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Assessing The Best
Home Based Franchises To Buy
There are many home based franchises to buy. Which is the best to choose? What criteria should you be looking at? And, anyway, is a small franchise opportunity really a good idea - or would you be better starting your own homebased business from scratch?WHAT IS A FRANCHISE In effect you purchase the right to use an existing brand name, and a set of tried and tested systems and procedures. You enter into a legal agreement with a franchisor who will normally provide a range of services including training, product supply, marketing support and finance. ADVANTAGES OF A FRANCHISE There is evidence that people who purchase a franchise do better on average than those who create their own small businesses.
Therefore, it is perceived as a less risky option and a bank may be more likely to lend you money to purchase a franchise than to start your own small business idea.You are investing in a turnkey business, one which is ready to run as soon as you are given the key and you switch on. However, you will still need to assess whether the business you are looking at has a proven success record and has a good chance of providing a good return on your investment. DISADVANTAGES OF A FRANCHISE You will need to invest several thousand dollars to get going. Most business ideas you'll read about on this web site can be started for much lower cost. When you invest a lot of money upfront, there is much greater pressure to produce quick profits to pay back loans and cover other start up expenses. You must follow the rules and operating procedures laid down by the franchisor. So you give up control over various aspects of your business. At the same time, you have to take on various contractual obligations. If you refuse to comply with the franchise rules, the franchisor can terminate your contract. So if you are thinking of becoming self employed so you can stop working for a boss, a franchise may not be the ideal solution for you.
Buying a turnkey business with a proven success record is no guarantee that it will work for you. What could go wrong? You need to think about questions such as:- Do you really want to be in this line business - and do you have the right skills?
- Is there sufficient demand for this business in your community?
- Do you trust and feel at ease with the people who run this franchise?
You can start exploring home based franchises to buy at franchise trade shows or in specialist magazines or web sites. It's also worth doing some research on both small franchises and MLM and understanding the differences between them.
BACK to TOP Home Based Franchises to BuyHOME to Successful Home Based Business
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LEARN FROM THE EXPERTS You can read some great advice on real home based businesses in our series of expert interviews
SELLING on eBAY
Skip McGrath, author of many books including The Complete eBay Marketing System talks about how a novice can get started selling on eBay. HOME STAGING
Debra Gould, the 'Staging Diva' provides great tips for a business focused on improving the internal decor of homes making them easier to sell. FREELANCE BOOKKEEPING
Sylvia Jaumann, author of Starting & Running Your Own Bookkeeping Business, advises on starting a bookkeeping business from home. RESUME WRITING
Teena Rose, author of The Ultimate Resource to Building a $100,000 Resume-Writing Business, explains why resume writing is in demand in tough economic times. FREELANCE TUTORING
Dr Alicia Holland-Johnson, author of Becoming a Better Tutor, explains what subject areas are in demand and how to find customers. HOME BASED COURIER
Sam Knowlton, who runs the CourierPros web site with Bob Lavendusky, advises how a freelance courier can compete against national courier companies. SELLING USED BOOKS
Joe Waynick, author of Internet Bookselling Made Easy! How to Earn a Living Selling Used Books Online, advises how to get started by selling books you already own.
Home BIZ Update
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