Discovering Franchise Opportunities

If you think that franchised businesses are limited to fast-food and retail establishments, think again. Almost every industry includes franchised companies - that’s why franchises are such powerhouses in the economy. Franchise Opportunities exist in the hotel and motel industry, manufacturing, the high-tech and telecommunications sectors, health care, clothing, and many more sectors. Many business-to-business (B2B) companies and work-at-home ventures are franchises as well.

Although most industries are growing, some categories are growing especially quickly. Just like the larger economy, the fastest growing franchises are found in the service sector. They include everything from dating services to auto repair, real estate sales to temporary help agencies, to high-tech concepts such as laser therapies. With the boom in home ownership comes an increased need for repair services, cleaning, lawn care, and remodelling. Business-support services such as mail processing, advertising, accounting and bookkeeping, package wrapping and shipping, and printing and copying are especially well positioned for growth. And more personal services - such as hair salons, health aids, tanning centres, educational products, laser hair removal, and skin rejuvenation centres - also fall into this expanding category.

Franchises are especially well suited to the service industry because they combine entrepreneurship with reliability. Customers can depend on the high standards of a nationally recognized company, while the franchisee can meet the unique needs of his or her community.

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One Response to “Discovering Franchise Opportunities”

  1. nmartin on March 18th, 2008 12:16 am

    I saw your posting and thought you’d be interested in a few tips from my client who is a franchise expert at Wireless Toyz because even after someone has made the initial decision to buy into a franchise opportunity, there are seemingly endless checklists of things to consider before choosing ‘the right one.’ President of finance and franchise development of one of the country’s fastest growing companies, Richard Simtob recommends a cold hard look at every one of his top ten selection criteria before making the leap.
    1. Choose a business about which you are passionate. If you love what you do, you’ll never “work” a day of your life.
    2. Choose a business whose daily tasks align with things you like to do.
    3. Ask yourself if the dollar potential of the business will meet your long-term financial goals.
    4. Make sure the investment requirements and start up costs fit within your budget. Is financing assistance offered? What is your risk tolerance?
    5. Determine if the income potential is sufficient for you and your family. Are royalty payments reasonable and designed for both the company and franchisee to profit?
    6. Assuming the product is superlative and demand has been established, evaluate the franchise system itself and make sure it is based on a sound business strategy. Will you be comfortable executing that system?
    7. Assess if the brand is solid, recognizable and likely to lead to sales on its own strength.
    8. Research the company and its history. Has it been around long enough for most of the kinks to be worked out? Has the concept caught fire?
    9. Gauge if franchisees are allowed the level of autonomy and independence you desire. Consider the level of assistance or freedom you would like for real estate, store layout and design, ongoing operational field support, business analysis, training manuals, marketing and advertising.
    10. Verify an exit plan and separation strategies that are acceptable to you. Knowing how to get into the deal is only half of the equation.
    You may contact Richard Simtob at 866-2FRANCHISE or email him at franchise@wirelesstoyz.com. You may also visit http://www.wirelesstoyz.com/franchise for more information.

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