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Buying a Franchise - Is it Right for Me?

Book Information: 

Save yourself time, effort, and money by finding out if franchising is for you!

Contains a special bonus section for military veterans! Are you considering a franchised business? Find out today if you are a good fit for franchising with this short and easy to read handbook. Cultivated from nearly 30 years in the franchise business - Lonnie has assembled the 10 most common assumptions and mistakes that people make while considering a franchised business.

The Top 10 Mistakes List

  1. Being an Entrepreneur vs. Frantrepreneur
    Franchise systems don’t want their wheel reinvented; they want people who can make the wheel turn faster.
  2. Confusing a franchise with a job
    If you only want to work 8-5, don’t apply for a franchise.
  3. Assuming you can just try it out awhile
    Franchise Agreements typically average 10 years in length, so be prepared for a long-term business.
  4. Not being financially prepared for the investment
    Starting a business takes cold hard cash - be ready for that.
  5. Working in the business – Not on it
    Franchise systems want business builders - not business workers.
  6. Going it alone
    You will be doomed for failure if your spouse or partner does not support your business interests.
  7. Sticking to what you know
    What you’re good at doing today, may not be the best franchise for you.
  8. Having lone wolf syndrome
    Franchising is about consistency and teamwork – you will need to get along with others.
  9. Not sharing your information
    Be prepared to share personal information with a franchise company.
  10. Expecting automatic success
    Franchise systems provide you the tools – you still need to use them and build a business.

iTunes, nook, & kindle version are available here >> http://www.helgersonfranchisegroup.com/Books.html

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2 Comments

You assume there are no BAD Franchisors out there

#1 Make sure the franchisees are making money and the franchisor makes franchisee profitability a #1 priority.

Number 7 Is Backwards

More people get into trouble in franchising by jumping into a field they know nothing about, than by sticking to what they know. In many cases if they had better industry knowledge, they would have known that what they were buying was structurally weak. Instead they sign & pay first, and THEN find out all the things that are wrong with their deal.

As one of the very few successful long term multi-operators on this forum, I'd say the opposite. Stick to what you know. My spouse had been a General Manager in the same system for years before she bought her first store.

About Lonnie Helgerson

Lonnie Helgerson's picture

Public Profile

Lonnie is the author of the bestselling book in franchising Five Pennies: Ten Rules to Successfully Build a Franchise Mega-Brand and Maximize System Profits and the handbook Buying a Franchise - Is it Right for Me?

With over 30 years in franchising, Lonnie has worked with many major brands including Super 8 Motels® and Ident-A-Kid®. He pioneered the technology sector in franchising, founding Computer Doctor®, the first franchise of its kind. Currently, Lonnie serves as President for IslandTime Treasures®.

An accomplished speaker, trainer and facilitator with a national presence, Lonnie has been a frequent presenter for the International Franchise Association, Franchisor Association of Florida and other franchise and business groups.

Board level involvement:

  • Past Member, Board of Directors of the International Franchise Association
  • Board of Directors of the Franchisor Association of Florida
  • 2-Time Chairman, VetFran committee of the International Franchise Association
  • Institute of Certified Franchise Executives Board of Governors
  • International Franchise Association Franchisor Forum

Lonnie has also served as a member of the Board of Advisors of The International Institute of Franchise Education, H. Wayne Huizenga School of Business and Entrepreneurship, Nova Southeastern University and the Board of Advisors for the Institute of Franchise Management graduate school, University of St. Thomas, Minneapolis, MN. Additionally, he is a three time graduate of the University of St. Thomas Executive MBA program for Franchise Management. In 2002, he became a designated CFE (Certified Franchise Executive).

 

Contact Information:

lonnie@islandtimetreasures.com

lonnie@helgersonfranchisegroup.com

727-455-0056 Cell

 Ten Rules to Successfully Build a Franchise Mega-Brand and Maximize System Profits

Area of Interest
Managing a Franchise Network