Franchise Genius: If you have any experience in the computing and telecommunications industries, a technology franchise could be the perfect fit. There’s no denying that technology is a booming industry. Over 75% of American households own and use a computer. Cell phone usage has been steadily climbing since the 80s, and today it’s estimated that over a billion people own and use cell phones worldwide. These are just two areas in which your knowledge of technology can help you own and operate a successful technology franchise.
One of the best reasons for starting a technology franchise is the demand for these types of services in the marketplace. Technology changes so fast that there is always a large percentage of the population who needs help with technology-related issues. Whether it’s installing a program on their computer, managing their cell phone or creating a website for their business, your role as a technology business owner can help bridge the gap between their needs and their knowledge.
Mobile computer repair is one of the largest sectors in the world of technology franchises. Computers are so integral to daily life that people can no longer wait a few days or weeks to get their computer back from a typical repair company. They’re looking for the convenience of having someone come to their home and repair their computer in a matter of hours. There is a huge demand for quick and reliable service and owning a Computer Medics franchise allows you to meet that demand.
Computer Medics has a proven business model that will give you a leg up in the world of computer repair. The parent company will provide you with training, support and tools that you need to have success with your technology franchise. As you work, you build long-term relationships with your clients based on your trust and professionalism. For someone with experience in IT or strong interest in computers, this could be the perfect technology franchise.
Businesses also have a need for technology support just like independent consumers. Concerto Networks is a technology franchise that taps into this growing need. As a Concerto Networks business owner you’ll be able to help small to medium-sized businesses manage the technology that helps them make money on a daily basis. From computers and the internet, to phones and PDAs, Concerto Networks technicians help businesses run efficiently.
Another interesting option in the technology franchise industry is cartridge refilling. Considering the price of new ink cartridges for printers, it’s easy to understand why this is a booming business. Cartridge Depot is a technology franchise that aims to change the way people think about ink and toner replacement. With this business, you sell remanufactured cartridges that offer the same quality as new cartridges for just a percentage of the price. Not only does this technology business allow you to help others, but as you recycle cartridges for your customers you will be helping the environment as well.
By: FranchiseGenius.com is the largest, most comprehensive online directory of franchise concepts and includes a franchise resource center full of objective and useful information.
Month: March 2009
Where other businesses struggle, franchise businesses thrive. Wendy’s and McDonald’s are prime examples of successful franchise businesses, and also provide inspiration for those individuals who really want to form their own successful businesses in the future. With a brand behind you and a good idea of what does and does not sell, it is no wonder that you have chosen to consider a franchise.
There are two types of franchises out there. One is the good franchise that takes care of its franchisees, providing training and support throughout. The second type does nothing but take from the franchisee and pushes for profit. There is a third type of franchise and that is the one that will rip off franchisees, taking them for as much money as possible. The latter two are not worth the time, money and energy, whereas the former is extremely desirable.
As such, it is essential that you do your research and investigate a franchise thoroughly before signing a contract or paying out any money. The list of questions below may help you to find the better ones as the answers they will yield will give you enough information to make an informed decision:
1. Have you and your attorney analyzed the franchise agreement in detail and do you both completely agree with the details?
2. Are there any elements or step required of you that would break the law or be to the detriment of yourself or your country?
3. Do the provisions in the franchise agreement give you exclusive territory for the period of your contract? If not, what is the maximum number of franchises that may open in your area?
4. Is this franchisor connected in any way with any other franchise company handling similar products or services?
5. If you answered yes to the above question, what is your protection against the second franchising company?
6. If you decide to end the franchising contract for any reason, what are the provisions for you to pull out of the contract and how much would you have to pay to break the agreement?
7. Are you able to sell your franchise during or at the end of your contract? If you are legally allowed to do so, what are the repercussions related to compensation?
8. What time period represents the duration of your contract and how long has the franchisor actually been in full operation?
9. Does the company offering you this franchise have a reputation for honesty and fair dealing among its franchisees?
10. Has the franchisor shown you any certified figures indicating exact net profits of one or more of its members, and have you personally checked the figures with these people?
11. Are you able to tap into franchisor assistance with training, PR, advertising, capital, credit or merchandising?
12. Are you offered assistance for finding the best location possible in your chosen area?
13. Does the franchising firm have solid financial input to ensure stability and the establishment of goals?
14. Does the franchisor have experienced management, trained in-depth?
15. Can the franchisor do anything above and beyond what you are capable of yourself?
16. Have investigations into your background been carried out and has the franchisor been assured that you are capable of making a profit?
17. Does the state in which you live in have franchising laws in place, and does the franchisor adhere to them completely?
18. How much equity capital will you need to purchase the franchise and operate it until your income equals your expenses?
It is extremely important to answer these questions fully and to your complete satisfaction. If this is the case then you may be extremely eager to become a franchisee. However, you should research all answers to get them verified in several places to ensure that your investment would be a wise one.
Purchasing a franchise can provide you with stability and profits in a short period of time but that is not to say that it is infallible. Less than 20% of all franchises fail so you need to ensure that you do not become a statistic. Information regarding specific franchising ideas can be found in the franchising directories, which are generally available at the local library. This will give you a little assistance to get started but you need to ensure that you are completely happy before committing.
About the Author:
GlobalBX provides a FREE business for sale exchange connecting business buyers, sellers and lenders. Search over 32,000 businesses for sale and franchise opportunities. Sell a business for free with no listing fees and zero commissions. We have all the top franchises as well as franchise resales. Find franchise reviews and get free franchise information. You can also contact over 300 lenders directly and get a business loan.
Franchising has a longer history than many people may imagine but there have been several defining moments during its history. One of the biggest events occurred on October 21, 1979 when the Federal Trade Commission (FTC) introduced the Franchise Rule. This was designed to protect franchisees because it asserted that all US operational franchisors were legally obliged to fully disclose details that all potential franchisees should know before committing to investment.
As such, it enforced FTC standards to ensure that all disclosures contained uniform information that has been prepared to meet the legal criteria. One of the main requirements of this law ensured that there has to be evidence to support any financial details given. This in turn assures all potential franchisees that there is profit to be made and make them fully aware of any pitfalls.
More specifically, the Franchise Rule requires the following information to be disclosed by all franchisors:
(a) The franchisor must declare its affiliates, directors, officers, management and individuals responsible for all areas of the business, such as training, support, and franchising information.
(b) The franchisor must declare whether it or any of its officers, management, and directors have ever been bankrupt or faced lawsuits in the past, even those from before the individual in question joined the business.
(c) The exact amount you are expected to pay in franchise fees and various other associated charges must be disclosed. This includes all immediate and ongoing payments after the franchise contract is signed and the business has opened.
(d) Any and all restrictions on the quality of goods and services that you, as a franchisee, may use. This includes any purchase restrictions that may be in place.
(e) Any help and support that will be offered by the franchisor and any affiliates including financial support.
(f) All restrictions applicable to the goods and services you will be managing and selling, as well as any restrictions that you have to work with when dealing with customers.
(g) Any advantage or guarantees provided regarding the location and locality of the franchise.
(h) The franchise conditions under which your franchise may be terminated, sold on to another franchisee, repurchased, or modified.
(i) Franchisee training programs that are available and any fees associated with them.
(j) The involvement, if any, of celebrities or known figures in the public eye within the business, whether in advertising or behind the scenes.
(k) Site selection assistance that is offered by the franchisor.
(l) The number of present franchises, franchises projected for the future, franchises terminated or not to be renewed, and the number repurchased in the past.
(m) Full financial statement disclosure.
(n) How far you are expected to participate within the franchise operation after becoming a franchisee.
(o) Full disclosure of proof for earnings and profit claims made regarding other franchisees.
(p) Full names and addresses of franchisees that you can talk to.
All of the above legal considerations of franchising must be fully disclosed during initial contact with the representative of the franchise, whether that is a broker or the franchisor him or herself. As soon as the franchise opportunity is discussed, the legal considerations must be fully disclosed. The disclosure must be at least ten days prior to payment or to any franchise or related contract being signed. This pertains to the contract signing itself and also any financial statements changing hands.
The Federal Trade Commission does not require franchisors to register, but depending on the state your franchise may be in, it may have to register on a local level. The Uniform Franchise Circular Offering (UFOC) guidelines have been adopted by most states as a result of their strict disclosure requirements. However, you should never take it for granted that the franchise is registered or offers full disclosure, thus providing you with protection of any kind. You must research the franchisor fully before committing.
About the Author:
GlobalBX provides a FREE business for sale exchange connecting business buyers, sellers and lenders. Search over 32,000 businesses for sale and franchises for sale. Sell your business for sale for free with no listing fees and zero commissions. We have 1000s of franchises as well as franchise resales. Find franchise reviews and get free franchise information. You can also contact over 300 lenders directly and get a business loan.
Are you familiar with joint venture partnerships?
In the course of a month, it’s not uncommon for me to receive several emails from people who are launching a book, product, or program with an invitation to participate in “getting the word out” to people in my network. The invitation includes offering a free high value bonus to purchasers of that book, product or program. If the bonus is accepted, each partner is supplied with the promotional emails to send out to their list on a specific day or time frame.
It’s a cost effective way to reach hundreds, thousands, and millions of people all over the world to build your email list and generate income.
This practice has been around for years. You’ve probably received tons of emails either inviting you to participate as a JV partner or make a purchase based on the trusted recommendation of the email list you’re on. Once the purchase is made, people have access to all the free bonuses submitted.
In the last few years, I have invited folks to partner with me as well as agreeing to promote select campaigns because I cannot say yes to every invitation that comes my way.
Some of the criteria I use to make my choices to say yes:
* I have partnered with that person previously and trust in their material and reputation
* The invitation is a referral from someone I know and trust
* There is an opportunity to generate affiliate income from referral registrations
* I have reviewed or experienced the book, product or program in advance to assess it is a good fit for my list, complements my own business focus, and is of high value
* The author of the material is available to be interviewed in my Compelling Conversations Series if I want to book them as part of the promotion to introduce them to my network
* The information has a fresh perspective on material that might not be new (what really is new?)
* I have a good feel for it, intuitively
On the whole, I have found JV partnerships to be a great way to introduce my business to new markets, build my reputation and brand, and generate income. Having folks promote my products and programs to their network has been a tremendous support in marketing my business. So it has been disappointing in the last few years to see that some people have dropped the ball in their agreements to promote the campaigns to their list.
I’ve had this happen on at least two occasions. They’ve given me different reasons for not following through and I believe it becomes even more important to be selective about commitments Today, people are inundated with so many invitations they are saying yes to more things than they can manage. To me it’s about integrity and ethics. If I say I will promote something, barring an emergency, you can count on me to do what I say I will do, period. If I need to change my mind, I will let people know as far in advance as possible.
So, if you are using JV promotions to build your business, be sure you are saying yes for the right reasons:
* It’s a good fit for your market
* You can honestly recommend the product
* You have the time, energy, and space to add another commitment to your plate
* You have the systems in place to follow through on your promotion agreements
* You send out the promo mailing when you say you will
When folks are looking for additional JV partners, they will look at prior campaigns for ideas on who to contact. The web is a small place and people talk. You can either foster a positive or negative reputation.
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Planning Ahead
BusinessAdvicePro: Long range plans, not yours, not anyone else’s, should be taken seriously. Long range plans NEED to have the flexibility to change or you should be ready to wipe them out completely. I personally feel long range plans are extremely difficult to make, too exact plans anyhow. Thus – if anyone asks me about plans, my most regular answer during the past 5 or 10 years has been – you mean something in the longer term than 3 hours? No idea. I can’t put myself to do such plans. Of course I know that I’m interested in learning about business and marketing. I’m doing that, most likely 3 more hours. But after that? Well, probably, probably or most likely also tomorrow and next week. Most likely. But it’s far from a plan, it’s an idea, a possibility. This is of course an extreme example but you get the point.
Max Gunther on planning ahead [BusinessAdvicePro]