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Pros and Cons of Purchasing New Franchises

Submitted By: Matthew Johns
Although logic suggests that a well-established franchise with many locations would be the safest choice, brand name and number of locations doesn't guarantee success.
At the same time, disqualifying a new franchise system for the sole reason that it is new might cause you to miss out on that perfectly-suited investment opportunity that would have been an unequivocal financial success.
Still, new franchise concepts can be risky. So, what's the best choice for you? Let's examine some pros and cons of purchasing a franchise in a new franchise system.
Pros
First franchisees have the potential to make a lot of money on a hot new concept before saturation occurs. If you've done your homework in terms of research, and your entrepreneurial gut tells you it's an opportunity too good to pass up, you may want to go for it. Glory and recognition may be yours if you get in on the ground floor of a successful new franchise system.
New franchisors and their corporate staff generally devote more time, attention, support and "tender-loving-care" to their first-born franchisees. The success of these franchisees is critically important to the success of the fledgling franchise company. First franchisees often feel like true partners in the development of the franchise system.
In contrast, franchisee #1000 may feel like just that; another number in a long line of fellow franchisees. This franchise system could turn out to be one experiencing rapid growth that is unable to provide or keep up with the necessary support system franchisees need.
In a new franchise system, you can reasonably expect to gain some benefit from the availability of prime territories and locations. In a long-established system, existing franchisees may have already taken those prime locations, and you as a newcomer may not have that same opportunity. So, keep in mind that there may come a time in a mature franchise system where saturation can occur.
In order to encourage prospective franchisees to come on board, new franchisors typically are more flexible in terms of contract terms and fees. You and your franchise attorney may be able to negotiate a number of contract items. Down the road, subsequent franchisees may find the same franchisor to be less flexible and more restrictive.
A new franchise system may be a good opportunity for true entrepreneurs who love to be pioneers, and for multi-system franchise investors seeking diversification. These individuals need to be willing or able to take on a greater than normal investment risk, and to be able to adapt to a new system's changing and possibly unforeseen circumstances.
Being one of the first franchisees can lead to being in a position to recommend and help implement necessary franchise system changes, service in some capacity as advisor to new franchisees, and "graduating" to area developer/multi-unit franchisee.
Cons
Generally, more risk is involved. There is no record of proven franchise profitability. First franchisees will need to perform research in order to determine if there's adequate demand, if the product can be easily copied, and who the major competitors are.
You may serve -- unintentional as it may be -- as guinea pig until the kinks are worked out. New franchisors may be inexperienced in providing the proper support and training new franchisees require. You need to be realist that mistakes will be made, but hopefully you and your franchisor can learn, benefit and prosper from them.
If this is your very first franchise, you may not want to learn how a franchise system works from a franchisor who is only now learning themselves. Second or third-time seasoned and experienced franchisees may be better suited for this type of risk.
A brand new franchise system literally has no franchise history you can check out. To name a few, they'll be little or no franchisees to contact, no report on how many franchisees have left the system, and no franchise litigation history.
It may be more difficult to obtain business loans/capital with an unproven franchise or franchise concept. Lenders may evaluate and deem your venture as too great a risk. Acquiring capital/loans for a business investment with a long-established, successful, quality branded franchise may be easier to come by.
A new franchise system will not usually possess the same brand awareness as a successful mature franchise system. It can take years for a new franchise to develop a well-known brand that helps increase sales and provides a competitive advantage.
Despite the risks, buying a franchise in a new franchise system still offers advantages over starting your own business from scratch. Companies that make the decision to franchise do so in part because of their already proven and established concept and business success. They have by this time been in business for a number of years; whether it's two years, 10 years or more. The decision to franchise then becomes their next logical step to build upon a foundation of already considerable success.

Published At: Isnare.com

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From Ancient Greece to WWII - A Look at the History of the Recruiting Industry

Submitted By: Ken Sundheim

An Interesting Look At The History of The Recruitment Industry
Recruiting began with the military and dates all the way back to ancient Egypt, Greece and Rome. The birth of the modern recruiting industry, however, did not take place until the 1940's as a result of WWII. Employment agencies began to advertise for workers who were not obligated to military service in an effort to fill the void in the workplace left by those who were called to duty. The end of the war led to an influx of workers returning from the army, many with new skills that could be applied to the blossoming technology field. Headhunting companies became popular as a response to the growing workforce. Headhunting agencies worked in service of those seeking employment until the strong economy of the 1970s led to a shift from working for the employee to working for the employer. Enjoying a period of relative prosperity and growth, large corporations began outsourcing their hiring efforts to recruiting companies. Because of IRS employment taxes, recruiters only made placements for full time, executive positions.
The headhunting industry continued to operate in this way until labor laws began to change and the line between employee and independent contractors was blurred. In 1986, Congress eliminated safe harbor for certain technical workers, thus affecting the way engineers, drafters, system analysts, designers, computer programmers and other professionals in similar lines of work were classified. The Revenue Act of 1978 had previously permitted employers to appeal reclassification of an employee if the industry had categorized certain types of workers as independent contractors in the past. However, this was changed by the 1986 amendment by preventing employers from appealing reclassification if the employee had been placed by a third party agency.
In response, corporations simply began doing what the IRS had accused them of failing to accomplish in the first place. Large companies began reclassifying all their employees, shifting their status from 10-99s to W-2s. As web and technology based businesses began to blossom with the Internet boom in the 1990's, the path had been cleared for recruiters to place programmers, system analysts, designers, drafters, computer programmers and engineers as well as senior and executive level positions for the hundred of new and thriving companies.
In the 90's, headhunting had begun to spring into new forms and took on a variety of trendy names and specialized strategies such as "synthesized" recruiting, "broadband" staffing, "converged" recruitment strategies as well as something that became known as MARS, or "Multi-disciplinary Advanced Rapid Staffing." At the peak of the Internet boom, companies were desperate for staffing solutions that would help meet the demands of the swelling economy and the seemingly endless supply of wealth.
Unfortunately, the economic downturn has been hard on the recruiting industry. Not only are unemployment rates high, but those companies who are hiring usually make an effort to save money by doing their own staffing and human resource management. One can predict, however, that when the economy begins to get back on its feet, the recruiting business will be in high demand once again.

Published At: Isnare.com

The Processes And Responsibilities Of Registering A Company In Australia

Submitted By: Russell D Scott
When starting a business there are many decisions to make. Deciding the legal structure of your business is vital and it is common to choose a company structure; as this provides a number of benefits including asset protection and greater access to finances. It is important to seek professional advice when making this important assessment.
If you decide that a company structure is best for your business you will need to undertake the process of registering a company and you need to understand your responsibilities. The company registration process includes applying to the Australian Securities and Investments Commission (ASIC), the government body responsible for overseeing all companies registered in Australia.
You will need to register a name that is different from other company names already registered with ASIC; a number of online company registration service providers will help you check available names. The company registration occurs when ASIC accepts the company name submitted and issues a unique nine digit Australian Company Number (ACN) - this number which must appear on public documents and cheques used by the company.
An Australian registered company must have a registered office in Australia where communications and notices relating to the company can be sent, however your office does not need to be open to the public. ASIC must be notified of this address at the time of company registration, and at any time the location changes. If the company does not occupy the premises of the registered office, the occupier must indicate in writing at the time of registration that they have agreed that the company registered office can be located there; it is also worth noting that a Post Office Box cannot be used.
A number of business service providers in Australia offer an online company registration service that links directly to ASIC. Some online company registration facilities will allow you to check the availability of a company name, fill out the necessary forms through an online ordering system, register for a domain name and receive an ACN for a low company registration fee.
Once the company registration is complete, company registers must be kept to record details of the company (including a register of shareholders and a register of charges). These company registers can be a bound or loose leaf book, or on a computer that allows documents to be printed out. The records must be kept at a place approved by ASIC.
Your company will also need to obtain a Tax File Number (TFN), which can be applied for through the Australian Tax Office (ATO).The TFN is unique number to be used on correspondence with the ATO relating to the company and when lodging the company’s tax return.
Company registration establishes a separate legal entity to that of its owners, with the company having its own powers and responsibilities. The company can be a public company, which means that it can have an unlimited number of shareholders; or a proprietary company, which is restricted to 50 shareholders. Proprietary companies have greater restrictions compared to public companies, including the inability to buy or sell shares to the public. A proprietary company (often called a ‘private company’) is the most common structure used for small businesses and is identified with the words “Pty. Ltd.” included on the end of its name.
The powers and responsibilities of a registered company are set out in the Corporations Act. All assets within the business (such as cash in the bank and equipment used to run the business) belong to the company and must be used for the company’s purposes. As such, a company has the powers of an individual, including the power to:
•own and dispose of property and other assets
•enter into contracts
•sue and be sued.
Ownership of a company is made by way of shareholding; there must be at least one shareholder. For a small business operator, the owners would most probably choose to be the shareholders when registering a company. One of the main advantages of company registration for small business operators is that the shareholders of the company are not liable for the company’s debts, so the liability of the shareholders is limited. The only obligation on the shareholders is to pay the amount owing to acquire the shares in the company, which can be as little as $1.00 a share. So if a company fails the total amount a shareholder can lose is the value of their shares.
Directors of a company manage the business on behalf of its owners, the shareholders. The directors may in fact also be shareholders of the company, but do not need to be. They are formally appointed by the shareholders. A director of a company does not need to have any specific qualifications but does have a duty to:
•act in good faith in the best interests of the company,
•to act in their role as director with care and diligence,
•avoid using their position of director to conflict with any interests they may have outside the company,
•not misuse any information they obtain on the company in their position as director of that company.
A director may be liable to compensate the company for any losses the company suffers from a breach of their duties.
There are number of finance options available to fund company operations, however it important to note that if a shareholder personally guarantees a loan to the company, then they will be personally liable for the repayment if the company is unable to do so. Directors of a company may also be liable for the company’s debts if they provide a personal guarantee of the company’s liabilities and the company is unable to pay these debts when they are due.
A shareholder may sell their shares, but only if the sale would not breach company rules, as set out in its constitution, or the Corporations Act; directors have the discretion to refuse to register a transfer of shares. A company continues to exist even if one or more of its shareholders sells their shares, dies or leaves the company. If the company has only one shareholder who dies, their personal representative is able to ensure the company can continue to operate.
A company may be wound up by order of a Court or voluntarily by the shareholders. At the time the company is wound up, if there any assets left over after the company debts have been paid, the surplus can be distributed to the shareholders. If a company ceases trading or has been wound up it will remain on ASIC’s register until it is deregistered.

Published At: Isnare.com

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