Everyone is searching for a million dollar idea. It’s interwoven in the fabric of the American Dream, where the goal is to be as successful as you want to be.
Let’s be honest – there are only so many ideas that are going to hit “the big time.” Many people have tried, and many people have failed. So, what if you could capitalize on an already successful business idea?
That’s the beauty of franchising! You actually have the opportunity to achieve success from a proven, time-test business model that has predictable future results. Franchising provides a very transparent due diligence process with the franchisor and existing franchisees. The franchisor WANTS YOU TO SUCCEED – because they will succeed as well!
As part of the research, you’ll have the opportunity to ask a lot of questions about all aspects of franchise ownership within that particular system. You’ll be able to glean insight on both the successes, and failures of franchisees with similar backgrounds and market locations. You’ll also be able to gain information on the support of the Franchisor, investment level, and your potential return on investment.
One of the biggest advantages to franchising is that you’re buying the tested operating model of the franchisor. When you open your business on Day 1, you’ll be equipped with a system and process to apply to the operations of the business, including marketing and management.
Franchising, however, is not for everyone. Because there are over 3000 different franchises to choose from, finding the right fit may be cumbersome. In addition, some don’t find value in the payment of an initial franchise fee and on-going royalties. It is important to do your due diligence to recognize the advantages and disadvantages of franchising, as well as finding the right fit for you.
If you want to explore franchsing more, please attend one of our upcoming educational events in conjunction with Buy Michigan Now. You can join me in Grand Rapids on March 21st at 2PM or my colleague, Mark Cory on March 20th at 3PM in Sterling Heights. Both sessions are free, no-obligation seminars that put you in the same room as Michigan-based Franchisors looking to grow in Michigan. You’ll get to learn more about specific franchise concepts, funding, operating systems and more, to get your entrepreneurial juices flowing. Seats are limited and registration is required. For more information, please visit michiganfranchiseforum.com.
Brigitte Betser offers professional consultation and education on franchising to those interested in becoming owners of businesses. She may be reached at 616-891-1374 or firstname.lastname@example.org.
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