Buying a franchise requires lots of research. First, you’ll want to choose a brand you feel good about and an industry that fits with your interests and personality (there are at least 80 industries, so chances are good there’s a field you’ll be drawn to). It doesn’t need to be a big franchise to be worthwhile, and there are many options that enable even cash-strapped entrepreneurs to enter the marketplace.
A good place to start researching all franchise opportunities is the International Franchise Association (www.franchise.org). Other independent franchise lists are available on sites like Entrepreneur.com (www.entrepreneur.com/franchises/franchise500/index.html),Franchise Direct (www.franchisedirect.com), Franchise.com (www.franchise.com), or Franchise Gator (www.franchisegator.com).
Once you’ve targeted your options, more research is crucial, from reading the FDD (franchise disclosure document) to brushing up on your business basics so you can manage your new venture properly. Look for a franchise that offers substantial training so you’re comfortable from day one, and make sure you’ll get the support you need from the franchisor, whether it’s setting up your store, training your firsttime staff, or having the proper tools to manage your finances. It’s also a good idea to contact current franchisees and those who have recently left the system to learn about their experiences.
A good place to start researching all franchise opportunities is the International Franchise Association (www.franchise.org). Other independent franchise lists are available on sites like Entrepreneur.com (www.entrepreneur.com/franchises/franchise500/index.html),Franchise Direct (www.franchisedirect.com), Franchise.com (www.franchise.com), or Franchise Gator (www.franchisegator.com).
Once you’ve targeted your options, more research is crucial, from reading the FDD (franchise disclosure document) to brushing up on your business basics so you can manage your new venture properly. Look for a franchise that offers substantial training so you’re comfortable from day one, and make sure you’ll get the support you need from the franchisor, whether it’s setting up your store, training your firsttime staff, or having the proper tools to manage your finances. It’s also a good idea to contact current franchisees and those who have recently left the system to learn about their experiences.
