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How to Get on the Same Page with Your Franchising Brand
As an incoming franchise owner, one of the biggest favors you can do for yourself, and for your business, is to get on the same page with your franchising brand. From day one (and
How to Find Your Biggest Business Allies
Who’s on your team? As a new business owner it’s important to have those who support you lined up every step of the way. Even if you don’t need them in the status
Learn About Buying A Franchise
Buy a franchise today and be your own boss. FranchiseOpportunities.com offers a fantastic selection of franchises and business opportunities for sale. Browse our franchises by industry, investment level, location and more. With FranchiseOpportunities.com, you can buy the perfect franchise that fits your budget and lifestyle.
Franchises are licenses offered by a company (the franchisor) that allows a third party (the franchisee) to conduct business using the franchisor's business model and brand name. Franchise businesses are beneficial to prospective entrepreneurs as they allow the entrepreneur to minimize start up costs and reduce the overall risk of starting a business on their own. As well, franchises are beneficial to the franchisor as they allow for an easier way to expand the business to new markets.
How to Buy a Franchise
Before you purchase a franchise, there are some facts you should determine in order to make the best possible decision. You should know the costs associated with purchasing a franchise, including the franchise fees, as well as the scope of franchisor control, which in some cases may be very specific. There are a number of pros and cons which come along with purchasing a franchise, so you’ll want to take your time with this decision & utilize all the resources possible. We have many resources to help you pursue the franchise of your dreams, including a net worth calculator, finance center, & a self survey which can help you determine if franchising is right for you. Finally, our FAQ, franchise fee and franchise agreement pages offers a number of valuable tips for buying a franchise. You can also download all of this information in a handy PDF in our Definitive Guide to Finding and Running a Successful Franchise.
As for finding a franchise to buy, Franchise Opportunities offers a number of different methods for you to find the best franchise for you. You can search based on state, industry, or even investment cost. Before assuming you don’t have the capital necessary to purchase your own franchise, you might want to check out our low cost franchises page.
- Is Starting A Franchise Affordable?
Before investing in a particular franchise network, carefully consider how much money you have to invest, your abilities and your desired goals. You can also browse our low cost franchises. The following checklist may help you make your decision:
- What is the initial investment? How much upfront cash will I need to put down?
- How much money do you have to invest?
- Will you pursue the franchise by yourself, or with partners?
- Will you need financing and where can you obtain it?
- Do you have a favorable credit rating?
- Do you have savings or additional income to live on while starting your franchise?
- Is Owning A Franchise Profitable?
Although the success rate for franchise-owned business is generally better that the success rate for many independent businesses, there is no formula to guarantee success. The same may also be said of the profits generated. Often the margins you make are a reflection of your ability to properly run your franchise, however you may be able to get a document (Item 19 of the Franchise Disclosure Document) from the franchisor that illustrates the typical franchise earnings. If the franchisor does not provide such a document, you should contact a number of franchisees in the market you are interested in and seek their advice on the business' profitability. One bad apple does not mean the concept is flawed, so be sure to speak with at least five franchisees.
- How Do I Finance A Franchise?
While there are franchisors that do assist in franchise financing, others do not. This will vary from franchisor to franchisor. Seek the financing options offered by the franchisor but also consider friends, family, investors, the Small Business Administration (SBA) and if you have a relationship with your local bank, certainly deem it as an option as well. Additionally, Franchise Opportunities offers a Finance Center with lenders who want to help.
- What Are The Advantages Of Owning A Franchise?
Franchising has many advantages. A franchise is already a functioning business system. While entrepreneurs invest heavily in order to set up a profitable business model, a franchisee can step into an already established concept, with much less risk for failure. For example, are you aware that as many as 80% of new business start-ups fail each year? An already functioning business model will put you heads and shoulders above the novice entrepreneur who not only needs to generate profits, but also needs to develop a profitable business model. For instance, fast food franchises greatly benefit from their association with the brand name and products of the franchisor. It can take a lot of time and be very challenging for an individual business owner to establish his or her business with the same brand recognition and popularity as an existing successful franchise system.