Tuesday, December 8th, 2009
You may be one of millions of Americans who want to own your own business and be your own boss. One of the best ways to do this is to purchase a reputable franchise. There are many to choose from and you will almost certainly find one that fits your own particular business goals. Buying a franchise requires some money, of course, but you may be surprised at how easy it is to become a franchise owner. An advantage about being a franchise owner is that you lessen your investment risk because you are associated with an established company.
One of the best things about a franchise is that it is usually recognizable by many people, often making you an instant celebrity in the neighborhood. Many franchises offer training and ongoing support for business owners just so they can maintain their established reputation. Of course, like any business, just owning a franchise does not mean that you will always be successful. It will take lots of hard work on your part and you probably will have to put in many, many labor-intensive hours building up your business clientele.
When you become a franchise owner, you have the right to operate that particular business. Initially, you pay a fee for a system developed by the franchisor and you can then use the franchisor’s name for a specific length of time. Sometimes the franchisor will give you additional support such as finding the best location for your business. Many franchisors also provide excellent training and educational resources to help you learn the ropes of the business. He or she is generally available to help you with any aspects of the business because your success means the franchisor’s success! Many franchisors offer free newsletters, periodic seminars, websites and special phone numbers that are available for their business owners.
The costs associated with buying a franchise involve a series of fees. Your initial payment might be quite high and is generally non-refundable. You also may have additional setup fees such as rental deposits, startup equipment, business licenses and initial inventory to buy. Then, you may have to pay the franchisor royalties that will be based on the income you receive from the business. Other costs that you might be faced with along the way are advertising fees that could be in some way connected to the company’s goal of obtaining new franchise owners.
Tags: advertising, Business, franchising, Investment, Money, Opportunities, United States, Website
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Wednesday, September 16th, 2009
Franchise ownership might be considered as symbolic of living the American dream. What could also be considered as an American dream is actually being a franchise owner of a Hooters establishment. This could be an interesting prospect to say the least. Interestingly, the word Franchise comes from old French meaning privilege or freedom, and Hooters seems to hone in on this meaning with development of its interesting business plan.
Hooters are a privately held company, a hospitality business, originating in 1983 in Clearwater, Florida, whose slogan could be “Food and Fun.” Hooters restaurants serve food and alcohol, characterize themselves as neighborhood restaurants, and take pride in their customer service. They do not advertise as a family restaurant, however, ten percent of the parties served have children, so there is a children’s menu.
Hooters is best known for the Hooters Girl (there have been 250,000 employed since 1983) whose uniform consists of orange shorts, a white tank top, or a short-sleeve or long-sleeve T-shirt. Pantyhose and bras are also a requirement of the uniform. The Hooters Girl concept exudes sex appeal and sixty-eight percent of the clientele tend to be male. There has been speculation that “Hooters” is a slang term for a portion of the female anatomy. Hooters do display an owl in its logo, and the chain reaps the benefits from the speculation. Finding success in small-town America and major metropolitan areas in 42 states, Hooters has branched out internationally to include 24 countries, and sales figures are ever increasing.
It’s easy to acquire information on Hooters franchise potential-simply use the Google search engine to obtain information on “Hooters Franchise” or visit the Hooters official website, click on the “Company” link, and go to the “Franchising” section for information. Hooters’ website gives succinct criteria for qualifying you as a potential Hooters franchise investor:
Territory-the location must be approved and 3-5 restaurants must be opened within your territory
Regional Population-there is a minimum requirement of 100,000 people is within a five-mile radius of restaurant
Monetary Investment-there is a requirement of $2 million in liquid assets per restaurant
Experience-there is a requirement of at least five years of multi-restaurant ownership or operation experience
If the criteria are met, it is suggested to send a written proposal to Hooters of America, Inc. (e-mail and mailing address also available on website). Make sure your proposal is written and presented to fit the qualifications criteria.
Research is paramount to investing in a business, so also visit various restaurants and talk to managers about each establishment, interview other restaurant employees, and speak to the corporate franchise department. After thorough research efforts and considerations, a Hooters franchise just might fulfill your American dream-or not.
Tags: Business, Clearwater Florida, franchising, Google search, Hooters, Opportunities, United States
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Tuesday, March 31st, 2009
Finding the best franchise opportunities on the Internet can be quite a hard task. There is estimated to be over 3,500 franchise opportunities in the United States and Canada today. Franchising has proved itself to be the most effective form at one to run their own business, but where are you supposed to look? In this article, I will expose to you where you should look for franchise opportunities, how to properly evaluate the franchise, and how to decide if the particular franchise is the right fit for you.
Where should you look for franchise opportunities? Well, franchise opportunities are all over the internet, the question for you should be which opportunities are worth your time. First off, I suggest that you put together a plan of action before even beginning to research for the best franchise. You need to sit down and figure out which industry you could see yourself owning a business in.
Have you worked in the restaurant business all your life? Are you a personal trainer that has been thinking about opening a gym all your life? These are very valid questions you need to be honest with yourself about. Choosing the industry to buy a franchise in is the most important decision you will make. Once you sign the franchise agreement, there is no turning back.
Okay, so you have found the right industry for your franchise. Now, which particular franchise is the best opportunity for you? When evaluating a franchise, it is extremely important to remember the following: total investment required, franchise fee, management support, number of currently franchised units, and years in business. Those five fundamental categories are the most accurate and best ways to truly see how properly and efficiently the franchise runs. You need to be honest with yourself in regards to your finances. If the initial capital required is $100,000 and all you have is $70,000 then chances are you are looking at a franchise that is way out of your league. It’s better to look at lower costing franchises and use the extra money to focus more on your advertising and marketing efforts.
Now, how are you going to decide if the particular franchise you have chosen is the right fit for you? There are a number of points that you need to think about before signing the franchise agreement. First off, does the franchise opportunity express you? This might sound a bit strange, but it’s very true. If you are a sports fanatic and a work-out maniac, do you really want to spend your days working in a Florist shop? Chances are that you do not. I have seen franchisees blinded by the promise of making big bucks working in industries where they really have no business being in. Franchising in its beginning stages is a 24/7 at least 40 hour a week job. Don’t want to work? Fine, nobody will suffer but yourself. If the franchise opportunity fits your budget, personality, and current life then you should be prepared to put your all in the business for the next couple of years.
Finding the best franchise opportunity for yourself is not an easy task. It can take months, at times even years before you truly find the franchise you want to invest your life into. There are estimated to be over 3,500 franchise opportunities in the United States and Canada today. You should put yourself and the franchisor under a microscope before this life changing decision is made. I have taught you how to evaluate the franchise, yourself, and the industry you should be working in. The rest is up to you my friend. Good luck in your quest to self-employment and independence, it is a great life once you finally reach it.
Tags: Business, Canada, franchise, franchising, Investment, Marketing, Opportunities, United States
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