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A franchise is a continuing relationship between a franchisor and a franchisee in which the franchisor's knowledge Cheap Michael Brantley Jersey , image, success, manufacturing, and marketing techniques are supplied to the franchisee for a consideration. This consideration usually consists of a high "up-front" fee, and a significant royalty percentage, which generally require a fairly long time to recover.
About 10% of the 20 million U.S. businesses operate under some kind of franchise agreement. About 3 Cheap Alex Bregman Jersey ,000 companies sell franchises to on the order of 25,000 new buyers each year, or about one every 20 minutes.
Franchises account for over a third of all retail sales. Franchising offers those who lack business experience (but do not lack capital) a business with a good probability of success. It is a ready-made business, with all the incentives of a small business combined with the management skills of a large one. It is a way to be "in business for yourself, not by yourself."
Franchises take many forms. Some are simply trade-name licensing arrangements, such as TrueValue Hardware Cheap Carlos Correa Jersey , where the franchisee is provided product access and participation in an advertising cooperative. Some trade name licenses, particularly in skin-care products, are part of a multi-level marketing system, where a franchisee can designate sub-franchisees and benefit from their efforts.
Others might be distributorships, or manufacturer's representative arrangements, such as automobile dealerships Cheap Nolan Ryan Jersey , or gasoline stations. It could be Jane's Cadillac, or Fred's Texaco; the product is supplied by the franchisor, but the franchisee has a fair amount of latitude in how the business is located, designed and run. The franchisor will frequently specify showroom requirements and inventory level criteria, and could grant either exclusive or non-exclusive franchise areas. The most familiar type of franchise, however Cheap Craig Biggio Jersey , is probably the "total concept" store such as McDonald's. Pay your franchise fee, and they will "roll out" a store for you to operate.
The advantages can be considerable. The franchise fee buys instant product recognition built and maintained by sophisticated advertising and marketing programs. The franchisor's management experience and depth assists the franchisee by providing employee guidelines, policies and procedures, operating experience, and sometimes even financial assistance. They provide proven methods for determining promising locations, and a successful store design and equipment configuration. Centralized purchasing gives large-buyer "clout" to each location.
The large initial cost can be difficult to raise. The highly structured environment can be more limiting than it is reassuring. Continuing royalty costs take a significant portion of profits. Several small business periodicals evaluate and rank franchise opportunities. There are now several franchise "matchmaking" firms who can assist in the evaluation process.
How do you choose among all the available franchises? Most prefer a business that complements their interests or builds on their experience. Even if you hire someone to manage the business Cheap Jeff Bagwell Jersey , expect to spend a lot of time with the operation.
Is the name well known? If not, what are you paying for? Is the fee structure reasonable, and all costs clearly described? Is the franchisor professional? Evaluate them on the clarity of the agreement, and how well your rights are protected, the strength of their training and support program, and their commitment to your success. Be sure to talk to current franchisees about their experiences. Beware of a franchisor committed to a rate of growth that exceeds their ability to manage; they may not be sufficiently interested in the sales they have already made.
Is a franchise a sure path to instant riches? Is it the only hope for independent firms in today's market? Can Jerry's Quick Oil Change compete with SpeeDee or Jiffy? Does the franchise deliver business that we might not have gotten anyway? Is it really entrepreneurship; did I go into business or did my money?
If you start your a retirement business or become an entrepreneur after you retire Wholesale Astros Hats , you’ll learn that you need to pick a niche, a target market, or a specific audience. How will you do that? Will you get caught in a niche because someone suggested it to you or cold-called you with “an opportunity?” Will desperation to supplement your retirement income jam you into a niche that shrinks your business and your vision to a “job”? If you answer these questions “yes,” I won’t judge you one bit. I’ve done ‘em both. This article recommends the “follow-through” test.
There’s a lot at stake in choosing a niche. A niche requires time, energy, and at least some money. Opening the door to one niche can close the door to another. There may be some financial costs. Some costs are legitimate Wholesale Astros Hoodies , like buying a franchise. Others are scams, often brilliantly executed. Under pressure of the high stakes of choosing a niche, we can drag our feet or rush into a choice.
In the first article of this series, I suggested that we begin not with “What you’re going to do” but with “Who you are going to be” in retirement? Now that I have that question in place, I begin on “what we’re going to do.”
So where do we begin? Retirement advisers point retirees to several paths that will take them to their niche, for example:
Start with a niche that you’re really interested in Wholesale Astros Shirts , that you’re passionate about. Base your business on a hobby. Build your business on what you did in your career when you had a “job.” And so on.
All of these suggestions make sense. Depending on implementation, they work. But I don’t like beginning with any of them. I keep looking for bridges between “who do you want to b. Cheap NFL Jerseys Cheap Nike NFL Jerseys Cheap NBA Jerseys Cheap MLB Baseball Jerseys Wholesale Jerseys Cheap NCAA College Jerseys Wholesale Jerseys Wholesale Adidas NHL Jerseys Wholesale Soccer Jerseys From China Wholesale Authentic NFL Jerseys |
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