should you become franchise owner?
TRANSCRIPT
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Should You Become Franchise Owner?
www.thefranchiseking.com
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About The Franchise King®Joel Libava
Joel has been involved in some facet of franchising for over 20 years, and is the author of, “Become a Franchise Owner” (John Wiley & Sons, Publisher.) He’s also a franchise ownership advisor.
www.thefranchiseking.com
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Should You Get A “Job?” Or, Should You Own What You Do?• Job • Own What You Do
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Well? What Should You Do?
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Your Last 3 Bosses?
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If you feel that you could be a successful small business owner, why the heck are you willing to
work for someone else?
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“Sure, I’d like to start my own business, but I think it’s way too risky.”
Lunch. At the top.
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3 ways to go onto business
• Start from scratch
• Buy an existing business
• Invest in a franchise
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What is a Franchise
• Licensing system for the selling of products/services
• Franchisor sells licenses to others (Franchisees)
• License includes guidelines to follow
• Franchisees usually have an assigned geographic territory
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How does franchising impact the USA Economy?
• Generates 18 million jobs
• Contributes 50% of all retail and service $
• Produces over $1.5 trillion in econ. output
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Franchise Advantages
• Systems are already in place to help you get started rapidly- a blueprint
• Formal training program• Branding. Maybe…• What else?
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Franchise Disadvantages
• There is a system, but it’s not yours
• You don’t have total control. Lots of rules
• What else would be a disadvantage?
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What You Get With A Franchise
• Operating system• Their experience• Formal training• Support• Branding• Purchasing Power• Marketing• Franchise network
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Can you see yourself as an owner?
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Some Franchise Types
• Food Service• Retail• Personal Services• B2B• Children’s Services• Green
Check out hundred’s of franchises at www.franchisedirect.com
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Investment AmountsYour total investment for a franchise
depends on the type of franchise it is…
Home-Based- $40k+
Retail- $150,000+
Food franchises- $150,000+
Service franchises- $100,000+
Hotels/Motels- $5 million ++++
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Franchise Research
• The FDD
• Online Investigation
• Current Franchisees
• Former Franchisees
• Make a List of Questions to Ask
• Ask The Tough Questions!
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Financing a Franchise
• Your cash injection• Using current banking relationships• Projections• Your story
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Questions?
For more information on how to carefully choose, properly research franchises, go to- www.thefranchiseking.com
Email- [email protected]
Call-216-831-2610
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Thank You For Attending!