Why you should consider becoming a franchisee

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(Franchise Buy) - By SystemUser - BlogMigration. Updated May 21, 2013

Many entrepreneurs worry about raising the necessary funds to become business owners. Recently, SCORE endorsed franchising as one of the best routes to take if an entrepreneur wishes to become self-employed. Franchising allows people from all backgrounds and walks of life to transform into successful entrepreneurs with profitable businesses of their own. The secret to franchisings success lies in the relationship franchisors have with their franchisees and also how much support each franchise gives to its franchisees. Franchisors do much of the initial up-front work, providing franchisees help with their franchises site selection, personnel training, product supply, marketing, advertising and, in recent years, help with financing. As franchising is a legal agreement, franchisors dont -- and legally cannot-- leave their franchisees to face the business world alone. When times get tough or franchisees run into situations previously never experience, franchisors are happy to step in, help and serve as a guide. Of course, with starting any business, its important to do as much research as possible and learn about each franchise opportunity that a potential franchisee. Read each opportunitys Franchisors Disclosure Document (FDD) and ask questions. Get in touch with current franchisees to learn about their experience with the franchise-- positive or negative. Again, as franchising is a legal agreement, be fully aware of what the conditions may be, from how to terminate the agreement to where a franchisee must buy their ovens. Prospective franchisees should approach selecting a franchise the same way they would approach starting a non-franchised business: write a business plan. What are your reasons behind going into business for yourself? What motivates you? How many hours a week are you willing to work? (Small business owners are always working.) What are your short term goals? Where do you see yourself in 10 years? Can you handle not taking a vacation for the next 2-3 years? How will your family handle your new work schedule? Most importantly, will you enjoy going in to work everyday? As Steve Jobs said, Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe to be great work. And the only way to do great work is to love what you do.

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