Six “Must Haves” for Buying a Franchise
If you're thinking about buying a franchise, it's important to know what you need for your new business. Whether you're a newbie or an experienced business person, these six “must haves” will ensure your success. Here they are:
The must have number one is a business plan. Your business plan should highlight your mission, vision and goals. It should also include many plans for how to reach those goals such as financials prognosis, marketing strategies and more! Next on our list of must haves is financing your franchise purchase—you can't buy without knowing how much this new venture will cost up front. Don't forget to take into consideration the cost of all franchise fees, including your start-up and ongoing royalties. Finally, make sure you have enough cash to start up your business with as well as a little extra for unexpected expenses.
The most important thing you can do before you quit your day job to open a franchise is get business advice from a franchise attorney or attorney at law. A franchise lawyer will review your business plan and financial projections, making sure that the information is secure and accurate. A lawyer can also help you get started on understanding the rules and regulations regarding franchising in general, as well as which state's laws govern the business practices of specific franchises.
When you're ready to buy a franchise, it's time to do a little research. You want to find out all you can about the franchisor, the company or brand and its history. The more you know about the history of the brand, the better you'll be able to predict what kind of environment your business will be in. And knowing what type of operations your business will actually have will play an important role in developing and implementing your advertising and marketing strategies.
Choose a location that's ideal for your new business. Look at how easy it is for customers to reach your location from big roadways, highways and main thoroughfares. This can take into consideration a lot of things, such as traffic volume and the type of people who use that road. Factor in the number of other franchises, stores and businesses currently located in your area. You want to make sure that your business location isn't going to hurt your sales or drive customers away from you.
Before you move forward with a franchise purchase, make sure you're committed. This means taking time to plan and get every detail done so you don't have last minute hiccups during the transition period once you're open for business! The best way to secure this is by using a franchise lawyer who can come up with a full closure plan for you and your new business—one that will ensure success.
Remember, you can't buy a franchise without these six things in place. Make sure you're 100% ready to own and operate your business before you begin!
Source: EHow Contributor: Alan Austin, Attorney at Law
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Tags: #buyinga #franchise #franchiseopportunity Written by Lynnae Hanoian on Sunday, March 29th, 2013 in HOME , NEWS , REFRESHMENTS , REVIEW | Please leave a comment (0) below if this article or any of the information provided here was helpful to you, so we can share it with more people who might be in search of the same information.
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