Home Online Business Opportunity

Fiercely independent entrepreneurs are rarely happy in the franchise world. If you’re interested in running and designing every aspect of your operation, think twice before buying a franchise. You may be better off with your own independent business.

Most franchising programs impose a strict regimen on franchise owners, dictating everything from how to greet customers to how to prepare and present the product or service. If you chafe at any restrictions, you may find franchise life too confining. You may want to consider business opportunity programs, which typically offer you the independence lacking in most franchise programs.

If you’ve been an employee of a large corporation for a long time, the jolt of small-business ownership can be hard to take. The owner of a franchise has to put his or her full energy into the daily operation of the business. Small-business owners (at least at first) do not delegate and supervise - they do.

On the other hand, if you’re used to the security of a full-time job, franchise ownership can offer the support you need to make the transition to entrepreneurship. These days, many downsized middle managers are bringing a wealth of business savvy to the franchise world. Thousands are at that stage in their careers where they have some capital to invest and are not interested in inventing a new (and risky) business concept, yet are attracted to the dream of self-employment. In this case, franchising may be the ticket.

To determine if franchising is for you, start with a self-examination: * Are you personally motivated to make the investment of time, energy and money involved in small-business ownership? The first year of business can be especially trying; the time necessary to get a business up and running is intimidating. Your days of punching and watching the clock will be long over. * Is Your family behind you? Many franchises are designed for total family involvement. Even if you invest in one that isn’t, the necessary commitment of time and energy cannot be made without the full support of every member of your family. Have you talked it over in detail with them? If your spouse is supportive but skeptical, involve him or her in the decision-making process and listen to all doubts or concerns expressed.

Have you realistically evaluated your-financial resources? Take out a pad of paper, and jot down all possible sources of capital. Include not only cash, securities and other liquid assets but also insurance policies, home equity and retirement funds. Don’t forget what the bankers refer to as NAR and NAF (”Nail a Relative” and “Nail a Friend”): Your well-heeled friends and relatives could make all the difference, especially if you need a co-signature or additional equity pledged as security when applying for financing.

Also be aware that you will most likely need a steady revenue stream while the new business is being established. Can you live off savings or your spouse’s income? How can you cut back on household expenses? Is your spouse willing to take a second job to make ends meet until your franchise starts generating a salary? * Have you realistically evaluated your dreams? Dreams provide the courage and drive new entrepreneurs need to make the leap of faith into business ownership. But they must be tempered with concrete, achievable plans. Get feedback from others - family, friends, businesspeople in your community - to make sure you are thinking with your brain, not your dreams.

Making A List

Use the following simple checklist when researching a franchise opportunity. (The same checklist can also be used for a business opportunity, although some of the information may not be available.) For each franchise system you’re serious about investigating, set up four file folders with these labels: * Key Franchisor Information * Key Franchisee Information * Government and Other Third-party Information * Advisors’ Recommendations and Comments

1. Key Franchisor Information: In this folder, you will file the promotional pieces distributed to all prospects, your notes on the program from your telephone or trade show conversations with company representatives, your copy of the Uniform Franchise Offering Circular (UFOC), copies of your correspondence with the company, and any other pieces of paper generated in the course of your dealings with the franchisor. Keep photocopies of all papers, letters, application forms, financial statements and other information you submit to the franchisor, making sure everything is clearly dated.