Start a Franchise

1. Resources are available to start a franchise.

Consulting companies exist that specialize in helping people open a franchise business. The consultants can help you determine whether your idea will work, how to best market it, and more before you start. Printed and online resources also provide valuable information for people looking to dive into this booming market.

2. You need a lot of money to run a franchise business.

To start a franchise is, in a sense, a gamble, but a company worth starting is more of an investment. Special loans are available for people who want to start a company, and some franchises cost much less to start than others. Expect your credit to be checked and your idea to be analyzed thoroughly for bank approval of a loan. You can also look for investors or borrow funds from friends and family. Financial resources should be researched and compared before you get too deep into the market.

3. To start a franchise, you must be an entrepreneur.

A franchise business requires vision, determination and the willingness to take risks. In many cases, you must have the intuition to know that your idea will work. This does not mean, however, that you must know all the ins and outs of the industry— starting your company is, in itself, a learning process. Take the time to research and ask questions of those with experience in the industry.

4. You don’t necessarily need legal help to run a franchise business.

There are many legal stipulations that follow starting a company. The process of simply starting, running the establishment, and dealing with employee and government regulations requires legal assistance. For this reason, it is wise to contact an industry attorney before bringing your idea to life. Look in your local yellow pages, online or ask a local company owner who they recommend working with.

5. Before you start a franchise, it is wise to seek counsel.

Proverbs 15:22 - Without counsel purposes are disappointed: but in the multitude of counsellors they are established.

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