So You Want to Be Your Own Boss

 

To recap:

Franchising offers would-be entrepreneurs the opportunity own a company with both name recognition and the support of established firms doing identical work.

Moreover, franchise ownership is, to a large extent, guesswork-free, as franchisors routinely provide guidance on everything from site selection to marketing and training. Some franchisors offer continuing support, such as monthly newsletters, toll-free telephone numbers for technical assistance, and occasional workshops or seminars.

On the downside, franchise ownership entails limitations and rules some entrepreneurs find restrictive. F

ranchisors often impose design and appearance standards; restrict goods and services offered for sale, and dictate operation procedures, to cite the most obvious examples. And while owning a franchise may involve less risk than other startups, success is by no means guaranteed.

There are generally two types of franchise arrangements – product distribution arrangements, whereby a dealer is partially identified with a manufacturer or supplier, and business format franchises, in which the buyer has complete identification with the dealer.

To help explain these and other details, the IFA convenes a series of franchising expos around the country each year. These weekend-long events bring together prospective franchisees and representatives from hundreds of franchise companies.

In addition to the franchising companies themselves, information is available at the IFA Web site, www.franchise.org.

Related articles:

5 Tips Before Buying a Business 

4 Musts Before Starting a Family Business

3 Things to Know When Buying a Business