Guide To Owning A Money Making Franchise Business
ownership can be risky and if you are new then a franchise could be
the best fit for you. You will experience many of the benefits of
independent business ownership and in addition you will receive
support from the franchisor. Often this additional support can be very
valuable indeed and mean the difference between making a profit and
is a Franchise?
There are two
parties to a franchise agreement which are the franchisee (you) and
the franchisor. The franchisor is the entity or individual that owns
the company, while the franchisee is the person that wants to use that
company’s name and business practices to open a new business.
to franchising is to start a new business from the ground up but this
can be risky and intimidating for some people. If that sounds like you
then you should read every word of this article so that you fully
understand the benefits of choosing a franchise. Buying franchises has
increased in popularity over the years for good reason.
When you buy a
franchise you will enter into a contract with the franchisor. This
agreement will detail what each party has to offer. In the most basic
of franchise agreements the franchisee will pay fees for use of the
company trademark. The franchisor will provide all or some of the
The actual trademark for use
Business development support – this is invaluable at
the beginning of the franchise so that the franchisee can get the
business off the ground quickly
The products and / or services that the company provides
The business system – this is a proven method of doing
business that has been successful for the company and other
Product or service training
The benefit of a good reputation – you should only
choose a franchise where the reputation of the company is excellent as
this will make your business development a lot easier
will want you the franchisee to succeed and make a profit. They will
do whatever they can to achieve this as their success on selling
franchises in other areas depends on this.
to make Money with a Franchise for Beginners
There are a
number of ways that you can find a franchise that will suit you. It is
vital that you study all of the details and know exactly how much
money you are going to need. The franchisor will advise you of the
franchise fees but there are likely to be other costs that you need to
take into consideration.
You have a
number of options when it comes to raising finance for a franchise
which include a small business loan, a business overdraft, special
franchise start up loans or you may have a business credit card that
has the required credit limit. It is not advisable to use personal
credit cards or anything else that will mix up your personal finances
with business finances.
So how do you
choose the right franchise? Well the number of franchise opportunities
open to you may seem a little daunting at first. This is a growing
industry and there are more opportunities available year on year. You
will need to do a lot of research to choose the best franchise.
A good way to
start is to write down the things in life that interest you. This will
help you come up with ideas for a business that you would be
passionate about. Passion is essential to business success, so you
don’t want to go into a business where you have no interest.
When you have
some ideas about the type of business that you would like to operate
start thinking about your budget and the location of the business.
Will there be a demand for your products / services in your target
Now it is time
to see what franchise opportunities exist that match your interests,
budget and location. Find out as much as you can about the companies
and their reputations. Are they a well known name? Will it work in
your location? Will you be able to grow?
What are the
franchise fees and what kind of package will they offer you as part of
the franchise deal? It is very important that you can get all of the
support that you need in the early days. Find out what kinds of
profits other franchisees are making by visiting them and talking to
Be open and
tell these existing franchisees that you are considering the purchase
of a franchise. They might not tell you everything (they are not
obligated to tell you anything) but most will offer you advice.
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