I am looking to purchase a franchise where do I begin?

Answer 1

A great website to identify opportunities is:

http://www.worldfranchising.com/

Once you identify an area or type of business, the best way to truly assess whether to buy any franchise is to speak directly with several (at least six, preferably more) franchisees for the company you are considering. A self-examination as to whether owning a business is what you really want is also essential, as is a very thorough due diligence. Here are 10 steps that should be taken by anyone considering investing in a franchise:

1 - Conduct due diligence on yourself
2 - Find a great accountant
3 - Find a great attorney specialized in franchise law
4 - Conduct due diligence on the business
5 - Refresh and enhance your business acumen
6 - Write a business plan
7 - Identify and hire a great team- then create a culture to retain it
8 - Hone your leadership skills
9 - Hone your sales skills
10 -Create a schedule that allows some time for family and friends

Some other information you may find helpful:

Most franchise contracts are 10-year commitments for which the franchisee has virtually no rights. They're structured such that the franchisee has very little latitude or say in how the business is operated. You have flexibility to hire your staff, manage them and set your own prices, but most everything else, from displays to products you may/may not carry to signage/advertising, equipment, technology, etc. is usually either governed by or subject to the approval of the franchisor. It's not like owning your own business, it's more like being a store manager who, if the business is profitable, takes home most of that. And if the business is not profitable and you want to sell it or close it after five years, these are both very difficult to do. The former is usually via either a very large fee (an example is a local franchisee who paid $100,000 to terminate his franchise contract with one of the more popular women's fitness center franchises) or personal bankruptcy (franchise contracts generally require you that you be personally liable your business debts, not just through whatever type of corporate entity you might establish; e.g., LLC, S Corp., Partnership, etc.). The latter option of selling your franchise is generally accomplished only at a very large discount.

There are dozens of things to investigate when considering investing in a franchise, but here are some fundamental questions to ask current franchisees:

About how many hours per week do you dedicate to your franchise business?

How would you describe your relations/communications with your franchisor?

Is the franchisor fair with you in resolving any grievances?

Are territories equitably granted?

How would you describe the initial and ongoing training provided by your franchisor?

In what ways could the parent company most improve?

Is your income A) more, B) less or C) about what you expected prior to opening your business?

If you could turn back time to the day you signed your franchise agreement, would you make the same decision to buy your franchise?

The last one is of course the most important. There are many very happy, wealthy franchisees out there, but it's not a guaranteed formula for success. Every opportunity is unique and requires extensive due diligence of both the franchise itself as well as the regulations governing the industry. If you have more specific questions, please feel free to contact me.

Good luck.

Answer 2

Begin by researching the industry you are interested in. Good resources for franchises are the Interantional franchise Association at www. Franchise.org and another is www.Entrepreneur.com which gives you a lot of information about starting a busines, how to guides and plenty of resources.

Answer 3

How do you do, Mr. Jonathan M.? It is a pleasure to meet your acquiantance. I like men with business sense and money. LOL.......

Exactly what kind of franchise are you looking for? fast food business?...dry cleaning business?...restaurant business?...gasoline service station business?...convenience store business?

If you have determined which one you're really interested in, the first step is really to talk to current franchise holders and get their opinions/inputs/blah/blah.......if you like what you hear, then this people can hook you up with the franchise people and more talks and more questions.....if everything is ironed out, go to the bank and get your money......prepare, prepare, prepare...and soon it's Grand Opening Day!

Good Luck!

Answer 4

Find out what kind of franchise you want to be involve.

Answer 5

go to website like franchiesee.com,where u got lots of offer from company . In which sector u have intereset u can go, understand company marketing presence then select company.