Niccole Jones

In these still uncertain times, you want to take as little risk as possible. For many wanna-be entrepreneurs, franchising is a good bet because there are many advantages to becoming a franchisee.

Caveat: If you are the type of person who insists on maintaining total independence in every aspect of your business, franchising is very likely not for you. Why? Because, as a franchisee, you can become your own boss – Sort of. “Sort of” means that once you sign a franchise agreement, you must adhere to the franchisor’s mandatory franchisee rules associated with their business model – rules, regulations, systems and procedures. Additionally, you will be paying the franchisor an ongoing royalty on sales as long as you remain a franchisee.

If either of these non-negotiable factors don’t sit well with you, franchising is probably not a viable option for you.

Here are four top reasons you should seriously consider franchising – now that you’ve decided it’s time to stop working for others and finally become your own boss.

1. Successful franchisors have a proven business model. Think of a franchise as a turn-key business. Over time, the franchisor has learned from successes and setbacks and taken all the risks that have led to a stronger, more predictable business model. “Best practices” of the particular industry are in place, along with effective marketing strategies, site selection, preferred vendor list, inventory systems, customized software – to name just a few.

2. Franchisors provide financing assistance either directly or indirectly. Business lending may have loosened up – but only slightly. If you need financial help with the franchise fee and start-up costs, many franchisors either offer in-house financing or have long-standing relationships with third-party lenders. Also, the Small Business Association (SBA) looks upon franchise loans more favorably than an independent business start-up.

3. As a franchisee, you’ll get ongoing support from the franchisor and fellow franchisees. Support begins day one after signing the franchise agreement. As a franchisee, you’ll be well trained in all aspects of running a successful unit – marketing, accounting, operations, human resources…and more. Depending on the franchisor, training programs are typically required for new franchisees and can run from a week to four weeks.

Marketing is arguably the most important component of starting a new business. If no one knows about your business, how can you possibly be successful. That’s why most franchisors are deeply committed to national and regional advertising programs to keep their brand “top of mind” with your potential customers.

Remember, the franchisor has a very strong incentive in your success and continued growth as a franchisee. Franchisors make their money, not from the initial start-up fee, but from collecting a steady flow of royalty fees. It’s similar to the cell phone business model. You get a top-notch cell phone at well below its retail value if you sign a one-year or two-year contract with the cell phone provider who will be collecting a steady flow of monthly revenue from you.

4. Your chance of business success increases dramatically as a franchisee. During the Great Recession beginning in 2007, consumer spending decreased dramatically. During uncertain times, consumers will purchase from a recognizable name; they want the comfort of doing business with a brand they know and trust. In a recession, a franchise business has a greater chance of staying in business than an independent business.

Additionally, you’ll have the continuous support of the franchisor during difficult economic times. They have had experience in both boom and bust economies; they know how to survive and will support you in both good times and bad. They have a strong incentive in ensuring your longevity – collecting monthly franchise (royalty) fees.

O.K., now that you’re interested in looking into the Franchising Option to start your own business, here’s the most critical first step. Only seriously consider a business you can get thoroughly excited about. Don’t select a business because the business category is forecast for excellent growth. If you’re not excited about the product/service or energized about going to work every day, your chances for success are greatly diminished.

To get you started, here are 15 Franchise Categories* for you to consider:

• Automotive
• Business Services
• Children’s Businesses
• Financial Services
• Food
• Home Improvement
• Hotels & Motels
• Maintenance
• Personal Care
• Pet Businesses
• Recreation
• Retail
• Service
• Tech
• Training

Final Note: Below are two excellent franchising research tips:

Check out the SBA’s Franchise Registry http://www.franchiseregistry.com/. Franchises on this list have been pre-approved by the Small Business Association, which makes the loan application process smoother.

An excellent site to conduct in-depth research is www.franchisegator.com. You can search for franchise opportunities by industry, region and level of investment.

*The source for the list of 15 Categories is from the web site of Entrepreneur magazine.

Dorothy Zukoff, a career marketing professional with more than 35 years of experience, is the co-founder of http://www.helpamericaspeople.com. The mission of this website is to provide the burgeoning entrepreneur with the most relevant and actionable information, research, tips, tools, techniques, advice, etc. about starting your own business. The blog associated with this website can be found at http://helpamericaspeople.com/WP/.

Tyler Perry Presents…’Who Flooded My First Floor?!?’

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