The funny thing is, I've seen many people in my town copying the operation of famous Franchises and opening copycat stores after learning how their business model works. LOL For example, 7/11. I've seen people opening those 24 hour stores selling the exact same things as 7/11 just operating under a different name such as Orange and Peppermint. Haha I imagine it wasn't too hard making a list of the products sold by 7/11 and going to the distributors of those products to ask them to supply to your own store. They couldn't copy Slurpee so they replaced those with juice machines. HAHHAA
Perhaps on the side, but not as a primary source of income. I can't say that I would feel satisfied owning a couple of franchises. My roommate in freshman year said the owner of the Dairy Queen he worked at, a man in his 20s who owned 2-3 franchises, just used the money he made from his franchises and a regular job and was doing well in life. People tend to trust a big brand, and business is guaranteed if you put up shop in a strategic location. So perhaps to supplement my income!
I wouldn't mind trying it and seeing how things go. It costs a lot of money to even get started though. So, unless I win the lottery or somehow fall on a pile of money, I doubt I'll be able to invest in one. lol
It depends. It's not a yes or no question. Depends on what franchise. Obviously, some franchises would be a yes while most would be a no. Running your own business would be best, but you cant pass on good opportunities either.
If I had the funds to do so, why not? I wouldn't want to sink my entire nest-egg into one though, especially if I didn't have anyone around me who didn't know the business. If getting a franchise, the first thing I'd do would be to put people around me who've been in that sort of business for a long time. It's a money making opportunity, but it also requires quite a bit of work and time commitment to be sure it's successful. Getting a franchise feels less like an "investment" opportunity and more like a "career" line of work.
Launching your own business would be MUCH harder to get off the ground than buying franchise. For instance, say you have the opportunity to open your own sandwich shop, or buy a Subway franchise. Which do you think would have a better chance of succeeding? With the Subway franchise, you have the name value working for you as everyone knows what Subway is. Name recognition and familiarity in the business world means everything to getting customers in the store.
Maybe a question, what are the pros and cons of taking on franchise?...kindly explain like am 5 yrs...thanks
I would rather start a business but if i had the chance, i would probably take a chance on it. I would like to run KFC or McDonalds though!
Yes I would without thinking twice, because here is business opportunity being offerd to me, one that has already establishe its roots and foundation, all I have to do is continu, yes I would do it.
I doubt i would do all that. I'm more of a one business at a time, one headquarters type of guy. A franchise is too much stuff scattered all over to keep tabs on.
