Franchise opportunities are a great way to get involved in the business world. When you purchase an existing franchise for sale instead of starting a new company, you will receive several benefits such as an established company name, a successful business plan, vendors that are willing to work with you and ongoing support from the corporation that established the business franchise.
Securing a franchise allows you to start a business without doing all the ground work and gives you the advantage of learning from the business owners' experience. There are many questions you must ask yourself before investing in any business opportunities, including:
1. Which industry do you wish to get involved with?
2. Where do you want to open a franchise?
3. Will you need to hire and train any employees for the new franchise opportunity?
4. How hands-on will the franchise opportunity owner be with you after you make the investment?
5. Are you willing to conform to all the rules and guidelines the franchiser dictates?
Hire a consultant to explain franchise opportunities basicsFranchise consultants can explain all the pros and cons to purchasing a business franchise. They will guide you to finding the right type of franchise, assist you in understanding any documents you must sign and lead you through the entire buying process.
Work with a lawyer to guide you through the process of investing in business franchise opportunitiesFranchise lawyers will help you understand the contract you must sign with the franchise owner and explain all the legal obligations you will have. They will also help with any negotiations, arbitration or litigation that may become necessary. Look to them for guidance with every legal related matter.
Receive a loan to secure a small business franchise opportunityIndividuals who wish to borrow money to buy franchising opportunities can turn to lenders that specialize in funding potential franchisees.
Confer with an accountant before purchasing any franchises for saleCertified public accountants will investigate the financial history of any small business franchise opportunities you are considering, explain the expenses involved and help you understand your long-term earning potential.
Discover your own new franchise opportunityf you wish to locate and purchase a franchise on your own, you will need to know if your state has any franchise or business opportunity laws. Next, you will need to find the franchise opportunity. There are hundreds of franchises available in every industry. Franchise owners will guide you through all the basics in making the purchase. Be certain to ask the franchise owner any relevant questions before you begin the transaction. It is important to know how well their business is doing financially, how many branches they have open, what type of marketing support they provide, how many specific guidelines they will expect you to conform to and anything else that will affect your new business.
Federal Trade Commission. Check out a list of available franchises from Red Hot Franchises, Franchise Direct or Microsoft's Franchise Gator.
- Talk to the Better Business Bureau to make sure the owners of any franchises you are interested in have a clean record.