This time comes MINDING YOUR BUSINESS: Is a franchise in your future? from the The MetroWest Daily News of Framingham, MA:
"An individual who decides to open a business has, in essence, three options: establish a new business, buy an existing business or purchase a local franchise with a regional or national brand. The third option is one that is appealing to many people, even those who have never considered going into business."
It is important to remember, however, that the same fundamental rules that apply to starting a business are also in play when one purchases a franchise. Contrary to popular belief, being a franchisee can be just as hard as opening any other business. It can also be just as successful and, in some cases, more successful.
There are similarities between franchisees and independent owners - and there are differences. If you are considering becoming a franchisee, here are a few important things to keep in mind.
First, there is one essential ingredient to being a successful franchisee, the same one required of independent business people: passion. Before settling on a franchise, really give some thought to your passions in life. If a good meal is not important to you, you should not open a restaurant franchise. If you have always been religious about working out, maybe a gym franchise is the way to go. In business, passion brings success, and that rule applies equally to franchisees and independent businesspeople.
Second, do your due diligence. If you were to open an independent business, you would do your homework. You would look at the products or services you plan to offer, the revenue stream, the expenses, the location, and a multitude of other things. Just because a national brand offers you a glossy book with lots of facts and figures and success rates, don't take it at face value. Do the exact same due diligence you would do as if you were opening an independent business.
Remember to read the other articles on this blog about franchising and start ups, just click on the links below or go to the archive by topic to the right of this article.