Franchise
by: Dennis Schooley
Finding The Right Franchise
Whether it’s hamburgers, pizza, telecom, coffee, Internet, muffler parts, or seniors’ services, there are Franchise opportunities available to evaluate. There are great Franchise systems, good Franchise systems, and bad Franchise systems. The challenge is to ask the right questions to find the right system that will fit your goals and dreams. The key is to ask the questions – and listen closely to the responses. Only then can you determine if the Franchise opportunity is the right fit for you. So whether it’s food services like burgers or coffee, professional services like telecom or IT, or manual services like cleaning or oil changes, ask the questions and record the answers.
How Big Is The Market?
The Franchisor should have a good handle on the available market for the product or service that you will be offering as a Franchisee. Presumably the Franchisor has done extensive research on the current market size, as well as the potential market size for the future.
The Franchisor should be willing to share that information with you so you can assess the data to make sure that the opportunity is going to be of sufficient size to satisfy your own goals. You may have to sign a non-disclosure agreement first, but the information is important to you, so it must be assessed. The whole idea of Franchising is to ensure that the goals and dreams of the Franchisee, and those of the Franchisor, are unified. If the market availability will allow for strategies to be implemented by you, which are consistent with your goals, and those penetration goals are congruent with the Franchisor’s goals, then all is good.
If it’s a long-standing and stable market, then there should be plenty of statistics to back up that conclusion. If it’s a new and burgeoning market, there should be analysis that you can assess to give you a comfort level that you, together with Franchisor, can go get a significant share. If it’s a fad market, or limited life market, then the strategies should reflect that, as should the agreements.
The caution is that if the Franchisor is wishy-washy about the market, or is unwilling to discuss the issue in depth with you, that should be a significant warning sign.
To receive a free copy of an E-Book titled ‘Franchise Opportunity – Making The Right Decision’ by Dennis Schooley, email that request to corp@schooleymitchell.com.
About The Author
3 comments:
I saw your posting and thought you’d be able to relate or would be interested in getting to know my client who is a serial entrepreneur and franchise expert. His name is Richard Simtob and he has directed the expansion and propelled Wireless Toyz Cellular Superstores into national mega-chain status. In what’s been described as “breakneck speed growth,” Wireless Toyz catapulted onto 2006 Inc. 500’s list of fastest growing privately-held U.S. companies and is ranked #1 in category and 98th fastest-growing franchise by Entrepreneur Magazine in the 2008 Franchise 500.
Before becoming president of finance and franchise development at Wireless Toyz, Simtob was Chief Operating Officer there, managing the expansion of its franchise network through the opening of 66 new stores in 2006 to a total of 180 locations.
Prior to Wireless Toyz, Simtob earned acclaim as a business innovator co-founding Talking Book World Corporation, America’s largest chain of retail outlets specializing in renting audiobooks. He built the company from a concept to a 45-store chain that, by 1999, ranked number 164 on the Inc. 500 list of fastest growing privately held companies. Each year under his leadership Talking Book World was named among Entrepreneur’s top 500 franchises. Learn more about how to choose a franchise or determine whether a franchise business is right for you by contacting Richard Simtob at 866-2FRANCHISE or email him at franchise@wirelesstoyz.com. You may also visit www.wirelesstoyz.com/franchise for more information.
Regarding the competition and through command how much market is share the franchiser should have appropriate understanding. Big market is not the big issue.
Franchise is one of the most famous forms of getting people involved in self employment. It is one of the beneficial because this business comes with the tools to run a organization with lower risk.
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