Franchising Tips for Entrepreneurs

2008-08-13 14:48:00

    CLEVELAND, Aug. 13 /EMWNews/ -- Purchasing a franchise business has

proven to be a smart business idea for many entrepreneurs pursuing the

American dream. Entering the franchise arena isn't without its risks, so it

pays to carefully consider these franchising tips for deciding if it's

right for you.



    "Purchasing a franchise operation with turn-key components can be a

sound business decision for many entrepreneurs seeking to own a business,

especially those desiring sales and operations support," said Tiffan Clark,

Marketing Vice President of JumpStart Inc., the venture development

organization behind IdeaCrossing (https://www.ideacrossing.org), a free

online resource that connects entrepreneurs with investors. "But it's

important, as with starting any business, that the entrepreneur does their

research and becomes an expert in that area. Franchisees aren't immune to

the common startup pitfalls that plague most entrepreneurs."



    Franchising Tips for Entrepreneurs: Keys to success



    Form a purchasing team: Buying a franchise is one of the most important

investments you'll ever make, so consider assembling a purchasing team to

tackle this decision with you. Key team members should include an

accountant, lawyer and franchise consultant. Also consider seeking out

several current and former franchisees, and solicit honest feedback from

the franchising front lines. Online business communities such as

IdeaCrossing (http://www.ideacrossing.org) streamline the process of connecting

with like-minded entrepreneurs, franchise owners and business mentors.



    Franchise management: As a franchise owner you'll be the boss, but it's

critical you understand the management structure of your company. Your

personal success depends largely on the expertise of franchise company

shareholders, directors and officers, and their demonstrated experience in

franchise success. Many of the same tips for building a solid management

team in any company can be applied to a franchise.



    The brand name boost: Buying into an established brand name means

tapping an existing market base and established customer loyalty. Built-in

customers mean spending less time on marketing and more time on running

your business. Another benefit to buying an established brand is ease of

employee recruitment. However, well-known brands typically come with higher

price tags.



    Market trends: The franchise you are considering may be hot right now,

but where will this market be in a few years? How does your prospective

industry do during economic downturns? Examine past market trends, as well

as future predictions, before committing your time and money to a

franchise.



    Franchise support: One of the key reasons for going the franchise route

is support from the corporate offices. Investigate exactly what kind of

support you can anticipate in terms of marketing, staffing, ongoing

training, collective purchasing power for inventory and equipment, and

trouble-shooting in the field. But remember, the success of your franchise

ultimately rests with you and you alone.



    Exit strategy: Like any smart business investor, you'll want to enter

into your purchase with a clearly defined exit strategy. Learn upfront the

costs involved with ending your contract, the terms of your contract's

expiration and renewal, and conditions which can lead to you or your

franchise company breaking this contract.



    About IdeaCrossing



    IdeaCrossing (http://www.ideacrossing.org) is a free Internet resource

available to all individuals and organizations with an interest in

supporting and promoting entrepreneurial activity. IdeaCrossing helps

entrepreneurs find the assistance and investment capital they need to

launch promising new business ventures. Additionally, IdeaCrossing serves

the Angel and Venture Capital communities by identifying and screening new

investment opportunities. Simply stated, IdeaCrossing is about creating the

connections that build businesses.




Links: http://www.ideacrossing.org http://www.jumpstartinc.org https://www.ideacrossing.org/landing/Entrepreneurs.aspx https://www.ideacrossing.org/landing/Investor.aspx https://www.ideacrossing.org/RegisterBusinessMentor/index.aspx

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