Franchise Business

I’d like to address what is, perhaps, the most common question I am asked by want-to-be entrepreneurs. That is, what business should I start.

When people go there, they are no doubt asking me to look into my crystal ball and determine what is going to make them the most amount of money…what will be surely be successful. Yet, the answer runs much deeper than that kind of surface examination. It’s deeper, if for no other reason, than what might work very successfully for one person or family, could be a disaster for another.

Just last night, I was asked by a student, what I considered to be the best franchise to get into. He wasn’t expecting the answer I gave; first I told him I wasn’t much of a fan of franchises, and secondly that to suggest that this opportunity or that should be the one he gets into could be very mis-directing.

Instead, I wanted to point him (and you) to a different way to think about what kind of business to select. The beginning point for that is to look within first.

Career counseling & development professionals (among my various hats, I’m one of those) know that happiness and success in ones career comes from tapping into one’s strengths. Specifically, when a counselor looks at a career client, they assess the person’s skills, interests, values, and personality. In other words, we look at what people are good at doing, what they enjoy, how they best like to work and so forth.

It’s the same when you are investigating a business. You should consider what you are good at doing, what you enjoy, what you are empassioned about and so on.

Laurel Langemeier, who is quickly becoming one of my favorite authors and speakers looks to skills as the best place to start a business. Her concept of the Cash Machine stems from looking at what people are good at doing and using that as a foundation for a business. By way of example, if one was a teacher, then running a tutoring business would be one logical choice. If a person was employed as computer programmer, then perhaps a web design business would be a good choice.

No doubt, that strategy is a good one, but it’s not the one I follow. I tend to lean much more towards interests and passions as the best foundation for starting an entrepreneurial venture. My mentor, Robert Allen – a New York times multiple best seller (The One Minute Millionaire, Nothing Down, Creating Wealth) points clearly to interests and passions as the source of a business. This line of thinking acknowledges

Ten Secrets to Franchising Success

Have you ever wanted to run your own business, be your own boss? One opportunity to be able to successfully accomplish this would be:

1) Buy a franchise in an area of products and/or services you have a knowledgeable interest in. For example, if you love working with finances and excel at it, an accounting and tax preparation franchise like Jackson-Hewitt would be a logical choice.

2) The franchise you choose should be something you can see yourself beginning and enjoying working in long term. You should also choose a business you believe in and are willing to work at making it a success day in and day out.

3) All franchises are not created equal. To become a success at operating any franchise, you must do your homework. Research what each franchise opportunity has to offer and what it will cost you in return. Questions to find the answers to would be: a) the complete package being offered, does it cover financial assistance if needed? b) What would be your initial purchasing price? c) Are there any training and support systems in place? d) What about potential existing and new customers; e) Is the store design layout mandatory? f) Will an existing building be acceptable or are there added construction costs to meet franchise requirements? g) Brand recognition, is it ranked in the top ten of franchising businesses listed in the Fortune 500? There may be other questions you need to find answers for. Be sure you are receiving accurate and trustworthy information.

4) After you have found your answers to the above questions, you then need to assess how much of your own financial security you can afford to invest in a franchise. To begin to analyze this, start with financial planning forms that are available at most banks. Perform a Personal Balance Sheet check. List in the left column all assets (cash on hand, investments, 401K, IRA, vehicles, real estate holdings and any other assets). List in the right column all liabilities (credit card debt, vehicle loan balances, real estate mortgages, loans, and any other debts). Find your net worth by subtracting total liabilities from total assets. This information will help the bank decide your level of credit worthiness should you need a loan.

5) You should also list your annual income and that of your spouse, if you both intend to keep your present jobs. Staying with your present jobs until the franchise is self-supporting. Most franchises take up

The following franchises are some of the industry’s best franchises for car enthusiasts. They are not ranked in any particular order and all serve different aspects of the automotive market. If you are interested in a franchise that deals with cars or the automotive industry then read the following list and you will be well on your way to finding the best franchise for you.

#1 Maaco Collision Repair and Auto Painting Franchise

Car enthusiasts love the Maaco Collision Repair and Auto Painting franchise even though they don’t have to be experts to run this business. The Maaco system really takes care of everything. With this franchise you will not worry about being out in the market with no support. There is technical expertise available, market development, and even hands on training. Assistance is offered for real estate purchases and financing, and even crew training and recruitment aren’t left for you to take care of on your own. Requirements for investment include $75,000 of liquid capital and a net worth of $300,000.

#2 Mr. Transmission Franchise

Another one of the best business franchises for car enthusiasts is the Mr. Transmission franchise. Investment requirements include a total capital investment of $149,000 – $192,000 with $50,000 of liquid capital required. Third part financing is available and support and training are offered. Mr. Transmission franchises offer outstanding opportunities because they provide brand awareness, technical support, development programs, marketing support, management training and support, and much more.

#3 Interstate Batteries Franchise

Interstate Batteries is a wonderful franchise opportunity, although it does require a bit more investment than some of the other franchises. Interstate Batteries requires an initial investment of $500,000 with $200,000 of liquid capital. Financing assistance is not offered, but training and support are.

You should consider Interstate Batteries if you want a business model that has been successful for more than 50 years. The battery market is expected to grow consistently and the market sells billions of dollars of batteries each year. So, taking advantage of this market with your own Interstate Batteries franchise is a great opportunity to make a good living. Some markets that are just ready and waiting for an Interstate Batteries franchise include North Carolina, Alabama, Texas, Florida, Colorado, Tennessee, and Georgia.

#4 Precision Tune Auto Care Franchise

Precision Tune Auto Care requires a total capital investment of $120,200 – $215,275 and a required $70,000 – $90,000 in liquid capital. A net worth of $150,000 is also required. Financing assistance is offered as well as training and support.

Precision Tune Auto Care provides a business model that not only provides the best service to the vehicles, but the best service to the customers as well. This is an outstanding franchise opportunity because everyone drives a car and all cars need service at some point so you are guaranteed customers every day.

#5 Priceless Rent A Car Franchise

The Priceless Rent A Car franchise requires a total investment f $100,000 – $300,000 and liquid capital of $25,000. Third party financing assistance is offered and training and support are as well. The Priceless Rent A Car opportunity takes advantage of the growth in the car rental market and you can capitalize on this growth with your own Priceless Rent A Car franchise. The market is competitive, but with this franchise you will be offered fleet financing training, support, software and website, roadside service, fleet planning, national marketing, and more.

#6 Grease Monkey Franchise

The Grease Monkey franchise requires a capital investment of $120,000 – $220,000 and a net worth of $300,000. Third party financing is available as well as training and support.

The Grease Monkey franchise takes advantage of the fact that individuals like to keep their cars in excellent condition. Preventive maintenance is important to car owners and that is exactly what Grease Monkey provides!

#7 Big O Tires Franchise

Big O Tires is a great franchise for car enthusiasts and although a bit expensive to get into provides great return on investment. The total capital investment is $284,800 – $526,800, liquid capital investment is $100,000, and required net worth is $300,000. Third party financing is an option. Franchisees of Big O Tires will enjoy training and support to help the franchise become North America’s number one tire retailer. Marketing, training, support, and product line are all offered to the franchisee.

#8 Private Party Cars Franchise

If you are a car enthusiast and you want to own your own successful business then a Private Party Cars franchise might be the business for you. Most people sell their car when they are ready to buy a new or used one. And, of the used cars sold each year the vast majority are by private parties. The Private Party Cars franchise brings buyers and sellers together. This is a hot market that will stay that way for years to come.

Private Party Cars is a franchise that requires a total capital investment of $90,000 – $487,000 and liquid capital of $75,000. Financing assistance is available via a third party and training and support are offered.

#9 ClearBra Franchise

The ClearBra franchise takes advantage of the market of individuals who want to protect their vehicles. People invest a lot of money in their cars, and protecting them is important. That is why a ClearBra franchise is so successful. The product sold is a clear, protective coating installed on the front of a car to protect the lights and paint. It can be applied to other parts on cars, RVs, motorcycles, boats, and more.

To purchase a ClearBra franchise you will need $102,800 – $193,000 with a liquid capital of $40,000. Third party financing is available and training and support are provided.

#10 Alloy Wheel Repair Specialists Franchise

Incredible earning potential matched with a large gross profit is what Alloy Wheel Repair Specialists franchises are all about. Body shops and car dealers frequently need alloy wheel repair and this franchise offers just what they need, on site! This franchise has very little competition and requires a low capital investment of $60,000. Training and assistance are provided.

Franchising is a very important aspect of the business world. A franchise chain is a business that has rules, regulations and most cases limited ability to change. It is important to follow the steps when considering a franchise. 1) Research. What type of Franchise are you looking for? Have you found one that peaks your interest? You need to know the market, what the current trends are and where the customer base is spending their money. 2)Marketing and demographics. A suggestion is to look up the information for the most recent census report from the Census bureau. It can help you break down the demographics into what type of market you will be servicing and the income levels for the area. 3)Financing, you need to consider wether you are able to afford to invest a certian amount into the franchise in order to buy or to have start up money. There are a lot of options with fixed mortgages, private investment capital and partnerships. There also may be government grants or city loans in your area available in order to stimulate the economy in certian area. In New York, there is the “Beautify Niagara” program enforce to help stimulate the small business on Pine Avenue that have taken a fall in the recent years. Contact your local City Assesor’s office and look for valuable information online to research. It is important to limit your search to Government sites to avoid scams and ploys for the personal information needed on loan applications and grants such as your social security number or date of birth. 4) When you consider a Franchise, find out if it is indivually owned and operated or actually leased to the operators. It is also important to research the regulations and rules that will run your facility that are enforced by the Parent Company. Holiday Inns can be individually owned, however there are Corporate Inspectors that will inspect and rate the facility. All Holiday Inns have to have a breakfast program that uses specific brand names, specific menu items and has a specific way to service customers and room service orders. If you are not aware, a fine for not being in compliance can be expensive and reflect poorly on your reputation. 5)Re-evaluate and start a business plan. It is important to have your goals listed and how you will accomplish them. 7)When discussing investment capital, it is important to try and find a lender that will provide as much financing as possible. Save your own capital for the collateral if needed and any suprise start up costs involved. 8)Inventory and vendors, goes along with the regulations if any regarding brand names and such. 9)Self examine. Do you feel the need for outside consultation. If you do, get it immmediately. Its a very complicated business. 10)Seal the deal. Once you have succeeded in researching and finding a proper location, once the lender in locked sign all the necessary contracts. It is important to not sign anything until this is done. A lender may pull funding if the location changes, or the business plan does not reflect an adequate way to pay them over the the time allotted.

Buying a franchise is a relatively straightforward decision to make in the franchise is in effect owning a stake in the business of the franchise operation and not in the overall bigger company itself. The investments required depend on the size of the operation and also what is being sold as a franchise. The franchisor will be taking applications from perhaps more applicants than their are positions to fulful franchises generally. The requirements of a franchise tend to require little or no experience. Most franchise packagaes upon payment of the set up fee the company gives the new owner a training lesson in how to operate and run the business on a day to day basis.

The company has to buy goods and services from the franchisor and as such the scope for maximizing returns is limited in choice of products. The franchise has to ensure that he is able to be able to run the business effectively himself or herself, and the franchises sales and marketing skills will have to take priority over perhaps everything else. The franchise will have his/her own exclusive territory or location to operate within and the franchise has to be able to utilize time in the best possible way in dropping off leaflets to nearby consumers and in the internal and front door window displays. The franchisor might provide these marketing posters and general information though it is the job of the franchisor to try and capture as many customers as possible.

The franchisee will have to purchase goods from the franchisor. From the contact and the reliability of the delivery of the products as well as the flow of communication will all have a bearing as to the success of the franchise. The franchise might experience delays, or problems amongst the delivery of products, or problems amongst the quality of the products being distributed. Careful planning is required in investing sums of money into a business. The initial investment outlay also requires an inital amount of working capital in the form of cash, stock, and other payments that have to be paid.

Other payments that would have to be paid would include the royalty fees, product costs per delivery, and all other overhead costs have to be made by the franchise. Types of franchises include Macdonalds, Subway, Printing suppliers, Milk delivery, Star Burger.

The success is also dependant upon the success and foundations of the existing business. It

Planning for your 2009 franchise opportunity

Franchise business is headed for big opportunities coming their way, as franchisers look to establish and deepen their presence. From a franchiser’s perspective, it helps in expanding business, as franchisees can dig deep and provide local market knowledge.

For somebody interested in franchising, who takes back handsome perk at the end of the month, but needs a change. How would you guide him? Firstly, try and find your inclination towards a certain business. Opting for a home based networking business can be cheap, less monetary needs; you can operate from the confines of your home. Deposit a fixed amount with the franchiser, and a franchiser in return looks after the product that has to be sent, and also looks after the services that should be rendered. He trains, provides regular updates and prepares you for the task at hand.

Planning to have a kiosk at a mall could be expensive; the deposits with the franchisers are higher. You could buy this idea, if your franchiser runs a popular brand. You could partner with its brand, products and services and sell at your outlet. Having a retail franchisee helps, as SBA loans are easy to get, franchisers are wiling to extend their support, and the venture itself has low risk intensity for the franchisee.

Kidzart, Gymboree, along with FasTrackids, are best options for a franchisee, very popular educational global brands, and venture capitalists are willing to go for in-house franchise finance. If you get space on up market location, northing’s better than a Kidzart banner in front of your kiosk. You can start your franchise without shelling out any thing from your pocket. Though, there might be a hitch here, you would be interviewed and asked for a strong educational background from the franchiser.

Lifestyle products continues to be a profitable option for a new franchisee, the demand never dies. Choose a popular lifestyle franchiser, as it becomes easy to negotiate a loan from the financer, runs on low risk and your business would have more opportunities to get picked by the onlookers. Opting for a food franchisee is never a bad idea, McDonald’s, Kentucky

food chicken, Pizza hut have enormous presence. A franchise option for high ended, it’s highly profitable, if you manage to convince an in-house financer for your food project, your career stands to take huge leap.

Marketing you Franchise or Business Opportunity can be a daunting task at times because of the costs involved along with the timeless efforts. Marketing your opportunity is important to stay in front of your customers while also gaining exposure in the industry. It takes countless hours to find and develop the ideal places to market your opportunity. In develping your marketing efforts keep in mind: advertising, having credibility in the industry, and the creation of new ideas for further growth and development.
Advertising your franchise or business opportunity is crucial for the success of your company. Franchisors will usually do a big part of the advertising, however a little extra on the franchisees part will never hurt. Keeping in mind the new generation of advertising; you must hit your target market with more than just one advertisement. Using not only print media, but also online portals and media avenues with exposure will aid your conversion rate. The Business Market is an online portal that can market your franchise opportunity. The costs are minimal with maximum exposure.
Having credibility within your industry is important for word of month advertising, but also SEO (Search Engine Optimization) and quality information. Almost every company should have a website for their business. The Internet is becoming such a predominate way to find information. For restaurant businesses, it would also be customer service to be able to book a reservation online. SEO for your website is critical to show up on the first page of search results. SEO is hard to build; it takes thousands of links coming back to your site for any difference to be made. A common practice when advertising your website is to keep good quality of information for the customers.
New ideas for marketing are always a must. Marketing and advertising changes over the years and you must change with it. Continuing with print media and television advertising makes sense for right now, but over time with the economy changes so does the advertising. Keep up with news in the advertising industry as well as constantly making changes to your campaigns. You don’t have to be a mile ahead of your competitors with advertising; you only have to be an inch ahead.
In conclusion, running a successful marketing campaign for your business or franchise only takes a little bit of work. By investing in your advertising you can make a significant different of sales. Use different avenues to market your product or service. Once per week is a good metric for customers.
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Many people think that because they didn’t go to college or have not worked for many years that their options for business ownership are very limited. However, that really isn’t the case at all. There are a lot of franchise opportunities available that do not require experience and they are perfect for individuals who have that entrepreneurial spirit, but just do not have the college degree or work experience. The following examples are just some of the franchise opportunities available that do not require experience.

Opportunity #1 Wacky Fun Factory Vending Franchise

This vending opportunity is wonderful for individuals who don’t have a college degree because it is easy to do, requires a small investment, and anyone can do it. The vending machines from Wacky Fun Factory are different than other machines so they are easy to locate and easy to operate. Making a good income with Wacky Fun Factory vending machines, whether you went to college or not, is entirely up to you!

Opportunity #2 Squeegee Squad Franchise

You can own a Squeegee Squad franchise with no college experience, but with plenty of real world experience. A Squeegee Squad requires no land, inventory or buildings and building the business is easy. Not to mention every day you work you get paid.

Opportunity #3 Pet Butler Franchise

This franchise is great for anybody who wants to be involved in the rapidly growing pet industry. Cleaning up pet waste is a growing industry and this franchise requires a total capital investment of $41,900 – $81,500 and liquid capital investment is $15,330 – $21,900. Third party financing is offered as well as training and support.

Opportunity #4 SeaMaster Cruises Franchise

This franchise is great for those without a college education but that are interested in the cruise industry. With a low capital investment of $9500 and training and support offered, individuals have the ability to take part in the popular cruise industry and make money from their home office.

These are just a few of the franchises available that don’t require extensive education or experience. There are a lot of them out there, many more than you might imagine. So, don’t think that just because you don’t have a formal education you can’t get ahead and buy a franchise, because you can!

Dunkin Donuts sounds like a great franchise to be part of. As the name suggests it is a chain of fast food outlets with, believe it or not, one of the dominant product lines being donuts, with the coffee to dunk it in. The business has been franchising since the mid 1950’s and now has over 7,000 global outlets. So how does one set about opening a Dunkin Donuts franchise?

In terms of ingoing cost, this franchise is reasonably modest in comparison with some, this being between $40,000 and $80,000. However, the company does not take just anyone who has this type of money to splash out. They expect their franchisees to have a considerable net worth (usually around $1.5 million), and perform extensive criminal and credit checks to ensure that they get the right candidates. Assuming you pass the stringent checks that the company sets, once approved to become a franchisee, you will work with the corporate development team to locate a suitable site and be able to discuss the benefits of the franchise opportunity with existing business franchisees.

Once you are happy with the process and the business, and they are satisfied with you as a franchisee, the franchise contract will be prepared for signature and, following you signing, you, and those who will be working for you, will be entered into the training and development programme. This programme teaches you all about the products and their preparation, and be taught how to run the administration side of the business.

There is full support available for you and the business at all times, either from the regional or head office teams. Of course, like most other franchises, it is important to understand that a) certain products can only be purchased through the franchisor, as is also the case with items like stationary and promotional material. Furthermore, there is a set menu that you will be required to offer your customers. Naturally all of these come at a cost, from which the central business earns its income.

There is no doubt that the business has a unique and recognisable brand and products and this, together with its increasing popularity, means that there are positive financial rewards for the successful franchisee.

However, despite the obvious benefits, there are negatives you need to be aware of before deciding to purchase a Dunkin Donuts outlet. The first is that, due to an aggressive expansion programme, the corporation is more favourable to franchises who wish to open multiple outlets, normally five or more. Secondly, the business has a reputation for taking legal action against its single unit owners over what can only be described as frivolous issues. For example, in 2006 they sued 154 franchisees 154 times in comparison with McDonalds 5.

Life after graduation can be a trying experience. For some, it’s the first time in life that there is no designated next step, no set plan, and no one around to tell the graduate definitively what he must do to succeed in the world. All any graduate knows is that he needs to get a job and put those years of college classes and tuition to work, but with little, if any, professional experience outside the classroom, the available options can be somewhat grim. One option that is rarely publicized, though, is starting up a home based business franchise. As with most business opportunities, this alternative isn’t for everyone, but for the right business-minded post-graduate, there are at least 5 advantages to choosing this route right out of college.

No Experience Necessary

One of the biggest hindrances for the recent graduate is that he probably has no real experience in the working world. Maybe he worked at the local record store throughout college or spent a summer as an intern at a legal firm, but when most jobs are asking for at least two-years’ experience in a given industry, that kind of experience just doesn’t suffice. And that can leave a person out of work for a good while before an opportunity comes along.

A work at home franchise, however, often has no experience requirement, because franchisors are always ready and willing to train their franchisees in all aspects of the business. Their job is making business owners out of anyone who wants to be one, providing not only daily-operations training, but also a tried and established business model. This means that Joe Graduate, regardless of what he majored in at school, can choose the business he wants, receive all the necessary guidance, and get right into business as a franchisee, while all his friends are searching the want ads.

Gain Experience Quickly

Even after a graduate has found a job, to continue climbing the corporate ladder, he has to acquire enough experience to progress up each wrung, which is likely to take many more years of service at the very bottom of the company. It is a long road to even a middle-management level of success and respect. However, the owner of a franchise is almost instantly equipped with everything it takes to own and operate a business. Trained in all the procedures and wisdom that has been accumulated by franchisees throughout the years, he is prepared to do everything from making sales and bookkeeping to overseeing the greater trajectory of the business as a whole. What would generally take a new graduate many years to accomplish in terms of experience, franchisees accumulates at a rapid pace, so that if they ever decide to put their own businesses aside and join the corporate world, they has a huge advantage over their peers.

Nothing to Lose

This benefit of starting a home based franchise right out of college has less to do with the business and more to do with the youthful franchisee. DVDNow, for example, is a business model currently in its adolescent phase; the DVD vending business has seen massive success in Europe, but is just starting as a rental option in the US. Though any franchise business is much less of a risk that an independent startup, there will inevitably be potential loss involved in any new business, which frightens some people out of pursuing a new work from home opportunity because they have their families, homes, and retirement funds to lose should anything go astray. Just getting out of college, though, the average graduate doesn’t have family, investments, or any particular standard of living to worry about. Therefore, it is also possibly the best opportunity a person has to try his hand at starting his own business, and he may never get another quite like it.

The Low, Low Cost of Home Based Business

There are those who doubt the wisdom of buying a franchise business right out of school, and we have to admit that they do so for good reason. One of their big concerns is that franchises cost more than a graduate can afford, and getting into large debt right out of the gates is a bad idea. They really have a good point; however, there is a great deal of difference between the average franchise business and a home based franchise, and much of that is in the cost.

Some franchises come with price tags as high as $1mil, and even something in the ballpark of $100,000 is more than the average graduate can invest, especially if they are already paying back college loans, but home based businesses don’t cost nearly that much. In some cases, a profitable home business can be purchased for less than $10,000, because there is no need for a storefront, overhead costs, or staff to pay for. Some good examples of very cheap and very effective vending home based businesses are Vendstar, U-Turn Vending, and American Vending Systems, all of which cost $10,000 or less but can sometimes bring in up to $70 per hour.

No Management Skills, no Problem

Another concern with business owners, straight out of college, is that they don’t practically understand how to manage people. Once again, this is a valid concern, but only if the business in question requires the owner to manage people. Almost always, a work at home franchise is a one-man operation, like Vehicle Tracking Solutions, an up-and-coming internet business that sells GPS units for corporate delivery vehicles. As owner/operator, the only person a franchisee has to be able to manage is himself, and chances are, if he’s motivated enough to start his own business, he can already do that.

Not everyone is cut out to run their own franchise businesses, home based or otherwise. And just because a graduate is feeling stressed by the difficulty of finding post-college employment, it doesn’t necessarily follow that starting a work at home franchise is the most logical business move. However, for the right person, a home based business could very well be the most time-efficient, and cost-effective way to jump into the professional world just after graduation.