Franchise Opportunity - Choosing the Best One for You
MoneyMoz.com presents you “Franchise Opportunity - Choosing the Best One for You”, an article written by Eriani Doyel. We hope you’ll find a lot useful information in here.
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Have you ever thought of a franchise opportunity as a possible career choice? It can be a wonderful way to become your “own” boss and make good money doing something that you enjoy-but it can also be a financial nightmare. You may have seen an ad in the paper that headlines that says “Million Dollar Franchise Opportunity for Motivated Individual!” But, the truth of the matter is, just like with any business, there are good times and bad and choosing the right franchise opportunity is the key to your future success. Here are some tips to help you evaluate a franchise before you sign a contract.
Look at the Market
| MoneyMoz recommended article: A Little-Known eBay Technique Where You Can Sell Anything Today A few weeks ago I was desperate for some money. I decided that something HAD TO GO. Regretfully I decided to sell my laptop. What's Your Interview Approach? It is now time for the interview and you need to get your interview approach right. There is no better approach to an interview than to prepare well and in time. By preparing carefully and well in advance, all details are taken care of in an organized manner. So you have prepared for all kinds of commonly asked questions, practiced your answers, got your industry and company information ready, your questions ready, you are dressed out well for the interview and now here it is ?the big hour. You are nervous. Despite all your preparation the interviewer could ask you the one thing that you might not have prepared for or the one thing that you might forget. You conjure up images of all that could go wrong, you are sweaty in the palms and nervous as you anticipate the interviewers tearing you apart. What if they find someone much before your turn comes? How come everyone else looks more relaxed and knowledgeable? What if you cannot answer a single question? Here is where your interview approach comes in. Relax. Close your eyes and take a deep breath into your abdomen. Feel the abdomen rise and fall like a baby抯. Do it a couple of times until you feel your nerves steadying a bit. The first thing you need to do as you approach the interview is to relax. |
You can use a franchise consultant to look at the market and see which franchise opportunity makes the most sense for your particular location. Even if it is a multi-billion dollar franchise, it should be a franchise that has shown good growth for the last few years and the trend shows no signs of slowing. Make sure that you are not in an area that is saturated with that particular type of franchise opportunity
Look at the Parent Company
Even as an independent owner, you still carry the company name and the company products. Is the company well run? Do you see it heading in the right direction and using good marketing sense? Do the current executives and officers have the skills and talents to lead this company well into the future? These will be important to your franchise opportunity success.
Territory Rights
Are you going to be given protective rights so that you will not have to share your territory with another franchise of the same type without your approval? It is vital to your franchise opportunity that you do not have an over-saturated market to work in.
| MoneyMoz recommended article: Networking ...Not as Scary as It Sounds Networking. What an overwhelming concept it can be at first. When starting up a business one marketing strategy is “networking,” when laid off and searching for employment one strategy is “networking.” You might be wondering what exactly “networking” is. Well, networking is: Interacting or engaging in informal communication with others for mutual assistance or support. When I think of networking the first thing that comes to mind is “I don't know anyone”. Ok, I do know some people. So I get my pen an paper and eventually come up with a list of names of people. The next step of personal fear is when I go into the “I don't want to impose on friends” mode and find myself back at square one. Networking is not imposing. What you may consider imposing can turn out to be a win/win situation. If you are looking for a new position you may network with a friend that has a position open in her company. This company may have a referral award and if you get the job your friend gets a bonus. A nice word from a friend and a company may be filling an open position with a competent employee, you. As for businesses, you may have services the people you network with actually need and can benefit from. You may find the people you have chosen to network with may have services you can use as well. So free your inhibitions and network! Take this list and give them a call, be upbeat, let them know of your circumstance and move on to the next contact. Where do you start? First take out a pen and paper and start listing friends and family. Add the ex co-workers. Do you patronize any business where you chat while doing business? (Example hairstylists, the person at the espresso bar you talk to while getting your morning coffee), college/alumni buddies, church or social activities? This list will get you started but don't stop there. Be creative. Do you go to PTA meetings? Collect business cards! Second, be prepared. Keep a folder in the car of resumes or brochures. Keep a healthy stack of business cards with you. Develop a verbal presentation. If it is for employment, be creative and prepared in ways to approach the subject of possible openings. If it is business related, have a verbal description of what your business is and how you can (and have) benefit others. When you are at that hairstylist, during the course of a casual conversation you may bring up you were laid off (or you have a virtual assistant business) a simple “May I leave my resume with you? If you hear of someone needing my qualifications you can pass it on” (or business cards/brochures if networking for your business). Leads can come from the simplest of situations. Having your "marketing you" speech prepared will take most of the fear out of approaching others and make networking not such a scary concept. You will find that most people are more then willing to help out. If you find someone who passes your information back, don't take it personally and move on to the next individual. Through your information someone else may benefit. It never hurts to ask, but you will never get a yes if you don't ask. You never know, the people on the list you are networking with may use you for their networking needs in the future, so get out and network today! Susan Silva is the Editor of DeskDemon, a website for office professionals of all types with useful resources, articles, message boards and a bit of fun mixed in. You can visit DeskDemon site at http://www.deskdemon.com or sign up for the monthly newsletter AdminAdvantage at http://us.deskdemon.com/pages/us/adminadvantage/signup. |
Support
How much support do you get for your franchise opportunity from the parent company? Do you get employee and executive training? Do they provide you with capital as you need it? How about marketing? Do they have local as well as national marketing campaigns which you will be able to participate in if you choose? Do they have a field manager to assist you as needed?
Brand Name
The brand name is vital. If it is a name that is recognized and respected locally as well as nationally, you will have a foot up already.
So, talk to a lawyer, an accountant, and a consultant and see if a franchise is right for you.
Eriani Doyel writes articles about Business Opportunities. For more information about a franchise opportunity visit rsopportunity.com
Keywords assigned to this article by MoneyMoz: franchise, franchise opportunity, franchising,
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