In this post, we will discuss the plusses and minuses of both: (I) learning to be a franchisee; and (2) becoming a franchisor, depending on your preferences. For any franchisee, franchises allow you the opportunity to start your own business, however in a way that reduces your startup risk by piggy-backing on the expertise of the franchisor. For example, suppose you wanted to open a new fast-food restaurant. You could either design your own business from scrapes (which has all types of startup dangers) or permit a franchise from a recognized chain like McDonald’s.
With a franchise, you get the power of the McDonald’s brand and marketing knowledge, plus years of functional learning. All you need to do is be the investment finance behind the new store location and manage that business in the years ahead (with high-level support from the franchisor). The drawback to be a franchisee is your long-term financial returns are typically not as high as they could have been, had your launched your own business yourself. Whatever percentage fees will the franchisor, could have been long-term monies into your own pocket.
But, it’s the classic risk/praise conundrum: although the rewards would be higher with your own business, the risks and work are higher certainly, as well (e.g., build a business plan, store design, location strategy, menu design, marketing programs). You merely need to figure out what your personal appetite for risk is, and go from there. Would you like to piggy-back on McDonald’s coattails for a smaller potential comeback?
- Key skills you will obtain by seeking a career in these disciplines
- Motivation: profession perspective vs. personal problem
- Why aren’t they doing certain things
- 3 Discounting and Present Value
Or, would you like to launch the next great junk food chain, for a bigger potential comeback (from a lot more work). To get a franchisor, the advantages are pretty clear: you have opened up a near unlimited supply of investment capital from your franchisees footing the costs of your extension. That is how companies like Starbucks, Dunkin, and Subway Donuts have observed speedy expansion on a worldwide basis.
Yes, you will need to manage this network of franchisees now, which can be distracting. But, no more so than handling your own growth. And, by franchising, you get your brand to advertise considerably faster, before somebody else will come in with a contending concept. There are plenty of websites where you can go to market or research franchise opportunities.
Entrepreneur Magazine also offers a great annual set of the very best 500 Franchises, where you can do additional research. You can find franchise opportunities in literally most any business line (e.g., restaurants, retail, education, home services, business services), so it is worth discovering for both business owners looking for opportunities and set up businesses looking for ways to fund their growth.
I published my contact information on them as well as specific information about the components I used in the jewelry. I dabbled in offering my jewelry on eBay and acquired some magnificent flops along with some thrilling successes. Jewelry is an extremely competitive market on eBay, and success in the web-auction market does take time to develop. To reach your goals in selling jewelry on eBay, you need to there have a constant presence, with at least several auctions up all the time for your do it again customers to find. And if you would like to make a profit of a loss instead, you need to understand and work with eBay’s fees and policies.
Also, you might find you have a lot more success with offering jewelry-making items on eBay than with selling your completed handcrafted jewelry! Clear, closeup photos of your jewelry (or other public sale items) are also essential for eBay success. Actually, great photos are essential to any approach to offering jewelry online.
I learned through significant amounts of learning from your errors how to picture jewelry and get professional-looking results. It’s actually not that hard if you have the right equipment and spend time tinkering with it. Jot down the configurations Then, light, etc. that gave you the best results so you need not re-invent the steering wheel every time you will need to photograph jewelry. I finally figured out that the cheap digital camera I began with just wasn’t made to take close, sharp pictures of jewelry, therefore I mastered the technique of photographing jewelry with a scanner. I learned how to edit jewelry photos with PaintShop Pro also.