Problem
Study franchising. Owning a franchise is often a lucrative career and, yet, it seems that few people consider buying one until middle-age. This week, I'd like you to think about investing in a franchise opportunity. Please conduct online research and identify one franchise opportunity that appeals to you for some reason. Maybe you enjoy working out and would like to own a gym? Maybe you like helping children and would like to be a tutor? Maybe you love ice cream and would like to make a living around it? If nothing appeals to you, choose one anyway. You can easily find a wide variety of options by visiting the International Franchise Association's website. The "Find a Franchise" button will allow you to sort through hundreds of opportunities and learn more about each. Once you've selected a franchise that interests you, please feel free to conduct even more online research to find out more details about the opportunity. Many franchisors have videos and dedicated websites to attract future franchisees.
Identify the franchise that you've chosen by name and describe why you selected it. In particular, please address the following questions, as the information available to you allows:
I. In general, what do you feel are the pros and cons of your selected franchise opportunity? Perhaps the business operates 9-5 so you wouldn't have to work at night? Maybe it is easy to start because you wouldn't need any expensive machines or other equipment?
II. "Buying" a franchise often requires an initial investment. How much money does it take to "buy" the franchise? What are annual/monthly fees that you'll be required to pay the franchisor while owning the business?
III. What are some of the other noteworthy terms and conditions of owning the franchise? Do you need to have any prior experience before you can invest? Does the franchise opportunity include an "exclusive territory"? Must the franchisor approve your chosen location of the business?
IV. Have you found anything "negative" online about owning the franchise? Sometimes disputes between the franchisor and its franchisees make the news. You can watch one of the videos below for a discussion of the avalanche of lawsuits against Quiznos.