Special to the NNPA
CHICAGO (NNPA) – If you’ve ever dreamed of owning a business, you may find that a franchise is the easiest way to get there. Investing in a company with an established brand, that offers numerous perks such as training and proven methods of operation, can be a lucrative and fulfilling experience. But is it right for you?
“The success rate in owning a franchise is higher than that of a regular start-up business, making it a very appealing option” says Hedy M. Ratner, co-president with Carol Dougal of the Women’s Business Development Center (WBDC), which recently launched a Franchise Partnership and Retail Initiative, funded by the Partnership for New Communities and Citigroup Foundation. “Still, franchising isn’t right for everyone. Women should learn the pros and cons of owning a franchise before they make the investment.”
The WBDC will host a two-part workshop for prospective franchisees on February 21 and February 28, 2007, from 6 p.m. – 9 p.m. at the University of Illinois at Chicago, 601 S. Morgan (conference room 2350UH), Chicago. Taught by Susan P. Kezios, president of the American Franchisee Association and Women in Franchising, Inc., the seminar series costs $50. For more information or reservations, call (312) 853-3477, or log onto www.wbdc.org.
Through the Women’s Business Development Center, women who take the workshop series will have access to one-on-one business consulting, site selection help, financial resources and attorneys who are experienced in financing.
“Franchises are proven concepts that work,” says Ratner. “Franchisees have access to a company’s training and to reputable suppliers and even financing in some cases. Disadvantages are the relative loss of freedom due to the strict rules and regulations which franchisees must follow, as well as the fees which franchisees must pay the parent company.”
To be successful, a franchisee must make wise decisions about which franchise to buy, as well as learn how to budget and how the business itself operates.
The WBDC franchise workshop series will be held periodically in Chicago neighborhoods that are currently being revitalized, such as Bronzeville, the South Loop and the Near West side.