by Dr Frank Lozano

Created on: June 05, 2008   Last Updated: June 06, 2008

Owning and operating a successful Franchise can be a challenging experience for anyone, not just men or women. Most often people choose a franchise opportunity because they know someone who has had some success with their franchise endeavor. If one were to take the time to ask that individual how long it took before even a modicum of success was realized and how much effort it took to achieve that success, I believe it would be very enlightening.

There have been numerous franchise failures over the years and now with the economy seemingly in a downslide there are more people than ever trying to find a new job after being laid off or who have decided that they want their destiny in their own hands, hence they seek a franchise opportunity.

If one were to Google the phrase Franchise Opportunity a list would surface that would knock you back on your heels. Not only franchise opportunities but also "work from home" opportunities. So, how does one choose the best opportunity for themselves? It is important to understand that the potential for success will be greater if you engage in a business venture with which you have some familiarity. It could be a hobby such as golf or cooking or oil painting or children.  An experience that you have had many times but not for pay.  Something that makes you happy and could create a strong desire to be successful doing.

No matter what you choose you must be committed to success and hard work involving long hours. You must also be ready to keep accurate accounting records so that at years end you will not have problems with the IRS because you owe more money than you can muster. Many franchises have failed due to tax obligations that they ignored. You should also try to have a savings account equal to 3-6 months rent and overall costs. This means setting up the account from the very first moment you are in business. When you apply for a loan for your franchise be sure to factor in the safe-guard savings account.

Being a woman who is seeking to establish a small business can yield more potential monies for that business than could be gleaned if one were a man. There is a strong desire on the part of the small business administration, business leaders, franchisers, and lenders in general to assist women in promoting their business dream. This is not to imply a free ride, rather it is widely thought that women have not had an equal opportunity over the years until recently. Now there is great encouragement throughout the business community to help women gain their rightful place as business owners.

We are graduating more women with business and law degrees now than men. There need not be any extraordinary fear on the part of women when it comes to succeeding as franchise owners. The intellect, intelligence and persistence is not in question when the potential for success.
Women have always had a wonderful presence and personality for business and the empathetic nature will certainly foster new and return business customers.

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