One option when starting up any business is to become part of a franchise. This allows you to run what is in effect still your own business but gives the advantage of becoming a part of a larger entity which can provide you with its products, its techniques, image, advertising and training. Examples of modern franchises include McDonalds, Pizza Hut and Subway.
If you wish to have your home based business be a part of a franchise, you have to buy into it from the “franchisor”. This requires payment (usually upfront) of a one time franchise fee and then an ongoing royalty payment. It also means that you will have to follow certain rules and regulations laid down by the franchisor, so be sure you know what you’re getting yourself into and that you can abide by these rules and regulations before you sign anything or hand over any money.
People looking to go into business by themselves in order to have complete autonomy and always set their own rules may chafe against some of the restrictions of a franchise. On the other hand, franchising is a highly successful and increasingly popular way of allowing people to go into business for themselves, and yet at the same time not by themselves. Becoming a part of a franchise means a much higher chance of success for your home based business as you are joining what is already a successful and proven business model, with products, operations and services already established and marketed. Make certain that the franchise you are choosing to become a part of is established and has a good reputation and a proven track record. Also be sure that, before you sign anything, you have a lawyer, accountant or some other trusted legal representative to look over the contract and ensure that you are getting everything you think you are paying for.
It goes without saying that when entering into a franchise agreement, you must have the same level of passion and commitment that you would have launching any other home based business. If you have any doubts about your interest or level of commitment to a franchise, or are uncertain about how comfortable you are being a part of it, do not take it on until you have put all these issue to rest.
Entering into a franchise without real passion or 100 commitment is a virtual guarantee that that franchise will fail. Don’t forget the main reason you are getting into a home based business in the first place – to have more power and control over your own life and direction, to have less stress and more fun. Yes, like any other business, it’s hard work and requires a lot of determination, effort and persistence. That just makes it all the more important that if you don’t think you that running a franchise will be fun for you – don’t do it. The right outlook and a sense of humour, on the other hand, will serve you well and take you far.
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