Pondering a franchise business?

Jerry Thissen — Tue, 09 Oct 2007 19:13:52 GMT

A start up franchise has the most risk. First time buyers might want to buy an existing franchise. This way you can verify the past sales and expenses.

Pondering a franchise business?

Dee Brigham, midwest — Tue, 09 Oct 2007 21:21:25 GMT

A must is to contact current owners and also owners that have been franchisees and sold. UFOC in my state are required to have the last known contact number of franchisees that have sold or transferred stores. I can not stress do your homework. If something is in the agreement you do not like or if the agreement is all on sided for the Franchisor, WALK AWAY BEFORE YOU SIGN, because it will cost you big bucks to walk away later

Pondering a franchise business?

Gary, NJ — Tue, 09 Oct 2007 22:19:45 GMT

Do not go into a franchise thinking that there is no way your business will fail because you are connected to the franchise. Franchises do fail. Minimize your risk by signing no more than a 5year lease for your building space. If possible do not lease equipment because it will carry a Personal Guarrantee that makes you still responsible if you go out of business. Going into with understanding what happens if you business fails. Many franchisors make you responsible for lost royalties

Pondering a franchise business?

k hughes — Tue, 09 Oct 2007 22:48:31 GMT

stay away from the ups store.

Pondering a franchise business?

Joel Libava — Wed, 10 Oct 2007 01:38:06 GMT

Jerry,
The definition of risk is different for everybody.
Buying an existing business can be just as risky as a start-up. Especially if the real reason the business is for sale is only discovered AFTER the buyer becomes the owner.

Pondering a franchise business?

T C Swan Sussex, N.J. — Wed, 10 Oct 2007 10:20:39 GMT

Just an aside. Please advise Mr. Moomjey of the enourmous mistake he made by getting rid of Imus. If he has to get down on his knees , get Imus back. Morning Joe ? Is he kidding ? Just one session of this show, and you know why Scarborough is out of Politics. That entire crew could put a bear asleep in the Summer. They are terrible. It's one tittering 3 hours. And believe me, that woman laughing at Joe's remarks tells the whole story. May I also ask, who is going to remove all those incessant commercials from us ? We pay a huge fee for cable. Cable touted the fact when it first appeard for $2.50 a month , that we wouldn't have commercials interrupting our movies and shows. Now, there is more commercial time in a half hour, than show. Please, let our pleas be known in the right places. Thanks

Pondering a franchise business?

Lisa Spuce — Wed, 10 Oct 2007 12:35:57 GMT

RUN LIKE HELL from The UPS Store franchise. It's nothing but a scam and a way for ONLY UPS to make money, not the franchisee!

Pondering a franchise business?

RANDY G DALLAS/FORT WORTH TEXAS — Wed, 10 Oct 2007 20:21:35 GMT

MBE/UPS is the only franchise in history that directly competes with its franchisees. Imagin buying into a UPS STORE for $250k and you are in direct competion with the company you represent! Then you are forced to accept ups acct holders the luxury of dropping off at your store and you end uop with less than a buck.Its a BAMBOOZLING of the public!

Pondering a franchise business?

m.v. ct — Thu, 11 Oct 2007 16:16:03 GMT

We bought into a fairly new franchise in 2001 and when you go into this without doing your homework it is very easy to buy into something that you can't handle. There were customers but the royalties and other regulations that had to be followed were prohibitive to prospering. We should have researched how to start the same business on our own first because after suing to leave the franchise because of faulty equipment that is exactly what we did and were very sucessful.

Pondering a franchise business?

Terrie Hall, Eden Prairie, MN — Fri, 12 Oct 2007 15:31:53 GMT

Keep in mind that a GOOD franchise consultant can steer you away from "scam" franchises and towards those with sound business plans and a history of happy and successful franchisees. Your own due diligence during research is of extreme importance but a consultant can help answer questions and be your guide through the process. While there is no substitute for hard work, having sales and marketing skills and business acumen are vital for any business owner.

Pondering a franchise business?

Kyle, Southfield, MI — Tue, 11 Mar 2008 16:26:41 GMT

I saw your posting and thought you’d be interested in a few tips from my client who is a franchise expert at Wireless Toyz because even after someone has made the initial decision to buy into a franchise opportunity, there are seemingly endless checklists of things to consider before choosing ‘the right one.’ President of finance and franchise development of one of the country’s fastest growing companies, Richard Simtob recommends a cold hard look at every one of his top ten selection criteria before making the leap.
1. Choose a business about which you are passionate. If you love what you do, you’ll never “work” a day of your life.
2. Choose a business whose daily tasks align with things you like to do.
3. Ask yourself if the dollar potential of the business will meet your long-term financial goals.
4. Make sure the investment requirements and start up costs fit within your budget. Is financing assistance offered? What is your risk tolerance?
5. Determine if the income potential is sufficient for you and your family. Are royalty payments reasonable and designed for both the company and franchisee to profit?
6. Assuming the product is superlative and demand has been established, evaluate the franchise system itself and make sure it is based on a sound business strategy. Will you be comfortable executing that system?
7. Assess if the brand is solid, recognizable and likely to lead to sales on its own strength.
8. Research the company and its history. Has it been around long enough for most of the kinks to be worked out? Has the concept caught fire?
9. Gauge if franchisees are allowed the level of autonomy and independence you desire. Consider the level of assistance or freedom you would like for real estate, store layout and design, ongoing operational field support, business analysis, training manuals, marketing and advertising.
10. Verify an exit plan and separation strategies that are acceptable to you. Knowing how to get into the deal is only half of the equation.
You may contact Richard Simtob at 866-2FRANCHISE or email him at franchise@wirelesstoyz.com. You may also visit www.wirelesstoyz.com/franchise for more information.

Pondering a franchise business?

Joelk Libava — Mon, 07 Apr 2008 15:09:39 GMT

The "comment" above from "Kyle" is what many folks consider to be comment spam. Although the info on the comment is pretty good, it points directly to a specific franchise opportunity. I feel it really lowers the legitimacy of the franchise offering, and of the poster. Kyle has been doing this for months on other franchise blogs and websites, and has been called on it before. If I were to suggest a marketing strategy for a young or struggling franchise operation, comment spamming would not be on MY list of things to do.
Joel Libava
The Franchise King Blog

Pondering a franchise business?

TAC, Phoenix AZ — Thu, 15 May 2008 07:07:50 GMT

My husband and I are considering a UPS franchise. Obviously I am concerned with what I have read here about the company. Can anyone elaborate?

Pondering a franchise business?

hot scott — Tue, 03 Jun 2008 02:05:45 GMT

Buy a UPS Store Franchise? Look at it this way... you invest >$250,000 to provide the brick and mortar ( pay the rental, utilities and labor, too) then UPS sends you person after person who enters your front door, with NO intention of spending any money. They look at you with a shocked expression...then say.."I have a UPS account, charge it to my account OR...this is prepaid, I don't have to doing anything ( pay), right"? "oh by-the way" it needs to be taped- I ran out"...
So, who pays your rent, labor and tape? NOT UPS! You are simply a slave on their plantation ( yet you still hold the deed and are responsible for the rent!)
RUN, RUN, RUN as fast as you can!

Pondering a franchise business?

Olivia, Honolulu, HI — Fri, 13 Jun 2008 06:29:45 GMT

I want to get out of my franchise agreement. Does anyone have any suggestions?

Pondering a franchise business?

Rog — Wed, 17 Dec 2008 07:05:04 GMT

can someone comment on what happens if the franchisor goes bankrupt? We are not dependant on them for supplies or other daily needs. My concern is more legal.

Pondering a franchise business?

deepak — Mon, 29 Dec 2008 11:57:11 GMT

Asia Business Investor is an on-line magazine with a focus on business for sale in Asia. Based in Singapore we cover business and investment across Asia. Asia Business Investor has the largest directory of business opportunities, franchise, franchising, in asia today from Dubai through to Shanghai.http://magazine.asiabusinessinvestor.com

Pondering a franchise business?

ATM Franchise Business — Tue, 28 Apr 2009 06:39:31 GMT

Your own due diligence during research is of extreme importance but a consultant can help answer questions and be your guide through the process.If possible do not lease equipment because it will carry a Personal Guarrantee that makes you still responsible if you go out of business.

Pondering a franchise business?

Buy a Franchise — Fri, 01 May 2009 09:39:00 GMT

great article......
thanks for sharing..