i want to buy a franchise? - Yahoo! Small Business

i want to buy a franchise? - Yahoo! Small Business



i want to buy a franchise?

i dont know how to start though well im trying to get ideas for my mom you know um we dont have alot of money and im thinking maybe we could get a bank loan but i dont how to start? any ideas? i was thinking maybe a vegaterian food place? i think it could bring us alot of money=]

6 days ago - 2 answers

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A franchise can be a good way or a bad way to get into business ownership. You are giving up a significant amount of $ and freedom, but (potentially) gaining valuable product design, marketing, and support. Unfortunately most franchises, especially small franchises, are simply not worth the money. They are interested in collecting your franchise fee up front and then give you nothing of value from it. You have to be careful to join up with a reputable franchisor with a track record of satisfied franchisees. Buying a franchise is such a large subject, entire books have been written about it. To keep this short I recommend you do the following: - determine what kind of business what you want to be in. (restaurant? retail? cleaning? etc.) - research online and visit franchise trade shows to meet franchisors that are in the business you want to get into - "do your diligence" which means investigating that the franchisor can do all that it claims and will treat you fair. be CERTAIN to speak to existing franchisees, at length. I have escaped several bad deals because existing franchisees unwittingly let me know they were locked into miserable agreements. - go to the library and read books about buying franchises. There are dozens of them, but the BEST books are the ones that discuss primarily how franchises rip people off... they will give you great warnings on how to not be the next victim. As for getting a bank loan... if you don't already have $$, and you don't know how to get a loan, maybe you should think hard on how ready you are to run a business? It's a very difficult endeavor, most of which is not visible to outsiders. Every time i buy a business i'm always surprised by the problems that come along that I had no idea would be there. If running a restaurant is your interest, then you should definitely work in a restaurant for a while first to see what the environment is like, and hopefully get an idea of what's required day-to-day to be a success. Hopefully within a few months you will either learn to love it or learn to hate it, both of which will give you your answer whether it's the right choice for you.

Source(s)

Owned 3 franchises: 2 restaurants & 1 printing

by grantq

6 days ago

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