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How hard is it to become an owner of a franchise?

My ideal job would be an owner of several franchise chains. #business-management

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Andrea’s Answer

Check out this article from Entrepreneur : https://www.entrepreneur.com/article/224016


Any job requires a lot of time, effort, and persistence to do a good job.

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ShaRon’s Answer

The biggest thing you have to consider when looking at franchising is the start up cost to invest in them. If you have the financial resources the franchisee provides you with the tools and support to run the business. Running a business takes long hours and commitment to be successful.You also need to be aware that not all frachises are successful. If you are seriuos about doing this, I would encourage you to seek employment at one your are interested in so you can get a feel for what it takes. This will give you perspective from the employee side and start you on your journey on learning how to become a great franchiser. I would also begin doing research on what type of franchise you want to do and the requirements the franchisee has for what you are interested in. Get a notebook and start doing research in your spare time. Make that your single source of information on your plan. If you start now, there is no reason why you cannot fulfill your dream to become a owner of multiple frachise businesses. Good Luck
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Prahans’s Answer

Find an area that you like and study what franchises are available for it. Owning a franchise requires a lot of work and capital so you need to make sure you are ready for the time and money commitment. Once you have decided on a franchise, research the internet for any information about the franchise. If there are any local franchises near by, visit them and ask to speak to the owner if possible. Also make sure you understand all financial aspects of the business model as this is key to have a good franchise vs. a bad franchise. If you want to own multiple franchises, the you need to build a team of people to support you from various areas, Finance, Management, HR, Legal, and Marketing. The most important thing about being a franchise owner is that you are person who needs to make the decisions and this will impact everything in your business so you need to be prepared for that.
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Erika’s Answer

Great information shared by Andrea! Owning a business will require a lot of hard work and sweat equity. You'll need to figure out what type of franchise would interest you the most and then do a lot of research on the industry and corporate office. Think about what type of people manager you want to be and what kind of employee culture you want to create. Also, in this day and age where corporate social responsibility is important, you could factor this into your business model. Good luck!
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