In the fast-paced small business franchising industry, it's critical that you keep up with the news to stay a step ahead of your competitors. Whether you're an established franchisee or you're planning to start a franchise, you should follow the industry developments closely.

Follow trends affecting your own franchise company through the corporate office newsletters and emails sent out to owners. Keep up with local small business franchises for sale through your own area networking groups and business publications. Look for small business franchise publications that keep you updated with news and information about new HR, accounting and marketing solutions. Keep yourself updated with small business franchises news and information about trends in a number of ways.

1. Keep track of small business franchising news through industry-wide publications.

2. Look for websites that offer forums to discuss the latest news going on with franchise companies.

3. Use membership groups to expand your realm of franchising information to include governmental affairs and lobbying efforts the group published for members.

Action Steps
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Subscribe to publications that keep you apprised of general news about franchising companies

Find those resources that will bring you news about the entire industry, including news about new enterprises, features and news that cover leaders in the industry and reports on how the general economy is affecting the franchise world.

I recommend: Blue MauMau is a great source of breaking news, headlines and in-depth features about the industry. Stay on top of the trends and find out what the industry leaders are doing by subscribing to Franchise Update, a leading industry publication.

Talk about the latest small business franchising news with others in the industry

Sign up for RSS news feeds and look for sites that can provide a little more analysis of the news as well as discussion forums and blogs in which you can participate to help you put the headlines into perspective for your own business.

I recommend: Franchise Chat will keep you up to date on the latest news that drives the industry and how various businesses are performing. Read the Franchise News Center for recent news updates and reach consultants through the site for further insight.

Keep up with major small business franchising news through membership in a trade group

Get involved with your trade association and take advantage of the networking opportunities to develop relationships that will provide you with analysis and solutions to be able to use the latest news for your benefit. Leaders in the franchise industry belong to groups that can have an affect on the news and help to shape the trends.

I recommend: The International Franchise Association keeps members updated on the latest news and the events that are happening so you can stay involved. Register to receive information and news about the movers and shakers in the industry as well as headlines impacting your business from the American Franchisee Association.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Ask your corporate office to include you in any important news feeds with important franchising information they believe will help you make decisions for your own business on the local level.

Franchises are like food: There's something out there to suit everyone's tastes. As such, a franchise can be the perfect business for a budding entrepreneur. The options are incredibly diverse, and the business models — already developed and refined by someone else — proven. With a minimal investment, franchisees get the inspiration and support they need to become the business owners they dream of being.

So, where to start? Franchise opportunity listings are the ideal spot to begin your research. In reviewing them, be sure to consider:

1. Demand
2. Competition
3. Cost
4. Commitment

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Start on the Web

You'll find a huge number of franchise offerings on specialty Web sites, with listings conveniently sorted by business type (such as automotive, restaurant, home-based) and location. You can see the investment needed for each franchise and read a pitch from the franchisor about the training and support they give their franchisees. Online contact forms will put you in touch with the franchisor for more information.

I recommend: Go to Franchise Solutions, Franchise Gator, Franchise Opportunities or type "franchise opportunities" into your favorite search engine.

Browse association listings

For more exclusive listings plus educational material, try local and national trade groups.

I recommend: The International Franchise Association (IFA), the American Association of Franchisees & Dealers (AAFD) and the American Franchisee Association (AFA) are the country's main franchisee trade groups; visit their Web sites to browse electronic opportunity listings, order print directories and more.

Consult business directories

Business directories can be excellent places to find just about anything — including franchise opportunities.

I recommend: Search business directories at AllBusiness and Yahoo! for a wealth of franchise opportunities.

Look to trade magazines

B2B magazines often function as virtual libraries for entire industries. Many collect and publish classified ads especially for their niche readers.

I recommend: Franchise Times and Franchise International feature dozens of franchise listings online and in print and offer industry news and surveys as well.

Ask a search firm

Too busy to spend your time sifting through hundreds of franchise listings? Hire a professional to do the searching for you.

I recommend: Entrepreneur Connections offers a free consultation service, called FranChoice, designed to connect entrepreneurs with the franchise opportunities that are most suitable to them based upon their needs and goals.

Avoid traps

Don't rely on listings alone to sell you on a concept. Do some research and consult existing franchisees to get an honest picture of the opportunity.

I recommend: FranSurvey.com rates franchise opportunities using information gathered from existing franchisees.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Once you've identified a potential opportunity, research the franchisor further at Hoovers. Also, request from the franchisor a Uniform Franchise Offering Circular (UFOC), which will contain all the information you need about a given opportunity.
• •  The most useful franchise listings will include a company history, unit count, geographical opportunities, application prerequisites and investment requirements.

Franchise companies are becoming increasingly popular with entrepreneurs looking for a small business franchising opportunity that they can own and operate with little prep work. While most business franchises for sale share similar business models, there are vast differences in small business franchising opportunities and investment requirements.

Start a franchise if you are looking for a business with a recognizable name and proven organizational operation. A franchise company will support you through the basics of opening and running the business and you can add your own personal touches once you open. Before looking at companies and franchises for sale, take time to learn the small business franchises basics.

1. Check out investment requirements of franchising a small company as you consider your options.

2. Use the experts to help you find the best franchise opportunities for small business to suit your needs.

3. Keep up with emerging new small business franchising opportunities to expand your options.

Action Steps
The best contacts and resources to help you get it done

Investigate the costs of small business franchising opportunities

When you begin to look for a business franchise to purchase, consider using a company that offers a variety of programs so that you can get the level of risk that suits your needs and abilities. Consider the amount of investment, the kinds of employees you'll manage and the amount of time that will be required from you before signing on with a franchise.

I recommend: Look for franchising information and blogs from business consultants at Franchise Business Review. Look for guidance and information about the costs and risks involved in opening a franchise and what might work best for you at Franchise Solutions.

Look for consultants to guide you to the right franchise company

Franchise corporations utilize the third-party services of franchise consultants to perform the initial vetting process and to bring in qualified candidates. The home office typically pays the franchise consultant. Consultants will walk you through the process to determine if you are financially and temperamentally suited to a certain company.

I recommend: Franchise Gator provides information about various franchise opportunities as well as industry information about the current trends and issues affecting the industry. Find business bios, news and other informative resources through America’s Best Franchises.

Use the best franchising information tools to make your final decision

Visit franchises that are in operation in your area and ask the owner to share the experience he went through to open the business. Find out as much as you can from independent sources before you approach a franchise company in which you are interested. Check the websites of the major publications that cover the industry to make sure you have all the information you need to make an informed decision.

I recommend: Get facts and reviews of various franchising companies as well as basic information and guidance from Franchise Direct. The Franchise King offers solutions and ideas about the industry that can help you make a decision about which franchise to get involved with and to keep up with the trends and news going on.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  While you are looking at small business franchises for sale, utilize the expertise of your personal bankers, financial consultants and other business advisors to help you make the right decision for your own personal needs.

There are many benefits with buying into a small business franchise. Franchises provide the power of a recognized brand, proven advertising techniques, purchasing information, employee training programs, technology, and quality assurance. The franchise's experience and knowledge in its given business is also a plus. A franchise minimizes the risk of failure, and buying into a well-known established franchise greatly increases the chance of success. Keep the following small business franchise opportunities key terms in mind when starting research into the different opportunities out there.

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Investment

The initial investment, initial start-up fee or franchise fee for a small business franchise is the amount of money required upfront to buy the rights to use the franchise name. Depending on the franchise, this may include extra things like standard interior decor, employee training, national advertising and marketing.

I recommend: Get a better understanding of what a franchise fee entitles you to at Entrepreneur Media

Royalty fee

An annual royalty is required by almost all franchises to retain the right for continued brand name use. The royalty fees vary from franchise to franchise, but usually ranges between 3 and 12% of annual profits.

I recommend: Learn more about royalty fees from FranchiseFetch.com.

Franchise prerequisites

Franchise prerequisites are things that are required prior to applying for the franchise, and might include the initial investment, an up-front royalty fee and even a guarantee of minimum annual profits.

I recommend: Read more about franchise prerequisites in an article from the Franchise Update Media Group.

Distributorship

A distributorship is a type of franchise in which a business is granted the right to sell the parent company's product within a sole proprietorship or private business, such as an auto dealership selling Ford automobiles.

I recommend: The HJVentures website further explains what a distributorship is.

Trademark licensing

Trademark licensing, or brand name licensing, allows a business to sell a name brand product in conjunction with a separate business, like a restaurant selling Pepsi products, or a t-shirt store selling college t-shirts.

I recommend: Lawyers.com provides information regarding trademark licensing, including the definition of what trademark licensing is.

Business format franchise

A business format franchise is the most common type of franchise, which grants the right to use the franchise name, franchise logo, franchise business techniques or sell the franchise's products within the limitations set by the franchise.

I recommend: Read more about a business format franchise at DryCarpet Carpet Cleaning.