Getting In on the Franchising Act

According to Stan Williams of the International Franchise Association, franchising is one of the few ways of combining a entrepreneurial spirit with the lessons of a proven system. To become successful in franchising, it is important for entrepreneurs to find businesses that are compatible with thei...

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Bibliographic Details
Published in:Black enterprise 1987-09, Vol.18 (2), p.71
Main Author: Rowe, Samuel
Format: Magazinearticle
Language:English
Subjects:
Black people
Business & industry
Business ownership
Entrepreneurs
Franchisees
Franchises
Franchising
Selection
Startups
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Summary:According to Stan Williams of the International Franchise Association, franchising is one of the few ways of combining a entrepreneurial spirit with the lessons of a proven system. To become successful in franchising, it is important for entrepreneurs to find businesses that are compatible with their individual interests and management styles. Patric Jones of Combined Fund feels that working in a store similar to the one under consideration for purchase is the best way to find out about individual suitability for a specific field. Although franchisors may offer a valuable support system to their franchisees, it is the entrepreneur who must run the business ultimately. After choosing a suitable field of endeavor, a lawyer and an accountant should be hired before the entrepreneur begins to talk to franchisors. Prospective franchisees should conduct an initial interview with each franchisor in whom they are interested. Jones says that it is important to determine the real costs of running a franchise.
ISSN:0006-4165