If you've always thought about opening a franchise business you might want to start with a stop at the Buffalo Hyatt on Wednesday.
Maybe you've always thought about opening a franchise business, ..but you had a steady job.
Maybe you've lost that job, and with nothing else to lose, you're now thinking of pursuing that long held dream.
You might want to start with a stop at the Hyatt Hotel in downtown Buffalo Wednesday. There, an all day seminar will be held called "Building Buffalo Business Through Franchise Ownership". It is sponsored in part by the International Franchise Association which includes Stan Friedman among it members.
"It's a program that's geared toward educating consumers as to how to be a good franchisee, what to look for, how to find opportunities," said Friedman. "It will also focus on what you need to know from the legal aspects of franchising, learning about financing your dream and getting into a concept that's right for you," he said.
While most can rattle off the names of franchise businesses in the retail and dining sector , Friedman says there are numerous other opportunities for which franchise fees and start up costs are a fraction of what a popular restaurant chain might command.
"There are many businesses or business models that are franchised that have nothing to do with anything that you and I and the average person may have ever heard of."
Friedman says there are franchise opportunities for fundamental services such as health or elder care, ...which don't slow during a recession and don't require heavy investment in real estate or equipment.
He cites his own business for which franchises are available as a prime example. Freidman is the franchisor for RetroTax, which is a business to business service. It basically assists other firms in finding tax credits and other incentives which they may be eligible for but about which they are unaware.
"The government puts 11 billion dollars out there in incentive money on one hand, then makes it so impossible for you to figure out how to get the money on the other," Freidman said. "Without a business like mine, most of these businesses that could claim these credits would never do it."
He notes that someone seeking a franchise opportunity with his firm needs not much more than a suit of clothes, a blackberry, an office, and the drive to succeed. But he concedes they also need one more thing to begin a franchise in any field.
"They've got to have some money to start with, and the ability to get some more." Thomas Ulbrich, who serves as Executive Director of the University at Buffalo's Center for Entrepreneurial Leadership says that's where a lot of dreamers are in for a rude awakening. "If you're preparing to look for money or seek a loan, you better be prepared with a solid business plan and you better have very good credit,"
Ulbrich told 2 On Your Side, noting it's even more essential these days as banks tighten restrictions on credit. Both say one thing you don't need to have to be a successful franchisee is a business degree.
"The opposite is more the case because you've got a play book in front of you in franchising," said Friedman.
"By purchasing a franchise or rights to a franchise you're really buying a business plan that's already been created successfully as well as brand recognition," added Thomas.
Thomas cautioned, though, "If you think owning a franchise is a magic bullet that would be a big mistake. You still need to consider carefully location, marketing, and a host of other business decisions. It's not that simple to just say, 'hey I have a franchise so everything's done for me.."
Friedman concurred by saying, "it's not like buying a car that you can trade in if you don't like it. I think the biggest pitfall is not using both sides of your brain when your making a decision."
Above all, both concurred operating a franchise business successfully is a lot of hard work. But both also subscribe to an old saying, which goes: there are very few things in life which are worthwhile which aren't worth working for.
"I can liken this to my own son," explained Friedman. "He wants to be a baseball player but doesn't like to practice. He wants to be a great piano player but doesn't want to practice. He wants to be an "A" student, but you gotta do your homework. This is not all that different than anything else in life. It's just another stage of commitment."
The "Building Buffalo Business Through Franchise Ownership" seminar runs from 8am to 4pm Wednesday at the Buffalo Hyatt hotel. There is a $20 registration fee.
WGRZ-TV , wgrz.com
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