Currently there are several thousand franchise opportunities available to prospective business owners, from fast food restaurants to direct mail marketing. Your challenge will be to educate yourself and sift through all the information in order to make the best decision for your personal situation and goals.
1. Be in control: Many of the franchisees will sell you on the idea that they need to pre-qualify you before offering you their opportunity. Don?t let this cloud your judgment with feelings of obligation, and remember you ultimately will have the final decision that is in your best interest.
2. Do personal needs analysis on yourself: What are your goals in business ownership? What type of franchise? How much money do you want to make? Do you want to work from home or do you want more of a ?brick and mortar? type of business? How much do you want to invest? Do you want room to expand the business and grow to multiple locations? Anything you can think of what you want to get out of franchise ownership, and make sure you write it down. These will be the beginnings of questions that you will be asking the franchisors and current franchisees.
3. Narrow the Search: Based on the personal needs analysis, select no more than three franchises that potentially will meet those needs.
4. Begin the Research: Find out as much information you can before contacting the franchisors. Most franchises have information posted on their websites. Look for information such as areas that are available, investment amount, years in business/years as a franchised business. Also investigate information that is available with the FTC (Federal Trade Commission)
This should be a good foundation for you to begin the process of the investigative stage of franchise ownership. We will continue with the next steps to take in Part 2 of Franchise Opportunity Tips.
You can find other useful franchise information here at:
http://www.buying-franchises.com
Jeff Lubthisophon
http://www.buying-franchises.com
