Franchise Buying Steps
Congratulations! Traveling the path to franchise business ownership is not an easy one to follow! But you have completed the necessary elements - you've conducted a thorough analysis of yourself personally, financially, and from a business perspective. You've decided that franchising is right for you and are now in a position to take the next steps.
You want to be sure to have the information available to you regarding the financial position of a particular franchise. Awareness of the types of information available to you, why some information may not be available to you, and which regulatory agencies are involved in this process can help you make informed financial related decisions.
In addition, you want to make sure your financial position is in order. History tells us that the most common cause for delay in the timing of franchise purchases is because the candidates do not have their finances ready to go. You need to be ready to meet the cash, liquidity and net worth requirements of the franchises in which you are interested. Franchisors know from experience the minimum levels necessary for success, and they have constructed their opportunity around those minimums.
Finding a Franchise
There are many ways in which you can go about finding franchising opportunities. You can:
- Talk with your friends and family members
- Surf the web
- Explore information from the International Franchise Association
- Talk with your accountant, banker or lawyer
- Talk to local business owners you think may be successful
- Read entrepreneur and franchising publications
- Work with a consultant
If you have the time, energy and resources to conduct an investigation yourself, there certainly is no shortage of information available for you to review. If, however, this process seems overwhelming to you, or if you'd like to streamline the process, it may be beneficial for you to consider using the services of a franchise consultant such as FranChoice.
The following articles will serve as additional reference sources for you as you work on finding the right franchise.
Investigating a Franchise Opportunity
You obviously want to choose the franchise that best matches the characteristics you are looking for in a business. This next section takes you through the steps of choosing the right franchise opportunity for you.
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