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    Anyone own a Franchise?
    I went to a franchise show a few months ago here in Toronto and found it very interesting. The initial investments to start up are hefty but it seems like a guaranteed success as these are already established brands that you'd be running.

    Any thoughts?


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    I'm interested to follow this thread because I'm planning to purchase a franchise as well. I've applied and I'm just fixing my requirements. After that, it's just for approval. When I was interviewed by the particular company, they convinced me that standard of living will be better once I become a franchisee. So let's just wait and see!


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    I guess if you were going to be opening a chain of McDonald stores, because like you said they are sure to have success because they are already popular, but for a new company starting out. I would not advise that. I would try one location first. If that does well then i would open up another. Not all at once. That is too big of an investment.


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    A franchise is better as you do not have to spend a lot of money to create your own company. In addition you will already have a great working staff that means no need to hiring process again.


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    Before buying a franchise it's worth doing quite a bit of research - into the franchise company and also into yourself.

    Key things to think about from the franchise perspective:
    How long has it been running?
    How many people do they already have on board?
    Is the franchise company happy for you to talk to those people? (If not, or if they direct you to specific people, ask yourself why...)
    Is there any evidence of people failing in the franchise?
    How realistic do their figures look?
    How long is the contract for and what penalties are there for quitting?
    How does the monthly franchise payment system work? Is it a percentage of your monthly sales? Is it a fixed amount? Combination of both? All have their pros and cons.
    What sort of support do they offer, initial and on going?

    Things to think about from your personal perspective:
    Are you excited by the opportunity because it's a franchise or because it's in a business arena that interests you?
    Are you good at sticking to rules? Most franchises will have quite a strict structure that you have to adhere to which, quite often, people start to find restrictive.
    Franchise licenses are usually quite long (3, 5 or 10 years) - can you honestly see yourself sticking to that for such a long period?
    What are your plans at the end of the franchise period? Usually, they will stop you doing a similar role in your area for 1-2 years afterwards and that can limit your options.

    As a business coach and ex-franchise holder I could go on for pages but I'll stop there as hopefully that gives you a bit of food for thought. Happy to provide further info here or PM me if you have specific questions.

    Regards,

    Paul


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    Hello All!

    I have to say... If I was just beginning to entertain the idea of starting my own business (which I am), I would definitely run... far and fast at any mention or suggestion of entering into a franchise. I can't say that there isn't some merit in owning a franchise but, here's the deal... typically, those who have been involved with them say that it's a MINIMUM of 3 years to turn a profit. That number is more realistically probably 5! Even when your business does start operating in the black, what are you, as the owner, pulling down??? $50, $60, if you're luck,$80k a year? Let's not even talk about the hours that you're going to have to devote to those early years.

    Now, let's talk about the bottom line for a minute. I don't know about you but, I have pointed in the direction of entrepreneurship because I don't want to work my fingers to the bone to build someone else's dream. I want to be the director of my own future... I want to be involved in a business where I, not anyone else, am responsible for the size of my paychecks. There is only one place that that is a very real possibility... ecommerce. Just think about it for a minute... in no other business endeavor can you get away with the low overhead, incredible profit margins (especially in the information products area) and beautiful and exotic working conditions. It's not for everyone... it does take hard work, in the beginning but, once a solid foundation is laid, much of the daily operations of an internet marketing business can be set on auto-pilot.

    Anyway, if you're interested in a very real opportunity to learn how to build an online business and live a "Lifestyle by Design", check out the free video series below.

    Whatever you ultimately decide, best of luck to you!

    Matt


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    It is true that franchise has an established brand and image. However, it is important to consider the costs of being an franchise (e.g. franchise fee, no direct control etc.).

    Sincerely,
    http://www.madanca.com
    Madan Chartered Accountant


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    You have good choose to purchase a franchise because it is the best way and easy for making a successful business man.It's very difficult to run a new business in the market.


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    this is very useful & good information to read.


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