Many business owners may wish to expand their successful ventures by packaging and selling their business as opportunities; but not as franchises. All franchises are business opportunities, but not all business opportunities are franchises. Instead, business owners may choose to expand as turnkey enterprises, dealerships, vending machine suppliers, direct or network marketing companies, or through licensing. Owners provide buyers with varying levels of training and ongoing support.
Here are tips from Nancy Bogart, Debra Cohen, and Paula Kay, who grew their businesses into profitable opportunities:
*Can your business model be operated profitably by others and in other locations?
Paula Kay who expanded her, “Ageless Checkers ”, a non-medical, senior services agency, says, “When I decided to write a training manual, I knew this would be a great opportunity not only for me, but for those who needed help starting this business, as the demand for senior services is increasing all over the country.” She continues, “I wanted it affordable; plus I chose an opportunity structure as it allows entrepreneurs more flexibility and room for creativity than a franchise.”
*Plan
Debra Cohen, founder of the “Homeowner Referral Network” (HRN®) business) , says “I know firsthand how difficult it is to start a business from scratch and wanted to help other entrepreneurs by giving them a roadmap to follow. I documented every detail of my business in a comprehensive manual so that anyone can launch a contractor referral business like mine and benefit from the experience of someone who’s been there.”
*Network
Nancy Bogart, C.E.O. of “Jordan Essentials ” sells her family skin care products through direct selling “…in partnership with entrepreneurs all over the country.”
To learn how to do this Bogart says, “I partnered heavily with people in my Direct Sellers Association and made life-long friends. Now I am paying it forward with other women moving into the industry.”
*Be Legal
In addition to local and state regulations, the Federal Trade Commission has rules for business opportunity and franchise owners. (“See Resources”). Cohen consulted an attorney specializing in franchises. “I wanted to get a firm grasp on the legalities of duplicating my business and creating an opportunity rather than a franchise or a licensing agreement.”
These women not only love what they do, they also want others to succeed in their entrepreneurial ventures. ** Is now the time for your business to expand into a golden opportunity for yourself and others?
Resources
*Direct Selling Association – Members sell directly to consumers; code of ethics.
*Federal Trade Commission: federal laws.
**Consult with business, financial and legal professionals knowledgeable in your industry concerning any major business ventures.
Priscilla Y. Huff is a freelance writer-author focusing on women’s entrepreneurship
