Archive for the ‘Franchising’ Category
Value is the number one concern of many prospective business owners. The first thing new business owners typically ask is, “Can I afford this business?”
The answer to this question is one of the key factors that will ultimately determine the entrepreneur’s business decision. Franchising – as opposed to many other business opportunities – has an advantage for cost-sensitive entrepreneurs. By law, the franchising company must disclose all costs and fees up front in their Franchise Disclosure Document (FDD) before anyone signs on the dotted line.
Some of the key things to look for when reviewing the company’s FDD are the following:
- Initial Franchise Fees – Most franchise companies require a new franchisee to pay a one time initial fee to become a franchisee. These costs can vary significantly, so it’s important to research if carefully if you’re looking for a low-cost franchise.
- Royalties - These are the ongoing fees you pay back to the franchisor. This fee is normally expressed as a percentage of the gross revenue of the franchised business, but can also be a fixed periodic amount, regardless of revenue.
- Marketing – Franchises often require participation in a common advertising or marketing fund. This fund is frequently a national program, but it can also have a regional or local market focus. As with royalty fees, this can be a fixed contribution or calculated as a percentage of revenue.
- Required Purchases – Franchisors often require you to buy certain products from them or specific vendors. Just make sure the prices are competitive.
When determining the best low-cost franchising option, you need to really look at which option delivers the better value. Who is more fair and reasonable in relation to the fees and costs that are charged?
One franchise that meets these standards is Instant Tax Service, which was recently named by Entrepreneur magazine as the number one low cost franchise opportunity. Also named the number one new franchise and one of the fastest growing franchises in the country by Entrepreneur, Instant Tax Service is now actively seeking qualified candidates who are interested in working just 17 weeks a year in a recession-resistant industry.
In addition to a low cost entry point, Instant Tax Service also provides comprehensive training, marketing support and all the resources necessary to get business owners up and running – with or without initial experience in the tax preparation business. Instant Tax Service can also provides franchisees with the flexibility to work just 17 weeks a year during the January-April tax season.
Check out the Instant Tax Service digital brochure for more information, or fill out a request for information here to see if this is the right opportunity for you.
Deciding to go into business is one of life’s major turning points – and a very exciting one at that!
There are a lot of franchise models out there, and choosing the one that best fits you is critically important to ensuring long-term success and personal satisfaction. Here are some key factors you should think about as you explore the world of franchising.
Define Yourself
The first step in finding the right franchise is to look inward. What are your strengths and weaknesses? Are you a team player, or do you prefer to work alone? What are your skill sets? Are they easily transferable to a variety of industries, or just one or two in particular? Only after you’ve done a thorough self examination will you be prepared to make a major business decision that could impact the rest of your life.
Choose an Industry that Interests You
We all know people who hate their jobs. One of the greatest advantages you have when buying a franchise is the freedom to choose an industry you’re interested in. The very first thing you should do when investigating a franchise is to narrow down your choices to just a handful of industries. If you don’t like pizza and are allergic to cheese, it’s probably not a good idea to buy a pizza business – no matter how good the investment may look.
Popularity Doesn’t Always Equal Profitability
Another big mistake people make when deciding what kind of franchise to buy is choosing a franchise based on popularity. Just because you see the same burger joint on every corner doesn’t mean that burger franchise is right for you. Don’t get caught up with popular trends or popular concepts. Always keep your objective in mind – and that’s to make money and have fun with your new franchise investment.
Do Your Research
Study the franchise concept you’re interested in. Find out about their history, pace of growth and potential geographical areas of expansion. Find out how many franchises in that business were opened during the last several years and how many – if any – have closed. This will give you a good idea of the stability of the operation.
Decide what you can Afford
Remember that there’s no harm in asking a lot of questions. In fact, you should ask a whole host of questions before you jump into a franchise system. The biggest question you should be asking is the amount of your overall investment. Is an initial investment the total amount required to get into the system or is it just a down payment or part of the franchisee fee? There are many other costs you’ll want to consider, including build out, legal fees, supplies and working capital. Know what all of these costs are – and what you can afford – before you move forward.
Create a Business Plan
Designing a business plan can serve many purposes. It can be a road map for business success or the crucial document you present to a lender to assist you in getting financing. Either way, a business plan will help you keep on track and set both business and personal goals.
These are just some of the many factors that should go into making the right franchise decision. Remember, buying a franchise is a big business investment, and should be approached like one. Don’t get caught up in the moment!
Is franchising right for you? Explore more franchising opportunities here.
Are you looking for a new start in a recession resistant industry?
Career planning has taken on a new urgency for much of the country amid the current recession. The U.S. – and much of the world – faces record-breaking stock market plunges, a devalued net worth, and high unemployment. As the financial crisis continues to take its toll, the natural tendency is to hold your ground and hope that better days are on the horizon. Unfortunately for many, that’s not a prescription for long-term success.
Times of great change and upheaval have historically resulted in some of our greatest innovative business opportunities. Where do you want to be 5 years from now?
Throughout history, you’ll see numerous examples of entrepreneurs who have succeeded in the face of a bad economy. Hewlett-Packard and Texas Instruments were launched during the Great Depression; DuPont was applying for patents to the secrets behind neoprene and nylon at the same time.
But how can you succeed in the face of this current recession? Not everyone is a chemical engineer with a secret to patent! The good news is that most economists and historians would agree that there are plenty of industries out there right now that have done historically done well in tough economic times. Specifically, it’s those businesses that will continue to serve our society’s most basic needs – like taxes, food, energy and health care.
For many new companies – especially today – just getting to the breakeven point is tough. That’s why industries like tax preparation have grown so much over the last ten years. Every American pays taxes. No matter what the economy’s doing, the need for tax preparation services will always be there. As our population continues to climb and our tax code becomes more complex with every new piece of legislation, there will continue to be a need for the tax preparation business model.
Additionally, business owners in the tax preparation industry benefit from the ability to work just 17 weeks a year during tax season. This seasonal flexibility and the potential return on your initial investment allows business owners to enjoy the rest of the year pursuing other interests. That means more time for family, friends, vacation and other business endeavors.
Of course, discovering the right recession resistant industry – like the tax preparation industry – is just the beginning of picking the right investment. You’ll also want to align yourself with a competent and trustworthy management team that can help you create a financially sound system with the ability to offer high quality products or services. Tax industry franchisees benefit from corporate training programs and support structures.
If you’re interested in owning your own tax preparation business, working an average of just 17 weeks a year, and want to join Entrepreneur magazine’s Top New Franchise, #1 Low Cost Franchise and one of the Top 10 Fastest Growing Franchises of 2009, click here.
As the first quarter comes to a close, the economy is obviously at the top of everyone’s minds. We’re faced with financial challenges that have not been seen in over a generation as the business landscape has changed dramatically amid the current recession.
But if you look around and talk to people in the know, they’ll tell you that positive signs are emerging. Three major banks at the center of the crisis, Bank of America, JP Morgan Chase and Citigroup, all reported last week that they were operating at a profit. General Motors, who many thought would not even make it this far, told US officials that they did not need $2 billion in aid originally requested to get them through March. While it’s certainly way too early to signal the end of hard times, if you’re thinking about starting new business, it might be a good idea to hurry up and do it before the recession ends!
That’s right: For some entrepreneurs, a recession is the perfect time to reevaluate goals and launch a new business. Owning your own business frees you from the burden of corporate control and allows you to call the shots. And while a recession is hard on everyone, franchising allows a new business owner to become his or her own boss while benefiting from a proven business model, infrastructure and support of an established brand.
What if I told you that there is a franchise out there right now that is actively seeking qualified candidates who are interested in only working just 17-weeks a year in an industry that will continue to grow despite any economic condition. Would you be interested? I thought you would. That’s why I want to introduce you to Instant Tax Service, the #3 fastest growing franchise, the #1 new franchise, and the #1 low cost franchise according to Entrepreneur magazine’s “2009 Franchise 500″ ranking.
Since 2000, Instant Tax Service has rapidly grown into a dynamic presence in the income tax service industry. Their nationwide locations are operated by hardworking, entrepreneurial income tax franchise owners just like you.
Instant Tax Service’s average third-year income tax franchisee is thirty-six years old and started franchising on an initial investment of less than $50,000. Most franchisees had no initial experience in income tax preparation or the income tax franchise business. Instant Tax Service provides all the tools, training, and resources you need to open your own business.
If you’re worried about not having any tax experience, it’s not a problem. Instant Tax Service’s comprehensive tax software is simple and easy to use and they provide all the income tax franchise training you will need to get started. Worried about your initial investment? Instant Tax Service’s franchise startup fees are reasonable, and they have funding options available to qualifying candidates.
As for marketing, Instant Tax does not expect you to spend all day on the sidewalk waving signs. You have a business to run and that is why they support all franchisees with a multi-million dollar national advertising campaign, comprehensive local area marketing resources and marketing plans that have been effectively proven to build an income tax franchising business.
Remember that if you have other business opportunities or need to keep your current job, becoming an Instant Tax Service franchisee will provide you with the flexibility to work just four months a year during the January-April tax season. If interested, check out Instant Tax Service’s online digital brochure for more information, or fill out a request for information here.
Face it, you’ve been dreaming about it for years. The thought of owning your own business has probably kept you up at night. Who wouldn’t want to work for themselves and call the shots, right? Owning your own business is a dream come true for many – and there are plenty of benefits that go along with being your own boss.
One of the best advantages – and the one we probably don’t even have to mention! – is that going into business for yourself means being your own boss. There’s nobody looking over your shoulder or telling you what to do. Gone are the traditional office politics and cubicle living, and in their place is the freedom to make the decisions you alone believe are best for the growth and success of your business.
Another great benefit to owning your own business is the number of options open to you as a potential business owner. In this rough economy, many potential business owners are looking to franchising as a great way to achieve business ownership while benefiting from the proven business model, infrastructure and support of an established brand.
We’ve all heard of restaurant franchising, but what kind of franchise is a good bet when the economy is down? People aren’t going out as much. What’s a great business people are going to turn to year after year?
Did you know that you could be a successful business owner working only 17 weeks season in the tax preparation franchise industry? That’s right, just 17 weeks!
This seasonal schedule and flexibility allow tax industry franchisees to enjoy the rest of the year pursuing other interests. Spend more time with your family, take that trip around the world you always wanted… or even build another business! Click here to learn more about becoming a tax industry franchisee.
Owning your own business also makes you a vital part of the community where you live, work and play. Did you know that, according to the U.S. Small Business Administration, small businesses create two of every three new jobs, produce 39% of the gross national product, and invent more than half the nation’s technological innovations? Imagine the possibilities and contributions you could make to your community!
Another advantage of business ownership is the ability to control your own destiny. Large corporations can be adverse to change, while owning your own business can give you ability to make rapid decisions and implement course corrections when the economy dictates. In the ocean of business, mega-corporations turn like tankers, while small businesses have the speed and agility of a speedboat – something very important in our current economic climate.
Let’s face it – as an employee you can dedicate years of your life to a company only to find yourself out of a job because of some dumb move made by the guys at the top. A recession, management changes, mergers, acquisitions, downsizing and outsourcing all have a tendency to force sudden and unexpected change. However, if you own your own business, you’ll be facing today’s competition and change on your own terms.
You’ll be your own boss. Isn’t that a business benefit worth looking into?
