Tags |
|
|
Links |
|
|
Advice You - Franchises Offer Shortcuts, But Not Control
Q: I will be retiring this year at age 60 and intend to fulfill my lifelong dream of owning my own business. I'm too old to start from scratch, so I'm looking at several franchise opportunities, including fast food, auto parts, and a
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
n accounting service. What should I consider before choosing one?
Anthony R.
A: Congratulations on the retirement, Anthony, and on the new business venture. As the old adage goes, when one door closes, a drive-through window often
A: Congratulations on the retirement, Anthony, and on the new business venture. As the old adage goes, when one door closes, a drive-through window often
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
opens (or something like that).
Given the franchise types you are considering the first thing you should ask yourself is whether or not you want to spend your golden years cooking fries, selling mufflers, or doing taxes.
Franchisin
Given the franchise types you are considering the first thing you should ask yourself is whether or not you want to spend your golden years cooking fries, selling mufflers, or doing taxes.
Franchisin
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
g can be a great way to start a business career, but you should make sure you're not just trading one job for another. Unless you plan on being an absentee owner, which I highly discourage, you are gong to be working in the business
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
just as an employee would, so be sure the business you choose doesn't turn your lifelong dream into a never-ending nightmare.
The primary advantage of buying into a franchise system is that it allows you to enter business quicker wi
The primary advantage of buying into a franchise system is that it allows you to enter business quicker wi
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
th a proven system, while minimizing risk and increases the odds for success.
The primary disadvantage is that you give up considerable freedom in how the business operates. In many ways franchisees are not really their own bosses b
The primary disadvantage is that you give up considerable freedom in how the business operates. In many ways franchisees are not really their own bosses b
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ecause they are required to follow the rules set down by the franchisor.
Many franchise owners also quickly tire of asking: "Do you want fries with that?" and become absentee owners, which usually leads to the business being sold or
Many franchise owners also quickly tire of asking: "Do you want fries with that?" and become absentee owners, which usually leads to the business being sold or
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
shut down.
No matter what franchise you're considering, you should ask yourself the following questions before making a decision:
* Do you have past experience that pertains to the type of franchise you're thinking about buying?
*
No matter what franchise you're considering, you should ask yourself the following questions before making a decision:
* Do you have past experience that pertains to the type of franchise you're thinking about buying?
*
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
Are you prepared to work long, hard hours?
* Are you an effective manager?
* Are you willing to share your revenue with the franchisor?
* Are you willing to follow the franchisor's rules and regulations?
* And the biggie: do you
* Are you an effective manager?
* Are you willing to share your revenue with the franchisor?
* Are you willing to follow the franchisor's rules and regulations?
* And the biggie: do you
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
have access to the necessary capital to invest in the franchise?
The big franchises like McDonald's and Midas Muffler can cost hundreds of thousands of dollars to buy into, but unless you are a total business savant, the franchise
The big franchises like McDonald's and Midas Muffler can cost hundreds of thousands of dollars to buy into, but unless you are a total business savant, the franchise
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
is virtually guaranteed to succeed.
It's true that even a McDonald's closes on occasion. Roy Croc spins in its grave when it happens, but happen it does, so keep that in mind. There are thousands of lower cost franchises that you ca
It's true that even a McDonald's closes on occasion. Roy Croc spins in its grave when it happens, but happen it does, so keep that in mind. There are thousands of lower cost franchises that you ca
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
n buy into, but the lower the investment typically means the risk of success is higher.
As a rule, franchise operations are generally more successful than independent startups because they have a proven concept, a ready market, an e
As a rule, franchise operations are generally more successful than independent startups because they have a proven concept, a ready market, an e
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
stablished customer base, and a business model that can be replicated over and over again. Less than 5% of franchises fail during the first few years as compared to an 80% failure rate of independent ventures.
Many people have done
Many people have done
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
very well as franchisees and often end up with multiple franchise operations. Adversely, many have not done so well because they bought into a franchise system that either was not all it was purported to be or they discovered that th
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
y did not fit into the franchisee's mold.
The key is to pick the franchise system that is right for you. Here are a few tips to help you do just that:
* Purchase a franchise that complements your skills, work experiences, and inter
The key is to pick the franchise system that is right for you. Here are a few tips to help you do just that:
* Purchase a franchise that complements your skills, work experiences, and inter
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ests. Don't start a business in a field that is totally foreign to you.
* Plan on becoming an owner-operator versus an absentee owner. Absentee owners lose control and interest quickly and the franchise suffers because of it.
* Gat
* Plan on becoming an owner-operator versus an absentee owner. Absentee owners lose control and interest quickly and the franchise suffers because of it.
* Gat
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
her as much information as you can about the franchises you are interested in. You are considering investing a lot of money to buy into a system, so know who you are dealing with and what you are paying for.
* Experience the product
* Experience the product
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
or service firsthand, as a customer would. If you don't like the service you get at McDonald's, don't invest in a franchise thinking you can fix their problems and run things better. You can't and you won't.
* Interview other franc
* Interview other franc
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
hisees to gauge the franchisee satisfaction level.
* Ask how many franchises have closed and for what reason.
* Ask about initial and long-term training and support.
* Make sure the franchisor is profitable and financially sound.
* Ask how many franchises have closed and for what reason.
* Ask about initial and long-term training and support.
* Make sure the franchisor is profitable and financially sound.
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
* Finally, do your due diligence. Request a disclosure document that includes in-depth information about the franchisor and if a franchisor refuses to produce such a document, take that as a huge red flag and mark them off your list
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/19435/adviceyou-Franchises-Offer-Shortcuts-But-Not-Control.html">Franchises Offer Shortcuts, But Not Control</a>
BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/19435/adviceyou-Franchises-Offer-Shortcuts-But-Not-Control.html]Franchises Offer Shortcuts, But Not Control[/url]
Related Articles:
Customer Service for Paving Companies
Franchise Opportunity - Some Tough Questions for the Franchisor
Bookmark it:
|