For many people, the idea of a franchise is intriguing: a well established brand that you can piggy-back onto and easily succeed. Well…it’s not quite that easy. Many hopeful business owners have preconceived notions about franchises that don’t account for the difficulty or risk involved in owning one. Many people are not cut out to own franchises and, today, GbBIS helps you find out if a franchise is the right business model for you.
There’s no doubt that a franchise is viewed as one of the safest business models for new business owners. An already established brand, an established customer base, a network of support and management; it would appear that a franchise is an almost perfect business model. But, not everyone is actually cut out to own a franchise.
Joel Libava takes pride in his knowledge of the franchise world, going by the name “The Franchise King.” His experiences have led Joel to come up with two reasons why a person may not be cut out to own a franchise: the financial risk involved and the strict set of rules in place.
Even though a franchise is viewed as one of the safest business models, it is by no means a surefire way to success. The rules and support networks are put in place to help franchisees, but they do not guarantee success. There is still risk involved.
According to Joel, entrepreneurs don’t make the best franchisees (mainly because there are too many rules to follow). Franchisors make their franchisees follow a strict set of rules to ensure each franchise conforms to the same business practices. It is a way of standardizing quality at each location. Unfortunately, people looking to make their own rules and follow their own business practices may view this as a negative rather than a positive.
If you are prepared for the financial risk, and are ready to follow the rules, then go ahead and grab that franchise of your dreams. And once you have your franchise set up, let GbBIS help your franchise find success. GbBIS has over 25 years of experience helping franchises use geography and data to better manage their business. We maintain an extensive library of data to help franchises design territories, target markets, manage direct mail , and more.
Contact GbBIS today and discover how we can help your franchise find success
Visit Us on the Web at gbbis.com
Call Us at 1-877-447-6277
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