10 Steps to buying
and starting your own Franchise Business
January 26th,
2006
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West Coast
Franchise Expo held in Los Angeles Nov. 2006 |
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A franchise
business can cost a small sum to large amounts of money to participate
in the branded name. McDonald’s one of the most successful franchises
out there and is a more expensive investment to participate with the
program. There are many
franchises available. With a little research you can find a
franchise that is the best for you.
Here are 10 steps
in buying and starting your own franchise business.
1.
Determine how much you are able to invest in a franchise. Since a
franchise usually has an initial investment amount, it is important to
know what you are able to invest. Attend a franchise expo or tradeshow
to find out about the business programs. The West Coast Franchise
Expo is going to be held in Los Angeles in November 2006.
2.
Make
a list of the type of businesses that you would like to participate in
and the limitations to each business. Is it something that you enjoy
doing? Are you going to have to check into the location a lot or will
you being able to let it take care of itself? Do you want to do the
work and keep it a small operation? If you are going to have employees
are you going to have a manager work with them?
3.
Once
you narrow down the type of business that you would like to work in.
You could even have a couple of franchises that you like at this point.
You need to determine in your city if there is competition for this, and
if there is a demand for the products or services that you are thinking
of offering. Find all the franchises available for the industry that
you want to participate in and compare cost, as well as the popularity
of the name brand and the income potential.
4.
When
you have analyzed the data on the industry and brands that are available
for franchise, hopefully you have determined that you would either make
enough money to make it worth your time or not. Be realistic on the
business that you want to get into – if it isn’t going to make you much
money each year and you are required a lot of time it might not be the
right franchise.
5.
Contact all the franchises that you are interested in for more
information. You should get a cost for the initial investment. The
re-occurring fees and cost of supplies, uniforms, etc. You can start
the application process for the franchises you are interested in the
most.
6.
When
you get to the point of wanting to sign the contract you will need to
make sure that the franchise that you are participating with are of a
good reputation. You can find out if there is anything bad about the
franchise in the news or on the internet. Ask to talk with another
couple of people that have signed on with the franchise and visit their
location to see how it is run. If you are not able to be able to see
other franchises with the company brand you should proceed with caution.
7.
Review your job skills and resume. It may be necessary in becoming a
franchise owner. The more respected the store brand the more likely it
will be important to have a business degree, previous management
experience, and experience in operating successful businesses. In child
care and education centers you may need special degrees in child
education.
8.
Be
prepared for possible on sight training. If you franchise is a food
service, it will more than likely be a requirement. Others may have a
training course by book or video. It really depends on each franchise.
9.
You
might have to rework your franchise plans depending on where you are in
life. If you do not have enough experience for the big brand franchise,
you might have to gain the work experience first. After time you may be
able to participate with a bigger franchise business. But it doesn’t
hurt to start big and work you way down, because you might just get that
franchise you always wanted.
10.
Once you have done all your homework you will likely be ready to start
working on the franchise that you have purchased. The last step is to
give the franchise all your energy to get the business off the ground.
The first two years of any business are the hardest to establish your
customer base.
By
Nicole Wilson
Best Syndication Staff Writer
Keywords and misspellings: franchisse
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bussiness
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