The Quinn Group the team of legal and accounting professionals are able to provide you with comprehensive advice regarding all aspects of buying and selling businesses and franchises.

So, if you are looking to buy a franchise or would like to investigate if franchising is a viable option for you, call us on 1300 QUINNS or click here to submit an online enquiry, and one of our team will contact you to further discuss your specific situation.

The Quinn Group is an integrated, accounting, legal, and financial planning practice offering expert advice to help you achieve your business and personal goals. With more than 15 years' professional experience, we are committed to building long-lasting relationships with our clients by providing superior service in a timely and cost-effective manner. For more free advice please visit Tax Lawyers.

Article Source: http://EzineArticles.com/?expert=Michael_John_Quinn

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The Pitfalls of Owning a Franchise

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Franchise opportunities exist all over the world today. In fact, franchises are essentially what the whole world is made up of if one is to truly think about all the different opportunities that exist.

Considering the fact that one company alone probably has thousands of franchises already located in the United States and around the world, it is definitely safe to say that over 5 to 10 million franchise outlets exist throughout many parts and corners of the world!

There are definitely advantages to owning your own franchise of a company because it is essentially like owning a smaller portion of the company itself. Franchise owners get to keep most of the profits that come into their business in exchange for usually a modest royalty fee of their profits that get sent back to the company headquarters.

On the other hand, though, there can be some downsides to owning a franchise. The first downside to owning your own franchise is that you won't actually own your own company even though you'll own your own store or other company location!

Many people have the desire to actually open up their own store and create a company all by themselves, but owning a franchise is not what that's all about.

In fact, you are essentially paying for a copyright allowance to be able to use the reputation of the company that you're working for! Indeed, by owning a franchise you are essentially working for that company.

Why else does McDonald's or Burger King require part of the profits from your franchise? A franchisee owner is essentially working their franchise location in order to send more profits back to the company headquarters, even though that's not the way that many would like to think about it.

Another downside to owning a franchise, though, could possibly be the contract that you've locked yourself into. Considering the fact that the average contract length for a franchise store owner is usually 15 to 20 years at the onset it would truly make it difficult to get out of if a franchise owner was having trouble getting the popularity of the franchise store off of the ground in the first place.

Furthermore, there may actually be hefty breach of contract fees as well if, in fact, your franchise doesn't do as well as projected and fails within the first few years!

The help and resources that a franchise owner might receive from the company may not be worth everything that is paid to the company headquarters as well!

Many company headquarters actually have giant startup fees, annual fees, and royalties that must be shared with them, but if the franchise store owner is not able to get adequate help or training then the whole opportunity may be lost in the first place.

Considering all of these things before going down the road of opening up your own franchise is very important. Not only is it important to make sure you understand all the implications of owning a franchise, but making sure one understands the total commitment is also important!

Find out a lot more about the Franchise world at franchises

Article Source: http://EzineArticles.com/?expert=James_Hunaban

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Advantages And Disadvantages Of Owning A Franchise

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US small businesses today are franchise operations. Many people who opt to start their own business opt for the security and proven track record of owning a franchise that is based on an existing business model that has worked successfully for many other people.

Today, franchises in the US employ over 10 million people and account for nearly ten percent of the US gross domestic product. However, for those who are trying to decide whether to buy a franchise or not, there are advantages and disadvantages to be considered.

Some of the most popular franchises today in the US include McDonald's, Jiffy Lube, KFC, Subway, Holiday Inn, and countless others. A franchise agreement is where a host company, or franchisor, sells the rights to use a business name and sell a particular product to consumers within a specified sales region.

The advantages for many business owners to purchasing a franchise involve less risk and management and marketing assistance from the franchisor. In addition, the franchisee can own a business that has a nationally recognized brand name with a good reputation among consumers.

Also, many times franchises who are new to owning and managing a business can receive financial advice and assistance from the franchisor as well.

Often, new business owners find that financial record keeping is one of the most difficult tasks to master when starting a new business. In this instance, franchisors can provide advice and assistance to new franchisees on how to keep up with these tasks.

I China soil sievesn addition, some franchisors also provide financial assistance, such as payment plans and financing options for new franchisees, which can help to minimize the burden associated with high start up costs.

In essence, owning a franchise is kind of like participating in a mentorship, where experienced leaders within the franchisor's operation assist new franchisees in owning and running their stores.

The downsides, however, to owning a franchise are what hold many people back from buying one of these kinds of operations. While franchises historically have a lower failure rate than other types of operations, the cost of purchasing a franchise is often quite high.

In addition, franchisees have to share profits with the franchise company, which can be a deterrent for many who would rather take a chance on achieving larger results with their own ideas.

Management regulations are often seen as an impediment for some franchise owners as well. Often, dispChina digital refractometerutes among shared management can lead to a great deal of conflict, and imposed regulations can be difficult to adhere to in some regions.

The fravnchisor can also dictate to whom you can sell your franchise, if you ever desire to leave the business.

Also, with some smaller franchises, there is an increased risk of coattail effects. This means that if a number of other franchises fail, the effect can bring down your franchise operation as well.

While some opt for purchasing franchise operations China refractometerbecause of the reduced risk and the fact that they believe many of these existing franchise operations to be stable and profitable, it is important to keep in mind that there are still a number of fraudulent franchise companies out there, so it is important to do the necessary research into a specific company before investing a large sum of cash into a franchise operation.

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Buy a Franchise or Create Your Own Daycare

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You can open your own daycare or franchise a daycare to operate. You have two choices in opening this business. Most people prefer franchise system than running it by themselves because this system is proven and working.

But opening your own daycare center is more exciting. Either way you choose, you’ll be your own boss. Here are some guidelines you want to know in running this kind of business.

Franchising business is the fastest growing segment in every sector in the economy. There are many opportunities, success and endless potential offer in franchise but sometime franchise fail. Franchise offer training and different programs you will attend.

They will teach you how handle the business and how to deal with your prospective client. In franchising they will require you to use the same brand of play equipment, books, sleeping nap sack, and other different material in running a daycare business.

They set rules and regulations that you must follow as franchisees. On the other hand in starting your own business, you make your own rules and regulation that parents and children will follow. Franchisor offers you significant training before you can run the business.

Your business was governed by the franchisor. They even require same uniform for you and your hired employees. It will also provide managerial training, arrange for property lease, sale-lease back, programs, provide equipment financing and assist you in obtaining financing. You have to pay a certain amount of money in purchasing a franchise.

You own the daycare business but you must follow rules and regulations in franchising. You are subject to the guidelines of the franchised agreement such as, uniform, where the equipment is purchased, product and other material to be use in your daycare center.

You have the right to terminate your agreement as a franchisee. But you need at least 6 months to notify and submit of written termination right to your franchisor. If you fail to do the procedure, you are liable to pay all dues under the franchise agreement.

Franchise training program are proven and tested. The training will teach you how to start and run the business. They offer a turnkey in business. As franchisee, you are required to following the system.

Franchising is one of the key in opening your daycare business. You may decide for yourself that suits you best, if you run your daycare center by yourself or seek help from franchising.

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