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Owning a franchise is an attractive option for young entrepreneurs. You don’t have to start at the bottom and work your way up to the position you actually want. When you own a franchise, you start as the owner, just as you would if you opened a business independently. However, franchising as young entrepreneurs provides not only the training to launch the business. It also provides a support system of tools and technology to run the enterprise successfully.
If you’re entrepreneurially-minded, a franchise offers not only a fast track to being a business owner but also a growth prospect of building a multi-unit business. Younger entrepreneurs are at a stage in life that invites different considerations when it comes to evaluating a franchise. Here are some components of franchising to consider.
Low-Overhead Opportunities
When you are investing in a franchise for the first time, be aware of the overhead expenses that come with the business model. Overhead expenses — administrative costs, office equipment, licenses, and permits — are necessary costs to run the business, but they don’t generate profits. When you have low overhead costs, a greater percentage of your expenses go into providing the product or service, which can be recouped with sales. While franchising as young entrepreneurs, look for a plan that directs most of your expenses to saleable aspects of the business.
The Elements of the Support System
Every franchisor should provide both initial training and ongoing support to run the business.
Initial training will include teaching the full operation of the business, setting up your administrative procedures, and marketing the launch of the business. The ongoing support should cover additional measures that contribute to growing the business — human resources help, customer communication methods, technology upgrades, growth opportunities, bidding advice, and networking.
Look for support systems th… Read More
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