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Start Up Franchise Opportunity, A Proven Business SystemStart Up Franchise Opportunity? Why invest in this system? "Another way to learn about systems is to buy a franchise. When you buy a franchise, you are buying a 'tried and proven' operating system. There are many excellent franchises" "...you dream of owning your own business and believe that with the right franchise, you can finally achieve your dream -- and even change your life." Franchise A franchise is a system with the pieces already in place. This is a system that has been tested in the market. Purchasing a franchise allows you to focus on leading people in the business. The price to buy is usually very high so start up funds are crucial in the beginning. Another description of a franchise is the following: "Generally speaking, franchisees buy the name of a business from a franchisor, but they might or might not also purchase the product. Franchisees usually pay an initial franchise fee and an ongoing percentage of sales for the name recognition, and the start-up and on-going support services of the franchisor" Full or Part Time? You don't even have to work full time in a franchise business. The Wall Street Journal had an interesting article on page B5 of the October 16, 2007 edition of the paper. The article was entitled "Small Firms Are Taking On Second Jobs: Franchises" by Raymond Flandez. The article discussed how many small businesses are investing in franchises to supplement the income from the business. One model of this is in tax preparation. A tax franchise involves a lengthy commitment of time and resources only during tax season. Outside of tax season the owner can devote to other business interests. Franchise Basics 1. Make sure the franchise fits with your P.E.T. goals. When you love what you're doing it makes challenges more bearable. 2. Review the franchise's Uniform Franchise Offering Circular (UFOC) and find out as much about the franchise as possible. In July 2008 the UFOC will be replaced by the Franchise Disclosure Document. INC and Entrepreneur magazine are great resources for franchise information. In January of each year Entrepreneur magazine publishes the Franchise 500. A great place to start your research. Another resource to check is
franchise.org.
3. Pick a geographic location for your franchise business. 4. Arrange your financing for the franchise. 5. Learn as much as you can and test your start up franchise opportunity concept! Franchise Ideas So what is a perfect franchise match for you? Check out this resource for franchise ideas:
Low Cost Franchises
Need capital for your franchise? Here are some suggested resources: 1. SBA 7(a) Loan-->The SBA loan is a Small Business Association (SBA) loan issued by banks and partially guaranteed by the government. Capital and equipment loans are for 6 years and real estate loans are for 20 years. 2. Patriot Express Loan-->Are you connected to the military? Maybe you are transitioning to the civilian life from a military lifestyle. The Patriot Express Loan is a Department of VA loan to assist you for franchise financing. The VA wants veteran entrepreneurs to start and grow a business. Have you checked out the Patriot Express Loan for your start up franchise opportunity?
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