Week 10: Fanchising
This week was all about franchises. I have looked at it mostly from the perspective of a franchisee and not the franchiser; however I have learned a great deal about both. When a business becomes successful enough to branch out and sell that model to others they franchise. To get to this point a company will create systems and procedures that are run so well that it can nearly run itself (hypothetically speaking). At this point a company will consider selling it's model/system to franchisees. The benefits of owning a franchise include lower risk, much quicker returns on your investment, lower costs associated with product supplies, marketing is taken care of, and having a well known company. Of course there is a list of cons including not being able to create something new, following an established system, fees associated with owning the franchise, and loads of legal paperwork.
In my own opinion the pros far outweigh the cons. Find something you are passionate about, and research what might work in your area. There are loads of franchises to choose from. Check out franchise.com, and entrepreneur.com/franchises/ for a list of potential franchises to buy.
$100 Challenge Update
This week I made great progress on finishing my last project for the assignment. I don't see any problems with having it finished next week which will give me a week to pick up some advertising fees for my marketing. I'm confident I will produce enough with this final project to make at least $100 for my Kiva recipient. Amazon paid me $70 this week for the sales generated from my affiliate links over the last month so I will only need to bring in $30 more.
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