Free Essays on Franchising

I was recently a victim of what the business industry is calling â€Å"downsizing† or â€Å"right sizing†. After eleven years of service, I stood outside the doors of a large corporation with extensive financial training, a vast knowledge of management techniques, a pension and one burning question. Do I find another job with another large corporation or do I start my own business? Several options were quickly presented. I was told to blow the dust off my resume and that with my experience; a comparable position could be easily obtained. I was told to start my own business, since I had some money. The latter offered greater appeal, which resulted in two more questions. What kind of business to start and how do I get started? Like others in my predicament, I sought the counsel of friends and business associates. I got two different answers. I was told to buy a franchise from some and become a network marketer from others. These avenues for revenue, while presenting the potential for riches, are greatly different after you get pass their respective histories and specific product offering. So, I researched them. Because of the hybrid systems within each industries and vast number of success and failures within each, I choose to concentrate of the fundamentals of accounting, income and expense. Naturally, this resulted in more questions: what will it cost me to get started and maintain to reach a profit; what are the pros and cons of each? and what is the future of the system? My research revealed two things. The selection of either system depended on how much I initially wanted to invest and which was more compatible with my personal profile. While I am financially and personally suited, the one trait of my personal profile, the desire to be independent, steers me away from both. However, an education and application of both systems results in the technical assistance to start my own business and t he knowledge to assure a hig... Free Essays on Franchising Free Essays on Franchising I was recently a victim of what the business industry is calling â€Å"downsizing† or â€Å"right sizing†. After eleven years of service, I stood outside the doors of a large corporation with extensive financial training, a vast knowledge of management techniques, a pension and one burning question. Do I find another job with another large corporation or do I start my own business? Several options were quickly presented. I was told to blow the dust off my resume and that with my experience; a comparable position could be easily obtained. I was told to start my own business, since I had some money. The latter offered greater appeal, which resulted in two more questions. What kind of business to start and how do I get started? Like others in my predicament, I sought the counsel of friends and business associates. I got two different answers. I was told to buy a franchise from some and become a network marketer from others. These avenues for revenue, while presenting the potential for riches, are greatly different after you get pass their respective histories and specific product offering. So, I researched them. Because of the hybrid systems within each industries and vast number of success and failures within each, I choose to concentrate of the fundamentals of accounting, income and expense. Naturally, this resulted in more questions: what will it cost me to get started and maintain to reach a profit; what are the pros and cons of each? and what is the future of the system? My research revealed two things. The selection of either system depended on how much I initially wanted to invest and which was more compatible with my personal profile. While I am financially and personally suited, the one trait of my personal profile, the desire to be independent, steers me away from both. However, an education and application of both systems results in the technical assistance to start my own business and t he knowledge to assure a hig...