If you're just getting started in business for yourself and looking into franchises in particular, you need to do your homework. Solid research is key to getting started on the right foot. This beginners quick guide to franchise opportunities will get you going in the right direction. And the best place to start your research? The Internet.
Franchise Trade Associations
Look online for trade and business associations geared specifically for franchise business owners. One example is The International Franchise Association (IFA) is a membership organization that contains information to franchisees, franchisors and suppliers to help you with all aspects of franchising. With a database of over 800 franchise opportunities for you to consider and complete step-by-step guides for beginners, this is a great place to start your learning.
Franchise Opportunities Websites
There are a number of comprehensive websites that offer lists of franchise opportunities for sale.
One such website is Bison.com. It's designed for people who want to get serious about their franchise opportunities. Use their search feature to find the business franchise you desire. Read their ratings and reviews of various franchises, browse their franchise directory, get franchise advice and free consultation, read the latest news articles about franchising, and join the franchise financing forum.
Another website to look into is FranchiseDirect.com. This too has a ton of information about franchise opportunities for beginners. Included is a searchable dirctory of business franchise opportunities for sale and the ability to browse hundreds of franchises by industry category.
Top Beginner's Tip: Look at Existing Franchise Businesses
The best franchise opportunity for a beginner is probably one that is an already set up and establish business in which all you have to do is take over ownership. There is much less involved in this type of franchise and you don’t have to worry about set-up at all. You can just delve right into the business of running the franchise. Some popular examples are:
- Subway
- Curves
- Jackson Hewitt Tax Services
- UPS Store
- 7-11 Convenience Stores
- Duncan Donuts
- Sonic Drive-Thru
Key Points to Consider When Choosing a Franchise
When choosing a franchise for yourself as a beginner, here are some things you should find out about the potential franchise:
- What kind of experience is required?
- How much time and commitment is required to run the business?
- What is the background of the franchisor and their history?
- Are you able to obtain information on how other franchisees in the system are performing?
- How much will it cost you upfront? Are there recurring charges and fees?
- What products or services are you required to purchase from the franchisor?
- What are the contract details and obligations?
- What are the terms and conditions on getting out of your contract?
- Are you able to obtain current financial information about the system?
So check out the franchise business organizations, key websites, and know the basic items to look at when deciding on a franchise. For a beginner looking to start a franchise, these steps are vital.
2 comments:
Interesting post. I want to become an entrepreneur and run my own business, so this will come in handy. I know it'll be tough, but I'm ready for the challenge. I've been looking for businesses to buy, franchise or not, but I haven't had much luck. Do you have any suggestions? Thanks.
Doug -- Have you looked into small business groups in your area? They might be able to help you.
I also recommend looking into BizTrader.com, which is this online global marketplace where you can invest in, buy, or sell a business. There's a wide selection, franchises included, so I'm sure you'll find one that interests you. Check it out and good luck!
Post a Comment