McDonalds, TheBestOf, Molly Maid, Chips Away, Tax Assist are just a few of the hundreds of franchises that are available for people to get involved in, Some are really famous and some you'd never of heard of! Franchising isn't for everyone. If you're an entrepreneur wanting to start your own business it may not be for you as you are restricted somewhat by the franchisors system of how to do things and you may not be able to just go out and do your own thing for marketing and sales!
The system is what makes a franchise opportunity look great, especially if the system is tried and tested and there are lots around the country, a franchise is essentially a business in a box with an operations manual that tells you exactly how to get your business started and then grow it, it is a proven system and pretty much so long as follow it you should be successful, however it still takes work to build a franchise business! you get the franchise's branding, logos and other marketing done for you so that's not something you need to think about when starting a business (Although for me coming up with logos, branding and what to do in the marketing is half the fun of building a business).
You'll have to buy the franchise and this could be a few hundred pounds to over a hundred thousand and then pay a monthly or yearly renewal fee, which covers the franchisor's cost of running the operation and for some they may do national advertising or sponsoring on behalf of the franchisees, which is something a new business or SME could never do. You'll also get full training on how to run your franchise business and support too.
On top of the start up cost for a franchise you'll have to ensure that you have enough money set aside to cover the time it will take to get you franchise business up and running and the time that you'll not be working while on training. The McDonalds training lasts for 10 months and that's time you'll not be earning an income.
If franchising is a route you think you'd like to go down ensure that you do your research and read the contract terms and conditions there may be clauses such as if you don't make enough sales they could claim the franchise back for resale, make sure you also speak to as many current franchisees as possible, sometimes the franchise may not meet it's obligations to you, and I've heard of stories where the franchisor didn't respond to constant calls or emails asking for support.
A franchise is a good way to get into the business world if you've never started a business and it certainly give you a higher start on the ladder than starting from scratch, also there are figures that say more franchise businesses succeed than a non franchised business. Buying a franchise is not a guaranteed route to wealth success and will take work and if you're willing to put the work in then you deserve the success.
To your success
Paul
Showing posts with label business. Show all posts
Showing posts with label business. Show all posts
Multi Level Marketing Business
In 2008 I joined a business industry called Multi Level Marketing (MLM). MLM comes under different names such as Network Marketing, Relationship Marketing and direct Selling. Companies use MLM as a route to market rather than advertising on TV, radio and papers and magazines which can be expensive. Entrepreneurs who become involved in MLM become what is know as distributors to sell the products and services of the company they are then compensated for doing so. They also find and recruit other people who want to do the same and build a team they are then compensated for doing that too.
By doing this the costs of the company are reduced as the cost of acquiring a customer is known because the distributors do not get paid until a sale has been made as opposed to advertising where the cost of a customer is not known until the sale has been made, therefore the spend that would normally be spent on marketing is shared between the distributors of the company
By building a team a distributor can build a residual income so whether they work or not they still get paid.
Unfortunately some people who join an MLM business believe it to be a get rich quick scheme and think that they will not have to put in effort to build their business, they then blame the business when they fail instead of their own laziness. It does take time effort and commitment to build an MLM business as it does any business and the rewards for those that do are great, more millionaires have been made from the MLM industry than any other.
MLM is a great way to build your wealth but to be truly wealthy do you need to have millions in the bank or would an income of £2 or £3,000 coming into your bank account every month just like when a writer gets paid a royalty for writing a book or singer for writing a song be okay?
Paul
PS. See more about my MLM business here
By doing this the costs of the company are reduced as the cost of acquiring a customer is known because the distributors do not get paid until a sale has been made as opposed to advertising where the cost of a customer is not known until the sale has been made, therefore the spend that would normally be spent on marketing is shared between the distributors of the company
By building a team a distributor can build a residual income so whether they work or not they still get paid.
Unfortunately some people who join an MLM business believe it to be a get rich quick scheme and think that they will not have to put in effort to build their business, they then blame the business when they fail instead of their own laziness. It does take time effort and commitment to build an MLM business as it does any business and the rewards for those that do are great, more millionaires have been made from the MLM industry than any other.
MLM is a great way to build your wealth but to be truly wealthy do you need to have millions in the bank or would an income of £2 or £3,000 coming into your bank account every month just like when a writer gets paid a royalty for writing a book or singer for writing a song be okay?
Paul
PS. See more about my MLM business here
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