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 wealth creation. Show all posts
Showing posts with label wealth creation. Show all posts
Work once - paid forever.
One of the best way to create a great income on your path to wealth is to create a product that can sell over and over again without you having to do any more work on it and therefore create a residual income, especially if you can create an automated sales process or have other people (affiliates) selling for you. This product for instance can be a book, CD/CD ROM, or DVD, it should be something that people need and they will want to pay for. If you can create a product or service that your customer or client will use over and over again and pay you for it on a regular basis that's even better.
A great question you can ask yourself is:
What can I sell at a premium price that is of greater value than the price that your client/ customer paid for it?
It's my belief though that if you're selling the product for £20 it should be worth at least double that to the client/customer, so that if asked (in theory) they would be willing to pay that. Of course the product shouldn't cost you anything near that £20 to produce and market, so you can make maximum profit.
Of course once you've got a list of clients/customers you can then create another product or service to upsell to them, and once they have used your last product/ service and seen the value to them, why wouldn't they buy again.
To your success
Paul
A great question you can ask yourself is:
What can I sell at a premium price that is of greater value than the price that your client/ customer paid for it?
It's my belief though that if you're selling the product for £20 it should be worth at least double that to the client/customer, so that if asked (in theory) they would be willing to pay that. Of course the product shouldn't cost you anything near that £20 to produce and market, so you can make maximum profit.
Of course once you've got a list of clients/customers you can then create another product or service to upsell to them, and once they have used your last product/ service and seen the value to them, why wouldn't they buy again.
To your success
Paul
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