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Advice to consider when wanting to start a franchise

By Jamshaid Hashmi Subscribe to RSS | July 18th 2012 | Views:
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In today’s economic climate, many people are considering opening their own business. However, many are hesitant because they don’t want to take on the risk associated with opening their own business.

With any venture, it is important to keep in mind your risk to reward ratio and your desired acceptable risk level. Decide if running your own business is right for you – will you cope with the challenges of being an entrepreneur.

Why franchising is gaining popularity

Owning your own business is a daunting, and often times, lonely task. There are many challenges to running a business by yourself. It is for these reasons that many potential entrepreneurs look to start a franchise when deciding to start their own business.

With a franchise, the process of you opening your own business is simplified. You don’t need to start off from scratch and you buy-in to a tried and tested concept. The failure rate for franchise businesses is lower than that of new independent start-ups. This is because you are able to leverage off an already successful brand and system.

Common Myths about franchising

1. It is an expensive exercise – while a franchise can be costly, so can starting your own business. Many franchises have low start up costs – you just need to be on the lookout for these potential opportunities.

2. With a franchise, you don’t get any support – it is important to have thoroughly researched the franchise and make sure you are looking at a reputable partner when you start a franchise business.

3. Franchises stifle creativity – this is not the case, in fact the right franchise can foster creativity!

The importance of finding the right franchise partner

When starting a franchise business, you are buying into an already existing concept. You are looking for a company that already has an established reputation and a brand that you can leverage off. A good franchise group should spend time marketing itself. If the franchise group does not actively market, it will make it much more difficult for you to be successful.

Do your research on any potential franchises that you are interested in - network with existing franchises to confirm your choice and find out answers to your burning questions.

Jamshaid Hashmi - About Author:
About WSI Franchise:
WSI is the world's leading Internet Marketing Franchise providing affordable Internet marketing solutions and web development solutions to small and medium sized business. WSI is the #1 Internet and Technology Services Franchise. WSI has one of the most diverse networks of franchisees anywhere in the world. It has been in business since 1995 and has expanded to over 80 countries making it a true multi-national company. The collective body of WSI franchisees hold more diverse business acumen than probably any other company in the world. WSI franchise offers a proven, established business model for those wishing to start their own Internet marketing business. For more information visit: http://www.wsifranchise.com

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