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Franchise advice

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  • 06-08-2013 8:51pm
    #1
    nastros
    Registered Users Posts: 1,084 ✭✭✭


    So I have been thinking about this for a while. I am currently in full time work and I am not happy. Since I was a kid I have always had a drive for success but working in a large company in a low level position has made me realise this is not for me. I put in 12 hour days 5 days a week and most weekends im still answering emails or doing bits and pieces. I figure that if I put as much effort and more into my own franchise I would be much happier as I would my own boss. So my main question is where to get started. Is there frabchise brokers or advice buroughs that I could go to who will help me find a franchise or even a website that can point me in the right direction. I appreciate the advice.
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    #2
    jetsonx
    Registered Users Posts: 1,326 ✭✭✭jetsonx


    nastros wrote: »
    I would be much happier as I would my own boss. So my main question is where to get started.

    If you run a franchise, you will not be your own boss. You will be answerable to the master or regional franchisor for every big (or small) decision you make running your business. Ultimately, they can control what you do or don't do with the direction of your business.

    So if you're looking for the freedom of running your own business; do not go down the franchising road.


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    #3
    Atomico
    Banned (with Prison Access) Posts: 388 ✭✭Atomico


    Franchising isn't entrepreneurship, it's just buying yourself a job really.


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    #4
    Gloomtastic!
    Registered Users Posts: 8,351 ✭✭✭Gloomtastic!


    Virtually every entrepreneur is working for someone else, it might be the bank or the taxman, to pay the staff or just to keep the wife happy!

    Have you tried looking on here OP?
    http://www.irishfranchiseassociation.com/ Note: companies listed on there are paying to do so.

    For someone who's always worked for someone else, franchising is a good way of introducing yourself to running a business. The problem is finding the right franchise for you at the right price.

    The times that we live in mean a lot of franchises are looking for investors - McDonalds advertising on the IFA website! - so good franchises that used to be very expensive may be open to offers.

    You could also look at international franchise websites and look for new brands or ideas that you think might work in Ireland. They should also be cheaper than established brands but if they have the right management then they could be good opportunities.


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    #5
    nastros
    Registered Users Posts: 1,084 ✭✭✭nastros


    Gloomtastic! wrote: »
    Virtually every entrepreneur is working for someone else, it might be the bank or the taxman, to pay the staff or just to keep the wife happy!

    Have you tried looking on here OP?
    http://www.irishfranchiseassociation.com/ Note: companies listed on there are paying to do so.

    For someone who's always worked for someone else, franchising is a good way of introducing yourself to running a business. The problem is finding the right franchise for you at the right price.

    The times that we live in mean a lot of franchises are looking for investors - McDonalds advertising on the IFA website! - so good franchises that used to be very expensive may be open to offers.

    You could also look at international franchise websites and look for new brands or ideas that you think might work in Ireland. They should also be cheaper than established brands but if they have the right management then they could be good opportunities.
    Thank you for the advise I will take a look at that website


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    #6
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    A franchise may well be a good option for you but your first steps should be to list your education/skills/talents/experience and then try to match those to the opportunities that are out there. If you know nothing of the business or have no passion for it, you are unlikely to succeed.
    What budget/capital do you have?, It is extremely difficult, if not impossible, to raise bank finance, though if you buy an existing small business or franchise, the vendor may be willing to at least part finance the sale. Retirement sales often offer the best opportunities and the vendor is generally happy to work alongside the new purchaser over the transition period, as they wind down their working life.
    A business that is already trading and profitable will still make a good sale price, even in today's market, but has the big upside of having a proven business model with real numbers, rather than just projections!.


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    #7
    nastros
    Registered Users Posts: 1,084 ✭✭✭nastros


    Peterdalkey wrote: »
    A franchise may well be a good option for you but your first steps should be to list your education/skills/talents/experience and then try to match those to the opportunities that are out there. If you know nothing of the business or have no passion for it, you are unlikely to succeed.
    What budget/capital do you have?, It is extremely difficult, if not impossible, to raise bank finance, though if you buy an existing small business or franchise, the vendor may be willing to at least part finance the sale. Retirement sales often offer the best opportunities and the vendor is generally happy to work alongside the new purchaser over the transition period, as they wind down their working life.
    A business that is already trading and profitable will still make a good sale price, even in today's market, but has the big upside of having a proven business model with real numbers, rather than just projections!.

    Thank you for the advice I appreciate it.


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    #8
    bon ami
    Banned (with Prison Access) Posts: 85 ✭✭bon ami


    Atomico wrote: »
    Franchising isn't entrepreneurship, it's just buying yourself a job really.


    Do you state this from experience. I am a Franchisee who employs 14 people.Am i not an Entrepreneur?


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    #9
    bon ami
    Banned (with Prison Access) Posts: 85 ✭✭bon ami


    nastros,

    The Irish Franchise Association website is worth a visit but make sure you do your homework before buying. here are a couple of tips.

    Speak to as many existing franchisees as possible without he master franchiser at the table so that you can get real information.

    Do not expect business to come in automatically you need to be able to sell and market the product or service yourself. Your franchiser may help but ultimately it is up to you to make a success of it.

    Engage a good solicitor and accountant form the start.

    Ask the Master Franchiser for a list of failed franchisees and speak to them if possible to listen to their stories. Remember their stories will be coloured in their favour but it will give you valuable insights.

    Good luck with the search and hope it works out



    nastros wrote: »
    So I have been thinking about this for a while. I am currently in full time work and I am not happy. Since I was a kid I have always had a drive for success but working in a large company in a low level position has made me realise this is not for me. I put in 12 hour days 5 days a week and most weekends im still answering emails or doing bits and pieces. I figure that if I put as much effort and more into my own franchise I would be much happier as I would my own boss. So my main question is where to get started. Is there frabchise brokers or advice buroughs that I could go to who will help me find a franchise or even a website that can point me in the right direction. I appreciate the advice.


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