Here are some tips to make a choice, remember this is not specific advice, but a starting point on the path to your educational franchise and their ability to provide what you need. Best of luck with your decision!
1. Competition and demand for the product - This is a basic but can be ignored, simply because the franchise has developed a business system that does not mean the people in your area will want to buy. Asking about and do your own research on the competition in your area, (just because there may not exist at this time does not mean there is no couple in the past that may have learned the hard way that local people do not buy that service or product.) - What are the costs to consumers feasilble? - Does the concept of your community (or region) found nothing and want to utilize? - What is the brand of brilliant? - Will there be an ongoing demand for the product so you can quickly return for your efforts?
2. Benefits and costs - This is what business is all about, you do not create a charity, so you need to know how profitable a business, or will become (and how long it will take!) Ask if the profit they can quote to you is after wages (including your own ...) too many people find the cost too hard to handle and there is no profitability despite many hours of hard work and determination.
3. Ease of operation
- Does the company provide a simple business plan?
- Simple operational system?
- Are other franchises to follow?
- Does it work always?
- How's Office responds to requests for assistance in this field? Now ask yourself this, if I am going to buy a business it would be easy to run or sick? I know what I want! I also know that in time I would want to be able to walk on his own so that I can enjoy the passive income can provide.
4. Support - As with any business can "fall" with the right foundation and support. You will need the support of the company's head office, your family and your friends. This can include moral support when things are challenging (and they will!) Training, a meeting to assess the group performance (Franchise meeting), one on one support from the company "area manager" or similar. Now ask yourself, am I able to listen to this information and put it into practice? Will I be able to work with them? All this increases to ensure the success of your business.
5. Cost - There will be a start-up fee, an ongoing franchise fees and of course your overhead (costs involved in running the business.) This is probably a good time to involve your accountant or bookkeeper even, to work out some of the costs involved in running this kind of business as you think. For many people they go from being hired to run a business, they see money coming in and then (almost mysterious) went out again! It may take a while to understand what happened and how to handle it, for some left over after expenses is not enough to live. Understand the project costs involved and even what level of work required to meet the costs so you know what type of business you need to put in to make the business grow, not just survive.
6. I! - Can you do it? - Do you have the necessary expertise? - Can you learn the skills? - Do you have the right attitude? For many the answer would be yes, yes, YES! But in reality this is often caused by emotional spirit of thinking running a business, not based on reality. Ask lots of questions from family and close friends. Chat to the company about how they go about assessing candidates (a process they must be strong!) Then ask yourself am I really up this time?
7. Research - Do lots of research, talking with a lot of existing franchisees and ask them all the same questions so you can really gauge how things are from the other side of the business. Get yourself into the business and offered to work with one or more of the operator for a few days, pick their brains to save a lot of stress later in life. Find out what kind of hours that they enter into business to make it work, and be careful during the two partners and issued a wage, it can look very productive, but in reality two people produce as much as half. When talking with other franchisees, ask them about the franchise support meetings and direct value to them, it's good that provides a window into the business. Also ask how many franchise owners currently make passive income from the business?
1. Competition and demand for the product - This is a basic but can be ignored, simply because the franchise has developed a business system that does not mean the people in your area will want to buy. Asking about and do your own research on the competition in your area, (just because there may not exist at this time does not mean there is no couple in the past that may have learned the hard way that local people do not buy that service or product.) - What are the costs to consumers feasilble? - Does the concept of your community (or region) found nothing and want to utilize? - What is the brand of brilliant? - Will there be an ongoing demand for the product so you can quickly return for your efforts?
2. Benefits and costs - This is what business is all about, you do not create a charity, so you need to know how profitable a business, or will become (and how long it will take!) Ask if the profit they can quote to you is after wages (including your own ...) too many people find the cost too hard to handle and there is no profitability despite many hours of hard work and determination.
3. Ease of operation
- Does the company provide a simple business plan?
- Simple operational system?
- Are other franchises to follow?
- Does it work always?
- How's Office responds to requests for assistance in this field? Now ask yourself this, if I am going to buy a business it would be easy to run or sick? I know what I want! I also know that in time I would want to be able to walk on his own so that I can enjoy the passive income can provide.
4. Support - As with any business can "fall" with the right foundation and support. You will need the support of the company's head office, your family and your friends. This can include moral support when things are challenging (and they will!) Training, a meeting to assess the group performance (Franchise meeting), one on one support from the company "area manager" or similar. Now ask yourself, am I able to listen to this information and put it into practice? Will I be able to work with them? All this increases to ensure the success of your business.
5. Cost - There will be a start-up fee, an ongoing franchise fees and of course your overhead (costs involved in running the business.) This is probably a good time to involve your accountant or bookkeeper even, to work out some of the costs involved in running this kind of business as you think. For many people they go from being hired to run a business, they see money coming in and then (almost mysterious) went out again! It may take a while to understand what happened and how to handle it, for some left over after expenses is not enough to live. Understand the project costs involved and even what level of work required to meet the costs so you know what type of business you need to put in to make the business grow, not just survive.
6. I! - Can you do it? - Do you have the necessary expertise? - Can you learn the skills? - Do you have the right attitude? For many the answer would be yes, yes, YES! But in reality this is often caused by emotional spirit of thinking running a business, not based on reality. Ask lots of questions from family and close friends. Chat to the company about how they go about assessing candidates (a process they must be strong!) Then ask yourself am I really up this time?
7. Research - Do lots of research, talking with a lot of existing franchisees and ask them all the same questions so you can really gauge how things are from the other side of the business. Get yourself into the business and offered to work with one or more of the operator for a few days, pick their brains to save a lot of stress later in life. Find out what kind of hours that they enter into business to make it work, and be careful during the two partners and issued a wage, it can look very productive, but in reality two people produce as much as half. When talking with other franchisees, ask them about the franchise support meetings and direct value to them, it's good that provides a window into the business. Also ask how many franchise owners currently make passive income from the business?