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Bill Bartmann Lecture Series – Part 5 – Bill Bartmann Franchise Training and Buying a Franch
A lecture on the pros and cons of going into the franchise business
According to Bill Bartmann, franchising offers the benefits common to those of starting a new business and purchasing an existing business. Bill put a slide up, showing the following advantages buying a franchise:
• The business is already formed - the planning is done
• Reduced risk - the concept has been tested and proven
• Turn-Key Operation – the franchisor helps you find and choose a location, hire employees, market yourself, etc…
• Standardized Operating Procedures – Training programs in place for all employees from entry level to upper management
• Collective Buying Power – 90% of your supplies, inventory, uniforms, etc…are purchased through your franchisor who is buying in bulk and passing savings on to you
• Research and Development – the franchisor decides when to introduce new product lines or offer promotional discounts while you focus on operating the business
• Supervision and Consulting – The franchisor provides training and supervision while you’re getting established.
Bill said, “The franchisor wants you to succeed; he gets paid royalties based on your success. A good franchisee will provide the training and support you need to ensure you will show succeed and generate a good profit..”
There were fewer disadvantages and each could pose a varying degree of negative impact on the business; therefore, they were well worth mentioning. Bill Bartmann said, “Freedom and control is somewhat limited as you must do everything exactly as you’re told to do it. The franchisee is not authorized to change policies or procedures; they cannot decide when to introduce new products or promotional discounts. In this case, you have a boss; the franchisor, who makes all the rules as if you are an employee.”
Bill Bartmann discussed the contract, cost associated with buying a franchise and difficulties that could result from another franchisee in the same business having a legal issue or problem that catches the attention of national media.
Bill Bartmann concluded, “When franchises are operating well, everyone does well. When there are problems, all the franchisees can suffer. Though a lot of the risk potential is reduced, there are still possible risks to consider when deciding to buy a franchise.”
Bill Bartmann is nationally known and respected as the business coach. Bartmann covers the paths to business ownership and the advantages and disadvantages to each. His online course, Billionaire Business Systems, has guided many entrepreneurs to great success in their business ventures. Go to http://www.billionaireu.com to learn more about Bill Bartmann’s courses and products.
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