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 success. Show all posts
Showing posts with label success. Show all posts
Are you 'Towards' or 'Away from' - financial freedom?
You're reading this because like me you're not wealthy (whatever that means to you) yet! It may even be that like me you have some debt.
Now for many people thinking about that debt and worrying about it, how they may get out of it, has a tendency to keep them in debt and never get to a goal of wealth. For people who say things to themselves such as 'I don't want to be broke', 'I don't want debt' is called having an 'Away from' strategy, the thing with this kind of thinking is that they are still thinking about the negative side of finance and even using the statement 'I want to be debt free' isn't the answer! this is because the word 'debt' is a negative one and the unconscious mind picks up on this and then delivers what we think about most!
A much more positive way of thinking is to use positive phrases such as 'I want to be financially free' or 'I am working my way to financial security' this is known as a 'Towards' strategy. If you imagine a line with 'Away from' at one end and 'Towards' at the other end, when you think about your current wealth situation and the statements that you make, you'll be somewhere on this line. The trick is to make your statements more 'Towards' than 'Away from'.
Reframe
If you are in debt and when you think about it and think about paying it off, if it brings up negative feelings is to reframe that thought, a great reframe is to think of that debt that you are paying off as if you are paying off for your education, however much it may be and whatever the circumstances may have been for you getting into your situation, thinking of it in this way takes the edge off think of it as a learning experience and then allow you concentrate on a time when you'll be financially free. This reframe certainly works for me, and I'm sure you can come up with your own reframes and let me know.
To your success
Paul
Now for many people thinking about that debt and worrying about it, how they may get out of it, has a tendency to keep them in debt and never get to a goal of wealth. For people who say things to themselves such as 'I don't want to be broke', 'I don't want debt' is called having an 'Away from' strategy, the thing with this kind of thinking is that they are still thinking about the negative side of finance and even using the statement 'I want to be debt free' isn't the answer! this is because the word 'debt' is a negative one and the unconscious mind picks up on this and then delivers what we think about most!
A much more positive way of thinking is to use positive phrases such as 'I want to be financially free' or 'I am working my way to financial security' this is known as a 'Towards' strategy. If you imagine a line with 'Away from' at one end and 'Towards' at the other end, when you think about your current wealth situation and the statements that you make, you'll be somewhere on this line. The trick is to make your statements more 'Towards' than 'Away from'.
Reframe
If you are in debt and when you think about it and think about paying it off, if it brings up negative feelings is to reframe that thought, a great reframe is to think of that debt that you are paying off as if you are paying off for your education, however much it may be and whatever the circumstances may have been for you getting into your situation, thinking of it in this way takes the edge off think of it as a learning experience and then allow you concentrate on a time when you'll be financially free. This reframe certainly works for me, and I'm sure you can come up with your own reframes and let me know.
To your success
Paul
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