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.

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