Back in the 90s when I was franchising my company, often franchisees would ask why on Earth they should buy a franchise. Generally, I would tell them because I had built all the mistakes out of the business model, and we just knew what we were doing, and it would take them far too long to go through that same experience curve, at a great cost to them. However, if they bought a franchise, the $20,000 franchise fee would give them access to our business model, and all the information and proprietary knowledge that we had. Okay so let’s talk about this for second shall we?

but before- on the other side of the story, the franchisors also can offer a franchise with ease using a Using a Franchise Operations Manual Template (click to read review)  and a Franchise Operations Manual as a template.

You see, with the price of information getting close to zero or free, this could spell a disaster for the future of the franchising industry. After all, if someone can learn all the information they need off the Internet, and there is so much information available, why should they buy a franchise in the first place? One could say they should buy the franchise because of the brand name, the buying power, the economies of scale, but it would be hard to say that they should buy it strictly for the proprietary information that they don’t have access too – because they do.

If the value, even if it is only the perceived value, of information is zero or free, then $20,000 franchise fee would be considered too much. Are you beginning to understand my point here? And even if it is worth the $20,000 franchise fee, which I still believe today it would be, I also realize that it will not be valued by the franchise buyer as it might have been in the past, let’s say back in the 90s when I was franchising my company. You see what I’m saying here?

Yes, and I realize that there is a difference between knowledge and know-how, and actually putting it into practice. Just because you read how to do something, does not necessarily mean you don’t need at least some training. There’s nothing better than on the job training or learning from doing where one also picks up a lot of information, which may or may not be able to be put into words. Nevertheless, there are YouTube videos people can watch of other people doing, and humans are very good imitators much like their very similar chimpanzee cousins.

There have even been some futurists put forth business plans for small businesses, and say to improve job growth we need more turnkey small business blueprints for startup entrepreneurs. If something like this were ever put into full practice on the Internet, where folks could download just about any business model or business plan for free, or for a very low price such as let’s say $.99 on Amazon, then why on earth would anyone ever buy a franchise and pay 7% royalties and a $20,000 franchise fee? You see my point again?

Please consider all this and think on it, because basically that’s what’s happening now, and although not all this information is in one place, someone who wants to start a business of any type, in any industry sector can find a blueprint, business plan, and operational information online.

Some business ventures do well and many flop, its just life. So, what could be the determining criteria when considering success or failure? Could there be a mystical formula which could help operate a thriving venture?

First of all, choosing a franchise may give you an excellent head start in view of the fact that it is based on a confirmed system. That is to say that the chore of trying to discover whether a business idea work in reality has been completed, tested and verified by the franchise operator. Most franchises began as just a one store business idea and, having been found to be lucrative, the business owner may decide to franchise the idea as one way to enlarge the business.

After you are up and running with your new franchise system, in what ways can you make the most of the potential for success; what are the techniques to running that thriving business you’ve often dreamt about?

Truly, you will discover no real hidden techniques, but simply some invaluable common-sense rules you can try in your business that can help to build up the chances of achievement with your franchise business.

1. Commit to working hard

Of course, believe it or not a new venture involves working hard and time investment if you wish to attain success. Be under no illusion, a franchise opportunity isn’t a make-money-fast scheme but preferably a platform upon which one can develop an enduring, stable business. Work hard to promote, market and sell your business – if buyers will not come and buy then you will not be doing business for long!

2. Speak with the franchisor

The franchise owner knows the business formula better than any other person does. After all, it was them that came up with the inspiration! Make use of any education and backup offered – its available to assist you to be a success.

3. Be familiar with your enterprise

A big mistake for just about any business is having a poor handle on its running. Be sure you are getting the information you need from your accountant regarding financial performance of the franchise. Being knowledgable about your position is key to spotting problems before they get out of hand and is important to being able to decide strategically how the venture is pushing forward.

4. Employ the best staff!

When the franchise business necessitates you to take on staff make certain they’re the appropriate people! It is not limited to abilities, but also consider can you get along with them, and can you entrust them to work through any tasks you need them to carry out. Keep in mind that especially in sales situations, purchasers buy into the salesperson just as greatly as the product. So, are they cheery, well presented with polite attitude and behaviour.

Business franchise information helps you determine whether the opportunity is a hot investment or a scam in the making. Follow the advice in this article, and you’ll be able to analyze the information available to you to help you distinguish the good from the bad in franchising. After reading this article, you should have a leg up on every other potential franchise opportunity out there.

Vital information is contained in a UFOC. All UFOC’s are different, depending on what the franchisor feels is appropriate in keeping their brand name and image intact. Also, what is appropriate in keeping their pockets filled with money. It’s not enough to have a profitable business in a hot location, if it means paying an unreasonably high fee, and following unreasonably high sets of standards which will cause you to go out of business.

In order to make a sound investment, you must take all the information into consideration. Are you an expert at doing this? Probably not. However, there are experts who specialize in looking at this information and analyzing it to determine whether you’re getting a fair shake, a good deal or getting the short end of the bargain. Who are these people? Franchise lawyers. Only the foolish to enter into a franchise agreement without a franchise lawyer present.

Other business franchise information that isn’t in the UFOC is saturation. Look at the research available to determine how much market competition you receive from other franchises in your industry in your area. If the supply exceeds the demand, that’s all a information you need. Skip this opportunity and move onto the next one.

In conclusion, any smart franchise purchase comes down to knowing how to analyze the information in the UFOC, as well as the information you get for researching your marketplace. Do the needful, and you will prosper.