Friday, August 22, 2014

How to Buy Your Own Franchise

Tips for Franchise Purchasing

Being a business owner is a dream for many people but, not everyone has a unique concept or niche market they are interested in. For some, owning a franchise is a great way to be the boss without having to create a business from scratch. On the opposite hand, however, is the overwhelming search to find a franchise that meets the business owner’s wants as well as the community’s needs. With an enormous number of choices available, the possibilities are endless. When making this decision becomes too much, there are some tricks you can use to help make the franchise purchasing process a little easier.

Do Your Homework

Franchises work in different ways than many of the traditional business models we are used to and even more differently from one another. This is why it is crucially important to do extensive research on how franchises operate and what the common policies and procedures are before making a final decision.  When you have determined this business model is still the right fit for you, take the time to get in touch with current franchise owners – having a conversation with someone who is in the seat you want to take can help you to gain insight into the world of franchise purchasing from someone who has lived it.

Seek Out Different Franchise Opportunities

When it comes to finding franchise purchase opportunities, do not just scoop up the first one that presents itself. Even though you may have found a great opportunity that matches your wants, needs and skillset, it is always important to see what else is out there. Make sure to compare apples to apples – when an opportunity presents itself, try to find one to two more opportunities that are very similar and see how they stack up side by side. Since your investment in the franchise will more than likely be north of $100K it is important to make sure the business model and organization are a perfect fit.

Seek the Guidance of Professionals

Once one or more franchise opportunities are found that seriously interest you, consider working with a small business accountant to help identify different financial implications. Franchises often carry different tax regulations and it is important as an owner to understand these effects and what that will mean for your business and your wallet. Having a small business account or franchise lawyer in your corner during the purchasing process is an invaluable asset – they will help to explain and prepare you for what owning a franchise will be like and make sure you are not getting scammed in any way.

It is important to remember that purchasing a franchise is a huge step and equally huge commitment. While doing research and talking to professionals is a great way to learn about the business and make educated decisions, it is also important to trust your gut. If an offer seems too good to be true, it probably is. During the purchasing process, make sure to keep your wits about you – if something feels right, move forward but if something is off about the deal, do not make a decision because you feel you have to. Even if one opportunity does not work out, there will always be another one around the corner.

There are plenty of legitimate home business opportunities out there to create your own franchise and Stacy O'Quinn can get you started! If you want to learn more about how Stacy created his own six figure income and how he can help you, click here.

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