Many executives who find themselves at a career crossroads whether due to corporate downsizing, hostile takeovers or unreasonable relocation requirements consider various business franchises. The types and varieties of business franchise opportunities are seemingly unlimited. Capital requirements vary greatly and range from a few thousand dollars to the multi-million dollar range. The best success stories come from individuals who leverage their strengths, skill sets and experience in methods and technology that relate to the specific franchise business they started or bought directly in to. A sampling of various business franchise opportunities include:
Advertising Franchises - Types of franchises in the advertising category include express printing, direct mail, menu design, newsletters, newspapers, podcasting, billboards and signage.
Auto Products Franchises - Types of franchises in the auto product after market include brakes, mufflers, transmissions, oil & lube, auto parts, car wash, tools, painting and batteries.
Business Services Franchises - Types of franchises in the B2B sector include catering, travel, limos, equipment rentals, furniture rentals, coffee services, cleaning services, franchise consulting, vending, event planning, outsourcing, security services, executive search, temporary workers, payroll services, tax services and accounting.
Computer & Internet Franchises - Types of business franchises in the computer field include computer repair, website development, oursourcing, application development, software development and networks.
Financial Services Franchises - Types of financial services franchises include tax preparation, accounting, business brokers, financial brokers, staffing services, outplacement services, financial service centers, communications, advertising, mortgage brokers, check cashing, payroll services,
Health & Fitness Franchises - Franchises include gyms, fitness centers, wellness centers, physical rehabilitation, ambulance services, medical spas, elder care, tanning salons, health food, juice bars, vitamins, healthcare staffing, home healthcare, bottled water, travel nurses, recycled heathcare equipment, day-care, child care, and weight loss centers.
Lodging Franchises - Franchises include hotel, motel, condotels, property management, inns, bed & breakfast, hotel supplies, cleaning services and temporary staffing.
Real Estate Franchises - Franchise opportunities with Coldwell Banker, Assist-2-Sell, GMAC, Prudential, Century 21, United Country, Amerivest, Help-U-Sell and RE/MAX.
Ten Questions to ask yourself when considering the various franchise opportunities include:
Do I have technical experience in the product or services under consideration?
Do I have sufficient capital to sustain a business start-up?
Do I have the "franchise how to" business start-up experience?
Will I become frustrated with the issues surrounding management of staff?
Does the business have sufficient challenge and excitement to minimize boredom and disinterest over time?
What is my marketing, advertising and computer expertise?
What is my financial and accounting experience?
What is my banking and legal experience?
What are my human resource development strengths?
What is my timeline for success and how do I define it?
Whether fully capitalized due to a golden parachute from your past employer or starting with minimal capital one must take great care in the evaluation of any franchise opportunity.
Lorenc Group International, LLC provides general consulting services for those considering a business franchise opportunity as well as those considering the purchase of an existing business enterprise or a start-up company. Richard A. Lorenc, President of Lorenc Group International has extensive experience in business development, process engineering and start-ups.
