What are the steps to buying a franchise?
FSB expert Keith Cupp lists four important questions to ask before diving into a franchise. Seasoned franchisers: we want to hear from you! Based on your experiences, why should or shouldn’t our reader purchase a franchise with Williams Chicken Corp?
Comment
Email
RSS
DiggI saw your posting and thought you’d be able to relate or would be interested in getting to know my client who is a serial entrepreneur and franchise expert. His name is Richard Simtob and he has directed the expansion and propelled Wireless Toyz Cellular Superstores into national mega-chain status. In what’s been described as “breakneck speed growth,” Wireless Toyz catapulted onto 2006 Inc. 500’s list of fastest growing privately-held U.S. companies and is ranked #1 in category and 98th fastest-growing franchise by Entrepreneur Magazine in the 2008 Franchise 500.
Before becoming president of finance and franchise development at Wireless Toyz, Simtob was Chief Operating Officer there, managing the expansion of its franchise network through the opening of 66 new stores in 2006 to a total of 180 locations.
Prior to Wireless Toyz, Simtob earned acclaim as a business innovator co-founding Talking Book World Corporation, America’s largest chain of retail outlets specializing in renting audiobooks. He built the company from a concept to a 45-store chain that, by 1999, ranked number 164 on the Inc. 500 list of fastest growing privately held companies. Each year under his leadership Talking Book World was named among Entrepreneur’s top 500 franchises. Learn more about how to choose a franchise or determine whether a franchise business is right for you by contacting Richard Simtob at 866-2FRANCHISE or email him at franchise@wirelesstoyz.com. You may also visit http://www.wirelesstoyz.com/franchise for more information.
Dear Veronica,
As a potential franchisee for William’s Chicken Corp, I would personally suggest you do a lot of research before you jump into the unknown. While your B.S. in Management will help you, it will not be enough to secure you the life experience of individuals in business all their lives. This is why I suggest you approach the franchisor directly and pose a few key questions relating to their franchise opportunity. For example you should ask Q.1 How long have William’s been in business? Q.2 What is the training offered? Q.3 What support will be given? Q. 4 Will I have involvement with other franchisees? Q.5 What are my likely earnings? Most importantly ask can you see their sales histories and financial accounts, so you can calculate your possible ROI in the first year of business. If unsure you should contact some relevant authorities who will provide you with up-to-date and free information such as The International Franchise Association (IFA), or financial consultants, or even on-line directories such as FranchiseDirect.com.
The best of luck with your endeavour!
The most important thing in your research process is to call 10-12 franchise owners, and ask them a couple of key questions:
1. Are you glad you did it?
2. Would you do it again?
3. What is the real scoop on the franchise company’s support?
That is a good start.
Joel Libava-The Franchise King Blog, Cleveland Ohio
Features-
Should you use carrots - and sticks - to nudge your employees toward better health? more -
An entrepreneur says he's found an endless source of cheap energy. Trouble is, it violates the laws of quantum physics. more -
Six are dead in Kentucky. Should business owners have the right to ban guns from the workplace? more -
These five next-generation green vehicles will be faster, more powerful - and cheaper. more -
A small U.S. tour business sends animal lovers into the bush to help threatened species. more -
A rural indie channel is paying $25 million to pair the shock jock's chatter with tractor pulls and Christian cowboys. more
The gentleman referred to is all over the net and it is not good publicity. I can’t say anything specifically but CAUTION is in order. I have been developing franchises for forty years and successfully built and launched some of today’s largest and most successful franchises. I am still amazed at how little effort is expended in checking out various opportunities. You should check out any opportunity thoroughly and esp. need to get input from other franchisees. The Franchise Offering Circular lists the franchisees so it is a directory of people to call. Too, you have to determine the level of sophistication of the support organization. If the members have little skill and past experience operating in a franchisor role for some time, they won’t be able to predict and avoid problems that will arise. Finally, find out how the franchisees are “held together”, not only from the corporate level but also the franchisee association. If you have questions, I am willing to provide a limited amount of advice gratis. Keep in mind that if you are going to buy a franchise you are directly involved in on a day to day basis, I always recommend you go to work for a competitor to see if this is what you want to do for some years into the future. You may change your mind and if you are not passionate about the work you do, you should not do it! John Mauldin