In all my years of business online and offline, I never really seriously thought about setting up a franchise. In lay man terms, consider franchising to be the permission to copy and paste a business as is. In other words, you use their brand, their business model, their proven systems, and their reputation to make YOU money.
From a bird’s eye point of view, this is excellent! It is the best of the best! No market research, no product testing, no outrageous marketing campaigns etc…The market, the location, the product and the profitability has already been tested, and all you need to do is just plug in and start making some serious money. Let’s take a closer look.
Companies like McDonald’s and Subway have well established franchises all over the world. Starting your own McDonald’s should normally be the equivalent of writing your own check. I don’t know of any one who has NEVER heard of McDonald’s. The brand name in itself is a hit with both children and adults. Try taking a child past McDonald’s restaurant without going in and see what happens.
With a McDonald’s franchise, you are sure to get the best advice and strategy to get into profit as soon as possible. Why is that? Well, for starters, your profit is their profit as well. They end up getting a percentage on all your sales, in addition to the franchising fee you already pay them. Today, if you apply for a license to franchise, be prepared to wait for up to 2 years. If and when you get accepted, you will need to have at least $1.5 million (1/2 of which should be your OWN money) available to help you get started. This does not include your initial and ongoing franchise fees. Next, you need to think about the building and the interior of your restaurant (No...McDonald’s does not cover these costs). Then you will also need to hire your staff, and make sure that they are available for the 9 month training program where all of you will learn the “McDonald’s” way of doing things. Of course, like any other business, you will need to be prepared for unexpected costs depending on your location.
Now, I understand why I never really got excited when it came to talking about franchises. McDonalds is probably the most popular example, but all the franchises that exist out there function in pretty much the same way. Some even guarantee your success…but as we all know, the only two things that are guaranteed in life are death and taxes….period! Don’t let anybody swindle you into believing anything else!
So is franchising an alternative you are willing to consider? If you have the deep pockets the time, and the energy it takes to get going, then I can only encourage you to explore your options. If on the other hand, you are a regular person like me, then I would recommend you steer clear from these type of opportunities – at least for now.
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