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Business Tips: How To Get Into New Franchise Opportunities
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Franchising is a business model wherein an existing business or parent company, referred to as the franchisor, authorizes independent entrepreneurs, called the franchisees, to sell or distribute its goods or services in an area. Franchisees pay an up-front fee to be granted rights and powers to operate using the tried and tested business methods of a franchising company. Typically, here is the process to follow once you take on new opportunities to franchise:
First, the franchisor will send you more information through brochures and other reading materials, and will request you to answer a questionnaire. Then, you will evaluate its Uniform Franchising Offering Circular, or UFOC. Required by the Federal Trade Commission, this document discloses detailed information about the franchisor, which includes financial statements, contracts and list of outlets, and is given ten days before the purchase.
Second, visit as many existing franchisees of the franchisor as you can. You can interview and ask them questions about the training and assistance they received upon purchasing and the ongoing support they have been getting. Don't forget to ask if they would still become a franchisee, knowing what they know now. Observe their prevailing opinion and satisfaction with the franchisor; these will help you make a final decision.
Third, if it is possible, set a meeting with the franchisor and the franchising operations personnel. You can ask yourself these questions while you are speaking with them: are they giving clear information? Is the training program thorough? Do their facts match with what the franchisees had told me? Is the market strong? Is my area already saturated with their existing franchises?
Fourth, you will need a business plan, complete with business strategies and sales projections, before your needed business loan can be approved. Unfortunately, to avoid lawsuits for false projections, franchisors can only provide you with templates after you have signed the contract and underwent their training program. Research on how to write a complete and compelling business plan.
Franchising is a wise and safe investment. Still, carefully study each franchise opportunity, including popular pizza franchise opportunities, taking into account their policies and the level of satisfaction of their franchisees before deciding to invest. Read more on franchising by going to ehow.com/how_8485900_franchising-howto.html.
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