Franchise opportunities: What are the initial investments?
I live in Manhattan and would like to remain here. Do you have a few franchises you can recommend that are fairly safe bets to succeed and do not require expertise in the franchising field? Also, can you provide any estimates of the approximate initial investment?
Franchise opportunities and franchisee “fit”
Here’s a quick, best shot at answering your question. First, most franchise opportunities are designed for people who do not have experience running a business. Training people in the use of their franchising system is the hallmark of every good franchisor. If they didn’t have a program to help a buyer both learn and grow in their business, they wouldn’t have a substantial franchise opportunity to sell. Does that make sense? Second, with regard to what might work in your area, please bear in mind it is not usually the business area of the franchise, but the person that makes the difference. There must be a “fit” between the individual and what they choose to pursue as a business in the franchising field–just as there must be a fit between a person and their chosen career, if things are going to work out well.
The Focus Program and franchise opportunities
If finding a good fit is of concern to you in terms of choosing the right opportunity, you might want to consider our Focus Program for Emerging Entrepreneurs. The Focus Program is designed to help prospective franchisees and individuals who are new to entrepreneurship define their “entrepreneurial self.” Ultimately, the Focus Program for Emerging Entrepreneurs can help you make better decisions about moving forward in any entrepreneurial undertaking. You may also benefit from reading our series of articles covering the range of issues faced by nearly every franchisor and franchisee. These articles touch on topics such as franchise relationships, franchise opportunities, and the most common mistakes made by people who are new to the franchising industry.