Franchises: How to Find the Best Franchise Opportunity for You
If you are looking for a franchise opportunity, the choice is mind boggling. There are literally hundreds if not thousands of different types of franchise available for you to invest in, with the same variety in cost. Each have their own benefits and usually the more you pay the more potential to earn. You obviously want to select a profitable business venture so it is important that you thoroughly research.
The major benefit of starting a franchised business is that the business model has already been proven. As a result, only 5% of franchises fail in a year compared to the 30% to 35% of non-franchise small businesses. This means that franchises are the most successful way to set up your own business.
Selecting the franchise that’s right for you.
Types of business franchises.
Have you ever wanted to take control of your life, run your own business from home and spend more time with your family? If you have you’ve probably already searched on the Internet using keywords like ‘Home Business Opportunity’ or ‘Work From Home’, and you’ve probably also failed miserably only finding scam opportunities and sites that want to take your money for nothing in return.
There are virtually no free opportunities on the Internet anymore. You just can’t get something for nothing. You can, though, buy the franchise for an established company and run it how you want to.
Some franchises, like Press-A-Print will offer you full training so that you can truly hit the ground running. Press-A-Print are a printing company and you get full training helping you become fully skilled at printing any image onto any product. Hands on sessions mean you will learn all the tricks of the trade, and the easy to use equipment is, of course, provided. This lucrative opportunity is available for around $20,000.
There are many different types of franchise businesses available including computer service businesses and even car repairs. There are a few examples at the end of this article.
Costs of buying a franchise.
There are other costs associated with buying and running a franchise of your own. There are usually less costs associated with beginning a home business; there are no building costs, no utility costs and no purchase costs but an online home based business isn’t for everyone and there are franchises to suit all your needs and requirements, whatever those needs may be.
There are always costs associated with setting up your own business, and owning a franchise is no different. The big difference, of course, is that you are buying a business that already has a proven brand and often popular well known name.
You will have to pay the initial franchise costs as well as the purchase of land or buildings or a security deposit on rented buildings. Often your dream location will need a little work to make it your perfect dream and this will all cost money. If your new franchise business is a produce selling business you may need the initial outlay to purchase goods or raw materials to create the goods. Shipping, sales tax, insurance, labour cost and solicitors and accountants fees may all play a part too and should be budgeted for but don’t let this put you off buying a franchise. They can be extremely profitable in the right hands. These costs can combine to total anything from under $50,000 right up to $1,000,000
Examples of franchises available.
V2K has a product that really sets itself apart from the rest of the competition. They specialise in creating window fashions, and their selling point is the virtual shop window. They create a computerized graphic representation of the window so that potential customers can see for themselves exactly what it would look like. Previously one of the main reasons that potential customers wouldn’t become paying customers was because they couldn’t ‘visualize’ the end result.
The V2K program means there is no need to purchase premises, and should you wish to do so, a simple storefront would do. No need to purchase any inventory thus saving you a little more money. No need to purchase a special company vehicle. Initial training is included in the start up fee along with ongoing support. The average total investment for this franchise is approximately $50,000.
Looking on the Internet for franchise opportunities you will see plenty of success stories pertaining to ‘The Little Gym’ franchise. As a stand-alone business, The Little Gym has been in operation since 1976 so you really are buying a proven business. The Little Gym helps children develop motor skills and builds confidence as well as burning energy and keeping fit and healthy.
The average outlay needed to own and run The Little Gym as a franchise is approximately $150,000 but you are not only buying into a proven name you are also helping make a difference to children in your area. A small price to pay.
The key to making a success in a franchised business is to choose a franchise that matches your interest. Is it food, automobiles, fitness perhaps? These days there’s a franchise for just about everything. Then, narrow down your options, taking into account the capital you can invest, the track record of the brand and the success stories of other franchisees. Due diligence is the key – thorough research at this stage, is the solid foundation for a successful business.
©2005 Nick Carter
Nick Carter is Webmaster of http://www.best-franchise-resources.com. As the name suggests, the website is aimed at being a comprehensive resource for anyone considering purchasing a business franchise.
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