10 Free Books Bundle: Starting a Business  

Home  Top Stories  Sports  Entertainment  Health News  Business  Personal Finance 
Real Estate  Business Finance  Insurance  Consulting 
Tax News  Forum


 

Writers






 


Featured Articles







BUSINESS



 



 

 

 


10 Steps to buying and starting your own Franchise Business

January 26th, 2006

10 Steps to buying and starting your own Franchise Business

West Coast Franchise Expo held in Los Angeles Nov. 2006

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.

Comment on this Article at our Forum

Submit your own Article

Home Business Special Topic 

  RSS Home Business Feed

  RSS Feed to our Business News

  RSS Feed to all of our News

Add to Google Add to My AOL
Add to My Yahoo! Subscribe with Pluck RSS reader
Subscribe in NewsGator Online
Add this feed to Your C-Net

By Nicole Wilson
Best Syndication Staff Writer

 

Keywords and misspellings:  franchisse franchizing how-to purchase a franchize invetment apply startin your bussiness

 


Google
 
Web BestSyndication.com

About   Contact   site map

Copyright 2005 Best Syndication                                     Last Updated Saturday, July 10, 2010 09:49 PM