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Franchising 101: Things To Consider

The franchise industry is a $2.3 trillion industry, with one out of every six jobs relating to franchising. Statistically speaking, therefore, a franchise has a better chance of succeeding than most small business start-ups, due to the support and name recognition. If you are considering getting involved in a franchise, now is an excellent opportunity, but there are also things to consider before you take the leap.

What is a Franchise?

Before we take a look at whether a franchise might be right for you, let’s examine what one is and how common they are. Drive down any main street in America and you will see a Dunkin’ Donuts, Starbucks, McDonald’s, a UPS Store, and a CVS. See, you didn’t have to go far to find a franchise, did you? Franchises are an extremely common way of doing business.

A franchise is a type of license granted by an initial business owner (the franchiser) to other business hopefuls (the franchisee). The license is sold to others who will continue to use the name, logo, and business model.

Things to Consider:

Is a franchise the right fit for me?

Franchising is not for everyone. According to Entrepreneur Magazine, “Some see it as a way to venture out and become their own boss, but at the same time have the safety net a franchisor provides. While as a franchisee you will be the boss, you’ll still have the franchisor to deal with – so, you won’t be totally independent of oversight.” Most people who join a franchise do not want to change the system of work but rather believe in the business model that is already there and want to become a part of that system.

How hard do you want to work?

If you are choosing to work within a franchise, don’t go into it with the mental idea that the work will be easier because the company is already formed and a blueprint for success is already there. That would be a big mistake. Any new franchise still requires long hours and dedication. Don’t confuse a system that is already set with coasting into your own franchising success.

What is the risk?

Before you sign on the dotted line, do some research. What is the failure rate for this particular franchise? What do you know about the community you will be working in? What is that community’s turnover rate for this type of business? Do your homework before you jump at the opportunity to franchise.

Do you have questions about franchising? Check out our event, “Is Franchising Right for You?” on June 4 from 8:30-10:30 am. See our website for more details.

 

BLS Provider CPR (1-day Initial or Renewal Course, multiple sessions available)

(Initial or Renewal Course based on the 2015 AHA Guidelines)
Basic Life Support (BLS) is the foundation for saving lives after cardiac arrest. This course teaches both single-rescuer and team basic life support skills for application in both in-facility and prehospital settings. This course is designed for healthcare professionals and other personnel who need to know how to perform CPR and other basic cardiovascular life support skills.

In addition, BLS training can be appropriate for first responders, such as police officers and firefighters, as well as for laypeople whose work brings them into contact with members of the public, such as school, fitness center, or hotel and restaurant employees.

Students must pass a written exam and skills test in order to qualify for a BLS Course Completion Card.
Upon successful completion of this course, students will receive a completion cad valid for 2 years.

Conveniently scheduled on Saturday, please choose the session that works best for you.

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Benefits of Franchising

When people think about franchising they probably think about fast food restaurants or retail shops that spread from one area of the country to another. While this is a common impression, franchising is simply a method for expanding a business and distributing goods and services through a licensing relationship. Specifically, a franchise is an arrangement where one party (the franchiser) grants another party (the franchisee) the right to use its trademark or trade-name, as well as certain business systems and processes, to produce and market a good or service according to certain specifications. Franchising is a business strategy that has many benefits. Let’s examine how franchising can be advantageous for your business.

 

  • Proven Format – franchises use a proven marketing and business plan format. Due to this, franchises have a higher rate of success than start-up businesses.Franchises often have an established reputation and image, proven management and work practices, access to national advertising, and ongoing support.
  • Balance of Independence and Corporate Support – Franchises offer the independence of small business ownership supported by the benefits of a big business network. With the backing of the larger franchise it is easier to get financing and launching the business. The bigger business network gives support for initial training, securing a location and operating under the franchise’s business model. Corporate headquarters of large franchises are ready with advice and expertise for making your business the best it can be. Many companies help franchisees by offering loans to help cover startup expenses, and some (especially larger companies) even offer management and technology training for your employees.
  • Brand Recognition – The biggest benefit of owning a franchise is brand recognition. Most franchises are well-known companies with established customer bases. The logo, slogan and company reputation is many times, recognizable. Owning a franchise instead of starting up a new business saves you the time and effort of building a reputation and attracting customers.

 

If you are considering franchising locally or nationally, check into the requirements of the larger business network and how the support, branding and proven format can help you get started in a new business venture.