Franchise Glossary
Business start-ups via franchising
Starting up a business and becoming one’s own boss is never easy. When starting up a franchise business, therefore, all relevant factors should be checked in detail just as with any other business start-up.
A person’s character is also important when starting up a business
The very first question that should be asked is whether a person has the
right character for starting up their own business. Are they really aware of the
extensive tasks and responsibilities that business start-ups involve? Do they
have the drive and determination that is needed for a business start-up and do
they have the strength to cope with the business - and possibly financial -
difficulties that a company often has to face? Are they prepared to work much
longer hours than a “normal employee”? Are they able to cope with the pressure
of competition which they will have to face? Are the prepared to sacrifice some
of their private life to invest their time and energy in the new business?
However, when considering a business start-up the question of ability and
know-how must not be forgotten. Do they have, for example, the necessary
business knowledge to make the start-up a success? Do they need to gain more
specialist knowledge or learn more about the branch for the business start-up?
Priorities and skills certainly differ as each and every business
start-up is different. And starting up a franchise business means that some
previous skills may not be required as the franchisor provides training courses
to teach franchisees what they need to know or have the necessary specialists
working at the franchise head office. However, all aspects of a business
start-up should be looked at in detail before the decision is made to go
ahead.
A wide range of opportunities for entrepreneurs
People considering starting up their own business can find a huge amount
of material on the Internet, most of which is free of charge. Furthermore, there
are a number of organizations which provide free business start-up advice, for
example from municipal, regional and national institutions, from chambers of
commerce, business start-up competitions, associations or other business
start-up initiatives. Franchise consultants work within the field of franchising
itself such as Howarth Franchising. Serious and respectable franchisors will
also question each applicant in detail to find out whether they are suitable for
the franchise or not and will turn them down if they believe they are not right
for the franchise.
Business start-up consultants not only help when it comes to the question
of personal suitability. Their support can also play a financial role as they
often know about public funds and grants that others are unaware of. This is
also true for franchise business start-ups.
As every franchise start-up involves the signing of a franchise
agreement, potential franchisees should first get legal advice from an expert
before putting their signature on the contract. Any important document - and
therefore franchise agreements, too - should always be looked at and assessed by
an expert first.
What is always true for business start-ups is: get wise before you start!
Even after the business has been started up, entrepreneurs find themselves having to face new hurdles and problems for which they must find a solution. Those people who looked at business start-ups in detail before going ahead with their plans will find it easier to negotiate the difficult path of being one’s own boss than those who only realize what they have to face once their business is up and running. People who take a business start-up as seriously as they should and who enjoy new challenges have a very good chance of making their new business a success. Especially if they have a strong franchisor at their side during the business start-up phase and beyond.