Q. What is the primary cause of
failure in business?
A. Technically it is under
capitalization. If you have enough money you can learn
from your mistakes until you get it right. However if you
can learn enough from other’s mistakes you can lower the
capital necessary for success.
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Q. What is the single most important factor that contributes
to business success?
A. Thoroughly documenting and refining
all of your operational systems including marketing and
sales, accounting, HR, and customer service. If it is not
standardized and documented it can’t be improved. |
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Q. Why should someone consider investing in a franchise as
opposed to starting a business on his or her own?
A. Nine of ten independent business
startups are gone within five years, while nine of ten
franchise business are still around. By investing in a
franchise, you shortcut the learning curve, enabling you to
get into the profit column quicker. You have the benefit of
using documented and proven systems for success, and you can
benefit from networking with people who are doing exactly the
same thing you are. |
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Q. How do I know that I would be a successful candidate for a
franchise?
A. Generally if you have been successful
working for someone else and have been a good employee, you
probably have a good chance of succeeding in the right
franchise. |
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Q. How do I find the franchise that is right for me?
A. First you have to determine what you
want a business to do for YOU. Answer questions like where and
what hours you want to work, what you’re comfortable doing,
where you want to be financially and what you want to do with
your life when you are NOT working. Once you have established
your personal and business goals, you need to find businesses
that can most likely help you reach them. |
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Q.
How can FranNet help?
A. We can help you build a
business model that takes into account all of the factors that
you define as success. Then we can filter down 3 or 4 business
that comes close to that business model. FranNet has developed
a scientific and standardized process for researching those
few business to determine the one that is just right for you. |
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Q. What kind of franchises is there?
A. Most people think of food retail when
they think of franchising, but we represent businesses in
automotive, retail, business to business and personal,
education, training, child enrichment plus new and innovative
food concepts. |
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Q. What’s the biggest mistake people make getting into
business for themselves?
A. Getting into a business they can’t
afford. But next to that is choosing a business based on an
“opportunity “, be it a new invention, a ground breaking new
service or just a piece of property they think would be right
for a specific business. All of these ideas may ultimately
make money, but it will probably cost a lot less and get you
more of what you want by allowing FranNet to help you
determine the right business for you. |
