Ultimate Guide to Franchises
by JimD, Former Moderator
- Created: September 14, 2010, 4:30 am
How do you open a franchise? Is buying a franchise the same as owning your own business? How do you know that a franchise will be profitable? Since the Community launched in 2009, members have posted questions and concerns like these about franchises. For this reason, w;ve created this-ultimate guid- as a go-to resource to help you assess franchising opportunities.
Opening a franchise can be different than starting your own business. Below, we have pulled together some of our business articles related to specifically to franchising.
Deciding if You Can Be a Franchise Owner
Being a franchise owner is't for everyone. Not only does it involve some risk, but you must also have absolute faith in the system you are investing in. Many potential franchise owners do not take enough time to do due diligence on themselves to make sure they are ready. The following resources that can help you look at yourself and decide if investing into a franchise is what you want to do:
- Do You Have that Special Personality Need to Be a Franchise Owner?
- What Problem Are You Trying to Solve By Buying a Franchise?
Researching a Franchise
Once you have decided that owning a franchise is the right decision, you need to find the right franchise opportunity. There are many opportunities out there for franchising, but finding the right one that matches you can be difficult. The following resources will help you helps you research home-based franchise opportunities:
- Going Beyond the Hype, Managing the Risk and Finding the Right Franchise Opportunity for You
- Starting a Home-Based Franchise Business ' 6 Steps to Help You Find the Right Opportunity
When you think you have found one, you should do research about that franchise to make sure it is a good investment. Researching That Franchise and Investigating a Franchise Opportunity' How A Little Detective Work and the Law can Help are two articles about how to properly research your franchise and make sure you have found the right one.
Financing a Franchise
Opening a franchise requires an investment of time and money. Like many business owners, you may need a loan to break into the franchising world. Having a'SBA-Approve' franchise can change the loan application process by requiring less financial paperwork. The following resources provide more insight into financing a franchise:
- SBA-Approved Franchises: How Do They Work and How does the Loan Application Process Change?
- Franchise Opportunity Exploration Starts At the Kitchen Table offers franchise investment tips
Running a Franchise
The franchise business is a model that's built on efficiency, and it only makes sense that some of the new technology that's being developed is useful for both franchisees and franchisors. For details on how technologies can be used by franchises, read Franchising And Technology.
Marketing a Franchise
Many franchises are starting to take advantage of social media technologies. Learn about some examples of how franchises are using this inexpensive way to get their word out in Is The Franchise Industry Using Social Media Marketing Effectively Yet?
Franchising Your Business
There may come the time when you decide that your business needs to expand. Have you considered franchising your business as an option? If you feel that your business can be franchised, remember that turning your independent business into a franchise business may not be easy. There are lots of steps to take and details to work through, but it is feasible. The following resources will help you consider whether your business will be succeed as a franchise:
- Are You Thinking of Franchising Your Business?
- How Franchising Your Business Leads You Down Two Different Paths
- Business.gov's Franchise Buying Guide - Helpful tips, resources and regulatory guidance from the government's official site for small businesses.
- The SBA also offers comprehensive advice for potential franchisees.
- Business.go's Small Business Franchise and Business Opportunities Guide
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