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Starting a Franchise Business

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JobMonkey.com
Volume VIII, Issue #53
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Have you seen the JobMonkey's newest section on franchise opportunities? For many self-starters, franchises are a great way to be their own boss without the risk of having to create a business model from scratch. Cost can be prohibitive, however; especially if you are considering a McDonald's franchise. If you want to learn more about the pros and cons of purchasing and owning a franchise, then this week's newsletter is for you!

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IN THIS NEWSLETTER:

1) Career Advisor: Starting a Holiday Business
2) Spotlight: The 411 on Franchise Opportunities
3) Around the Monkey: Getting Real in Retail
4) Job Boards: Business Franchise Opportunities

Find out why you should set up a free job seeker profile on JobMonkey: Learn More.

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CAREER ADVISOR: Starting Your Own Holiday Business
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by Amy Lindgren

Fall is traditionally the season for finding a holiday job - which we often use to pay for holiday purchases, so there's a certain yin and yang to the whole thing. This year might be different, however, in a vicious cycle kind of way. Early indications are that the holiday shopping season won't be as robust as in years past. Not as many shoppers means retailers won't has as many retail jobs to fill.

So, what if you were counting on a holiday job? Well, go out there and try for one. Right now. In tighter markets, the holiday worm definitely goes to the early bird.

If you come up short, you'll have to decide if you want to go to a Plan B or just tighten your belt a bit more. So what is Plan B? A holiday business.

Not a kiosk in the mall, mind you, or a full-fledged online store. No, something a little smaller and easier to manage, while still being lucrative. Perhaps it's a baking business where you take orders from friends and family for pumpkin pies. Or maybe a cleaning service to help a busy family prepare for out-of-town guests.

The key to this strategy will be planning, so don't let too much time pass. You need to decide what your business is, then get the word out to potential customers. Where possible, take a down payment with each order, and be sure to provide receipts.

Work hard and you just might earn enough green to keep yourself out of the red for the holidays - that's a goal worth working for.

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SPOTLIGHT: The 411 on Franchise Businesses
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If you are thinking about going into business for yourself, one option you will want to seriously consider is the business franchise model.  A franchise is a national or regional chain, such as McDonald's or Pizza Hut, where each storefront is owned at the individual level rather than by the national office. A franchise agreement gives the individual owner the legal right to sell the chain's products or services.

Advantages of the Franchise Model

Franchises are a popular business model across the country, and with good reasons:

• Established business model -- Buying a franchise allows you to benefit from an established, successful business model, rather than having to create your own from scratch. Some franchises even offer training and professional development services for its franchise owners.
• Built-in marketing -- Rather than having to create your own brand recognition, a franchise allows you capitalize on national (or regional) marketing campaigns paid for by the home company.
• Diverse opportunities -- There are franchise offerings in nearly every business sector, from automotive repair to pet care, and from financial and business services to retail and restaurants. The cost of purchasing a franchise also varies widely by the company -- from a few thousand dollars to a couple hundred thousand.

Drawbacks to the Franchise Model

While owning a franchise is certainly an attractive way to start your own business, there are a few disadvantages you need to be aware of:

• High start-up costs -- The initial cost of purchasing a franchise can be as low as a few thousand dollars, but most nationally recognized chains start in the hundreds of thousands. Sometimes these buy-in fees can be reduced, in exchange for royalties -- basically, a percentage of your sales on certain goods or services. While royalties make it more affordable for you to purchase a franchise, they also eat into your profits during those critical first years. Additionally, some home companies require that new franchisees pay a percentage of overall profits back to the national headquarters, further reducing your bottom line.
• Individual control -- While some franchises give individual owners a wide degree of latitude, others are much more particular about how you run your business -- right down to the nitty gritty details of what pens you use and what day you pay your employees. The national company can even dictate where you may open a franchise and how much you can charge for each product. These controls might be too limiting for your personal leadership style, especially if you think your target audiences will require some fine-tuning of the products and pricing.
• End-of-business -- One reason a number of people are wary about starting a franchise is because of concerns about ending it...should the need arise. Many national chains set strict limitations on when, how and to whom you may sell your franchise if the business is not going as well as you had hoped.

One final note of caution: Beware of companies that sell franchises but without an established product. Sure, McDonald's and Mail Boxes Etc. franchises are reputable money-makers, but nickel-and-dime franchises without a well-known good or service are likely a scam (and certainly not a sound investment).

To learn more, check out the JobMonkey's section on Business Franchise Opportunities.

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AROUND THE MONKEY: Getting Real in Retail
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If you think you might like to work in retail -- whether as the owner of a business franchise or as an employee of a retail establishment -- the JobMonkey blog has a number of great posts to help you learn more about this field.

>> Seasonal Retail Opportunities Improve Slightly
>> Spotlight on Retail Jobs
>> Top 100 Retailers that Are Still Hiring
>> 5 Tips for Job Hunting During Holiday Season

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JOB BOARDS: Business Franchise Opportunities
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If you are looking to buy your own business franchise, a great place to start your search is the JobMonkey's Franchise Opportunities Job Board. We have listings from around the country, in every imaginable field.

If you are serious about buying a franchise, but don't have a pile of cash to pick up a new McDonald's or Taco Bell, be sure to check out JobMonkey's list of the best low cost franchises.

 

 

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