Introduction to Series
Welcome to FranNet’s video series on Business Ownership Exploration! FranNet CEO, Jania Bailey discusses the three primary ways of going into business for yourself. Bailey gives a well-rounded perspective of the advantages and disadvantages of each to ultimately help you decide what’s right for you!
Why Business Ownership?
In this segment of the series, FranNet CEO Jania Bailey begs the question: “What does success look like for you?” When it comes to business ownership, common answers include: Fulfillment, Flexibility, Independence, and Financial Security. These factors are important to keep in mind as you analyze the options for business ownership. Ask yourself, “How would my life be different if I owned a business?”
Risk vs. Reality of Business Ownership
FranNet CEO, Jania Bailey takes a look at the risk vs. reality of business ownership. Is taking a job in corporate America actually the safest route? Jania discusses what types of businesses and industries are the most risky, how the rules of job security have changed, and what the economic considerations are.
Your Three Business Ownership Options
In this segment, Jania Bailey, FranNet CEO, discusses the three options for going into business: Start from scratch, Buy an Existing Business, or Buy a Franchise. Bailey helps give a thorough understanding of the advantages and disadvantages of each alternative. As we explore why franchising might be the best choice, we’ll dive deeper into the common myths, realities, and the unknowns that you should be considering.
What is a Franchise?
Welcome to Part 2 of our Business Ownership Exploration series! In this segment, FranNet CEO, Jania Bailey takes a look at what franchising really is. Bailey discusses royalties, distribution channels, multi-unit operations, and more. You’ll learn about how franchise brands establish market dominance and how they support franchisees who, in turn, support their customers.
The FDD and Your Due Diligence
Take out your pen and paper for this segment! Jania Bailey, CEO of FranNet, discusses what the Franchise Disclosure Document (FDD) is and what it means to you. Franchising is regulated by the Federal Trade Commission and requires this sort of documentation. The FDD is a key part of your due diligence process. It will tell you everything you need to know about the brand you’re examining. From advertising, protected territories, total investment and more – we’ll cover everything you need to know!
Franchising Myths
“Franchising is just fast food and retail.” WRONG.
But unfortunately, we hear that and many other incorrect assumptions all too often. In this segment, Jania Bailey, CEO of FranNet, reviews the most common myths and misconceptions about franchising. Forget everything you thought you knew! You can count on Bailey to debunk it all.
Why Own a Franchise?
Jania Bailey, CEO of FranNet, breaks down why franchising might be the best fit for you. With the right due diligence, franchising can help reduce the risk of business ownership. After all, with franchising, you’re in business for yourself but not by yourself. Bailey also cautions you that not all franchises are the same and gives you some tips on what to look out for.
Finding Your Perfect Fit
In this segment of this series, Jania Bailey, CEO of FranNet, discusses how to find the franchise concept that’s a perfect fit for you. Bailey will show you how to separate the function of the business from the function of the owner. Think in terms of what you will be doing as the business owner and will you enjoy it? Don’t wind up in a situation where you love the product or service of the franchise, but absolutely hate what your day-to-day duties would entail.
Your Business Model & Transferable Skills
It’s time to get into the nitty gritty of your business model and what you actually bring to the table. FranNet’s CEO, Jania Bailey, discusses the types of questions you must ask yourself during the franchise selection process. Gain a deeper insight into what you actually want out of franchise ownership and how your existing skill set would be useful to a franchisor.
Additional Resources
Jania Bailey, CEO of FranNet, showcases some additional resources that might be helpful during your exploration. Learn more about the benefit of a FranNet Consultant, as well as other professional advisors that you should be considering. Bailey also provides the following literature recommendations to aid in your due diligence:
Conclusion
FranNet CEO, Jania Bailey, wraps us this educational series with some essential next steps. If you’re interested in using FranNet’s services, please fill out the Free Consultation request button or the Entrepreneur Readiness Profile button, located in the top right corner of FranNet.com.
We hope you enjoyed this series and walk away with a better understanding of franchising and if it’s the right path for you. Thank you!