Tuesday, December 3, 2013

Franchising - Steps to Starting a franchise

Read this article before you start a franchise opportunity. Your success may very well depend on it.Before start any business opportunity, you should do the following: 

1 - Take a deep breath: Most people who are involved with the entrepreneurs tend to take off like a bat out of hell in the outside of the gate. However, many caves long as they end up losing their breath. Slow down and take this process very slowly.

2 Finding a good partner: You will be able to find a good partner with the franchise look inside yourself for the answers. Kinds of interests and abilities do you have? If the business is more fun for you, then you will not see it as work and success and profits will come early. If you have some knowledge and experience, then the whole process will be much easier for you. Being simple is king.

3-Research: spend a lot of time researching the types of business models. Make sure you are well aware before getting involved with anything. Know what you are getting yourself into.

4 realistic expectations: Be sure to get a grip on reality before going any further. Yeah kind of business model that you can make your own boss but there is a price to pay. Most franchisees spend about 60-80 minutes doing their own business. Most of them do not make millions of dollars, the franchisor is the person who makes millions.

5-Visit some owners: Take a visit to your local Dairy Queen, Quizno Subs or other like franchise. Talk to the owners and their views on the opportunities and business models. More than one visit to get more referrals. Some of them do not hesitate to tell you anything but a few open and help you out.

6-Make your choice: Once you have decided on the type of business you want to engage in, marching franchisor's office and get more information. Get more information from the horse's mouth as you possibly can. Once you have all your T's crossed and I really and feel good about what you are getting yourself, come and get started. You will have to qualify for this type of business model.They see your credit score and financial portfolio. If you have a high credit score, a good financial portfolio and liquid cash on hand, the approval should be no problem. 

Liquid cash needs can be up to $ 100,000. Liquid cash necessary for your survival for the first 6 months in business. This is to compensate for your business and living expenses while your business to build momentum. Some franchisors have in house financing and some let you do your own.

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