Business Resources By WorkPlaceMoxie.Com

You Can Be Granted Great Success With Franchises

Have you heard people talking about how much money is being made by Franchises? Do you know what Franchises are? Do you want to know how you can be making great money with a Franchise?

By the time you finish reading this page you'll have access to information dealing with such issues as:

Understanding what a Franchise is
Finding out about Franchises
Knowing how to make sure a Franchise is right for you

Learn how some successful people have created their success from Franchises. The Merriam-Webster Dictionary defines Franchise as "special privilege granted to an individual or group".

What this means in the world of Job Alternatives is that you, as the "franchisee", can buy the rights to open and operate a business that stems from a company, the "franchisor", already established. McDonald's and Wendy's are great examples of Franchises.

There are usually Franchise directories at your local library. And you'll find some great information about them on the Internet. (Like here at Workplace Moxie.)

You need to find out:

How long a Franchise has been in business
How financially sound the company is
What kind of reputation a company has for treating its franchisees
The kind of profits other franchisees make

There are Franchises for just about every kind of business and they're doing very well.

"Survey says" - Business surveys show that less than 20 percent of all Franchises fail. So if you have the money, (which currently averages around $85,000), Franchises can be a great money making Job Alternative.

What you need to know ...

There are some very good Franchises where all people involved are treated equally.

There are other, not so good, Franchises where one "party" is treated better than the other party.

Then there are those Franchises that are total rip offs. The buyer, you, ends up paying many times more than what any of the ideas, equipment or other properties are worth.

This is to say that, as with any part of the work world, there's good, there's not so good and then there's bad Franchises.

Find out everything you can about any Franchise before you put out any money or enter into any kind of binding contract.

Answers you need ... Probably the most important question is, what kind of money will you need to put out before the money you make matches and then, is more than what you're paying out?

Here are a few more questions you need to answer -

Will the franchisor help you with all parts of operation, including choosing a good location?

(Most franchisors will be more than ready, able and willing to help you because their success gets better with your success.)

What can the franchisor do for you that you can't do for yourself?

Has the company checked you out to know you'll be able to make a profit for them?

Get some outside help ...

If you decide to go into business with a Franchise, one of the first things you need to do is hire an attorney.

An attorney will know how to find out what the laws regulating Franchises are in your state and then make sure the company is following all of them.

They can read over any contract(s) to make sure there are no "hidden clauses" or even suggestions of any illegal practices.

An attorney can also find out up front about your territory. What your rights and limitations are. For example, will your Franchise be the only one or competing with other Franchises in the same territory?

Next, an attorney can find out if this franchisor is connected with any other Franchise company selling similar products/services. And if they are, learn what you can do to protect yourself against this second company.

Finally, an attorney can find out when, how and at what cost you can get out of your contract.

Bottom line ... Research Franchises. Answer every question, for both you and your attorney, before you put out any money or sign any binding contracts.

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