As the economy continues to flounder all over the globe, many young professionals
have made the decision to become entrepreneurs. Some of them find the job market
dry after graduating from college, and are left with very little choices. Others may have
found that job, but in a company which soon downsizes, leaving them behind. Still more
may have just decided that they would rather strike out on their own. Whatever their
reasons, many of these young people have decided to own a franchise.
Backed By The Brand Name
Many young graduates feel that becoming a franchise owner was a good beginning for
them because they did not have enough business experience to start off completely
on their own. By owning a franchise, they can use their abilities, while still having
the backup of the company. A quote from a 24 year old, Aaron Diley, was given
on ‘businessnewsdaily.com’ which explained why he switched from wanting to be a
school teacher to owning a franchise. “You have the brand name behind you, but you
bring your own professionalism and commitment to excellence to the business, and by
doing the job right you ensure that there is a job waiting for you the next day.”
Select a Few Options, Then Narrow it Down
Once you have decided that franchising is the way you want to go, choose two or three
of them, and study them closely. If possible, it is a good idea to look at franchises which
focus on area you excel in. for example, if you have strong skills in technology, then
you should look for a business opportunity which will let you utilize those skills. At this
point you could write a letter of intent to the franchisor, and let them know that you
are looking for a master franchise. As ‘entrepreneur.com’ shares, you should be sure
to ask for brochures. Upon studying these few franchise options you have chosen more
closely, there are still a few things to keep in mind.
Consider Your Investment
The first decision to be made when becoming a franchise owner is how much of an
investment that you are comfortable making. It is vital not to invest too much money
from the beginning, thus getting yourself in too deep financially. Do not invest more than
you can afford, and study the franchise you are considering to make sure that you
can expect a profit which will cover your initial investment and then some. Although you will want to
choose a strong and reputable franchise, keep in mind that the franchisors who have
more experience and time in the company will expect higher fees than those who are
Study Your Options Further
It is very important that you are not too anxious to get started. Take the time to study
your options when selecting a franchise. Research to learn all that you can about the
franchise that you are considering, and you are far more apt to become successful. How
many company owned and franchise owned businesses does it have? Those who have
more company owned branches are a safer bet than those who are mostly franchise
owned. What makes this franchise stand out? Is this franchise a place that will let you
set yourself up to be successful? Is there a good market for this franchise in your area,
and is that market big enough to accommodate you? Remember, first and foremost for
entrepreneurs is to meet a need in the market.
Angela Kaye Mason is an online researcher, writer, and contributor at entrepreneurweek.com blog network. She may be reached at email@example.com. Follow Angela on Twitter. Find her on Facebook .
©2011 entrepreneurweek.com, all rights reserved.
No related posts.