How to Obtain Financial Independence Through Franchising
>From the very moment people began migrating to America, their
dreams have been to have an idea, start a business and become
rich in the process. That has always been the American dream.
In The US today more people are realizing their dreams of
financial independence than ever before because owning a
successful business is easier than ever before. A good majority
of these people gain financial independence as owners of
franchised businesses. Franchises offer the best shot at owning
a successful business for first-time entrepreneurs because they
operate on a proven system. And there are many reasons why
franchising is the best type of operation for the majority of
first-time business owners.
As a franchisee, you will not be required to draw up a business
plan; that has already been done for you. You will gain all the
benefits of a proven system, training and ongoing support and
reap the monetary rewards.
How can franchising
make you wealthy? 75% of the people who are extremely wealthy in
the The US own a business. This indicates that your best shot at
creating extreme wealth is by owning your own business. Starting
a business from scratch, however, can be a very risky and a
complicated procedure. Newly started businesses experience a
very high failure rates, most likely due to
bad planning and not having a tight hold on expenditures.
Franchising offers less risk than starting an independent
business and offers all of the same benefits of an independent
business. Franchising eliminates the need to draw up a business
plan and gets you on the road to success quickly.
If you have put all your efforts into buying a franchise,
congratulations! You have made a decision to buy the right to
sell goods or services from an established name-brand company
with a proven business plan, training and ongoing support. Soon
you will be on the road to financial independence. There are
steps, however, that must be taken to insure that everything,
from researching the right franchise to the opening of your
business, goes smoothly-most importantly, researching the right
franchise
opportunity.
Not every franchise opportunity is perfect for every individual.
Franchises come in many flavors and each is as unique as your
own personality. To find the right franchise opportunity,
research different franchises for the one that best suits your
personality, skills and interests. To clarify this point even
further, imagine an individual with 15 years of financial
planning experience that decides to purchase a franchise. He
researches different franchising options and chooses to purchase
a financial consulting franchise. Does this individual
have the potential to make this business successful? Absolutely!
Imagine the same individual, but this time around decides to
peruse a restaurant franchise. Does he have a chance? Not
necessarily! Someone with 15 or more years of financial planning
experience would probably feel lost running a food
franchise. Pick a business in which you have demonstrated
expertise. The point is that it's necessary to own a franchise
that matches your personality and skill level. When those
conditions are met, you'll have a greater chance at being
successful.
Once you have settled on a franchise, you will want take your
research to the next step by gathering as much information as
possible on that particular company. Do the right research! Just
because a franchise has been successful in another part of the
country does not mean it will experience the same success in
your community. Ask for contact information and talk to current
franchisees operating in territories with the same demographics
as the area in which you will be operating.
A franchise is like operating any small business - you need
capital. Build the right budget that will allow you to
incorporate a realistic cash-flow plan. The initial franchise
fee will probably have the most significant impact on your
finances. You need to have enough capital for the initial
franchise fee and enough to get through the first few months
after opening the doors to your business.
The most successful franchisees are the ones that take a less
formal and more relaxed approach to selling. Successful
franchisees genuinely enjoy talking to strangers and get
involved in community events in hopes of exploring new ways of
promoting their business. although franchisees are often
provided with standard corporate advertising programs and
national exposure for the chain, being involved in the community
and being perceived as part of the local family helps keep
customers loyal.
Franchises influence The United States in everyday life. As a
matter of fact, the IFA estimates that franchising has had a
$1.5 trillion impact on the American economy. I hope it is clear
to you that franchising offers an amazing opportunity to own
your own business and a little piece of the American dream.