Franchising. You hear about it. You read about how successful the country's top franchised businesses are (Subway, Supercuts, Denny's) but is buying a franchise a good option for you? Let us take a second to break down the who, what, when, where and why of franchising. But we aren't going to give the advice here, we are leaving it up to some business owners who have done it (and are really successful!)
WHO: Are you the right type of person to own a franchise?
Renee Dame, owner of Ritter's Frozen Custard, in Port Orange, Fl. since 1999 points to three main qualities to make a good franchise owner:
"Dedication. You have to be aware of what is going on in your business. You have to be involved."
"Open Minded. Follow the guidelines and rules, and make suggestions to the franchisor, rather than doing it your way. There is a system in place for a reason. Remember you still have a boss. For a franchise system to be successful, ALL franchisees must follow procedures, guidelines, and standards that have been established for them."
"Feedback and Communication. You must communicate with the franchisor including any struggles, ideas, successes, etc. Sharing this Information can help grow the brand." [source]
WHAT: Which franchise should you choose?
Roberto Ortega, co-founder, and President of KLA Schools said, "Evaluate where your passions lie and be ready to commit yourself to the overall vision of the franchise," he continues, "having a passion for what we do is the best motivation for success that we could have. If we didn't love what we are doing we wouldn't have been able to persevere and work hard to get parents and families on board with what we are building." [source]
WHEN: Are you ready to buy a franchise?
Steve Nutty franchise owner of 100% Chiropractic, in Buford, Georgia tells us when he knew he was ready to research franchises: "When I was close to graduation, I decided that I was not going to go to work for anyone else, but instead put my time, money and faith into myself and open my own practice. I just had to find the best avenue to do that." Turns out a franchise was the best avenue. [source]
WHERE: Will certain franchises perform better in certain markets?
As with any business owner, knowing your surroundings and knowing your audience is key. Take a look around and see if there is something missing in the market around you. Try and fill that need with a franchise. Andreana Chryssos saw an opportunity in the Philadelphia market to provide a healthy 'fast food' option with a Jamba Juice location:
"Philadelphia is a city grounded in history, but it's also known for cheese steaks, and we'd like to change that distinction, and make sure that the City of Brotherly Love is [also] synonymous with great-tasting, healthy options like our smoothies, juices and wellness bowls." [source]
WHY: Why buy a franchise??
It's as simple as this: "It was an opportunity to own my own business." - Bill Walsh, President of Daland Corporation, Pizza Hut (106 restaurants in 12 states) [source]
HOW: How do I get started down the road of purchasing a franchise?
If you ticked all the boxes above, you are most likely ready to get started with a franchise opportunity. Let the experienced staff of Transworld Business Advisors of Denver guide you through the process.