Buying a Franchise – Shots Franchise
Buying a Franchise? Starting your own business can be one of the most exciting times in your life. It’s intriguing to think about not having to adhere to the boring 9-to-5 structure and constraints of a fixed income.
As exciting as it is, the difficulties of starting a business from scratch can be daunting. So, one major question arises: Should you start a business from scratch or buy an existing business?
One advantage of buying an existing business is that the structure is already established. You don’t have to gruel through the start-up phase. Moreover, you will be able to hire skilled staffers and provide services to an established clientele.
An even better approach might be to think of buying into a franchise. Instead of taking over a business and becoming its new owner, you will be given a comprehensive business system to manage. Furthermore, your new business will have an established track record.
If you have little or no business experience, starting a brand-new business from scratch can lead to devastating results. It is not easy, and your chances of success are very low. Even when making an investment in buying an existing business, you still need to have working knowledge of how to manage business finances, marketing, sales, and accounting.
Franchising offers incredible benefits to you in these regards. Some benefits of buying into a franchise is, for one, you will be representing an established brand. You will be able to work with a network of other franchisees. And lastly, you will get training on all the aspects the business operations.
This type of support and training is extremely valuable when it comes to starting a business. A franchise will take the time to help you develop any missing skills that you might have in running a business. This difference between starting a business from scratch, buying an existing business, or buying into a franchise can ultimately make or break your success.
Consequently, considering a franchise business opportunity is an extremely viable option to any of you that are thinking of venturing off on your own.Read More
Invest in Franchise or Not?
Working After You Get Retired? – The idea of buying a franchise as an encore career for boomers has been around for some time. But the skeptics fail to believe in the success rate that these entrepreneurial wonders offer. Reportedly low failure of franchises in comparison with de novo startups by proselytizers is in reality not supported so much by actual numbers. The difference is minimal, but according to a franchise broker, Bill Freund, the whole universe of franchise business is so diverse that it is not so much a bad idea to try your luck and explore while you are still unretired. If the option works for you, there is nothing better for you once you are retired. Also, if it doesn’t, you still have a job from which you can get the most. The experience is worth it though, and it highly depends on the match between your personality and the franchise business you are taking up whether the two are to last any longer.
What Exactly is a Franchise?
Before delving deep into whether buying a franchise is beneficial or not, let us first have a look at what exactly the whole hype of a franchise all about. A business owned by a franchisee via a legal agreement that bounds the franchisee to follow a specific business model and follow certain rules specified by the franchisor is known to be a franchise business.
The most sold franchises are those by the widely prevalent food chains such as Subway or McDonald’s. Other entrepreneurs are as many and varied as there are business options in the entire US. The cost to set up a franchise also varies from a couple of thousand dollars to many millions.
Benefits of Buying a Franchise
According to Arthur Koff, the head of Retired Brains (an online site aimed at helping boomers and retirees in planning retirement) and author of the biggest attraction for a franchise, especially for boomers, you do not need to brainstorm a lot on a new business strategy. The reason for that is that there are opportunities for you to take advantage of somebody else’s already successful and proven business model.
Eric Stites, a chief executive officer of the market research firm, training, marketing, and support are part and parcel of a franchise, so these areas don’t need any coverage when you decide on buying one.Read More
Baby Boomers Have Left Retirement in the Rearview Mirror – Looking Forward to Investing in Franchises to Stay Focused and Active
Baby Boomers and the Increasing Trend
Baby Boomers – The generation that sprung right after World War II has other plans for their old age than retirement. That’s right. Baby boomers are increasingly looking forward to buying business franchises as part of their retirement plan. In fact, they have taken early retirement or golden handshakes to support their new plan already.Read More
Ready to Take Food Beverage by Storm
SHOTS Franchise has been patiently waiting for several stars to align. Truth be told, the SHOTS Group had no idea how successful their Food Beverage concept would be. And so begins another great franchise model story…Read More