StartupNation: Franchising is a wonderful way to go into business for yourself. So many things have already been established for your benefit: branding, marketing, processes, products, systems, etc.

Building a business through franchising has been so successful that franchised businesses generate jobs for more than 18 million Americans and account for 10 percent of the private-sector economic output, according to a study recently released by the International Franchise Association Educational Foundation.

If you’re convinced that you want to investigate franchising for your next career move, how do you go about finding just the right one?

Step 1 – Take Stock of Yourself
Before you start looking at franchises, take stock of that most important component of the equation – you. By starting with a list of what you have to offer and what you need from a business, you can create a strategy and model for your research.

Step 2 – Research, and Keep an Open Mind
Whether you use a resource like FranChoice or do your own research elsewhere online, keep all options open when considering a franchise. And don’t lock yourself into one or two concepts. If you think, “I’ll only look at ice cream and exercise franchises,” you could miss finding a gem that meshes perfectly with your needs.

Step 3 – First Contact
Let’s say you’ve found several promising franchises. What’s next? Contact the franchisors and ask for information about their concepts. You’ll probably get call from someone in their development department who will gauge your interest and tell you if the territory you want is available. Thoroughly review the franchisors’ Web site and any brochures and videos they send you.

Step 4 – Read the UFOC
Every franchise in the United States is required to provide a UFOC (Uniform Franchise Offering Circular). Read it thoroughly. You’ll learn the franchisor’s history, training and marketing programs, and what costs, royalties and fees you’ll have to pay.

Step 5 – Talk with Existing Franchisees
Getting feedback from existing franchisees is one of the most important steps you can take to judge how happy you’ll be with a particular franchise. They’re your best source of information about what really happens in the business day to day. Ask what they like and dislike, if they’re happy with corporate support, and even get a feel for their earnings.

Step 6 – Narrow the Field
It may not be easy, but it’s time to narrow down your choices. Hopefully you’ve now found one or more companies that fill your needs.

Step 7 – Making your Choice
As with any major decision, you’ll be filled with anticipation and anxiety, excitement and fear. Any or all of those are normal. But if you’ve done your homework and followed these steps, you’ll be fully prepared and can be comfortable with your decision.

7 Steps to Choosing the Franchise for You [StartupNation]

• 0 Comments

  

Comments

 Add your own comments

Name:

Email Address:

URL:
Remember Me? YesNo

Comments: (you may use HTML tags for style)

What next?

 Digg it

 Save This Page

 Subscribe to GetEntrepreneurial.com

 Leave a comment

Next Article: Understanding Opportunity Cost »

Previous Article: Showcast To Investors »

Marcel Sim is a GE Network Expert. View Marcel Sim's profile or read more articles from Marcel Sim. Learn more about the GE Experts Network.

Have an expert opinion on issues entrepreneurs and small business owners face everyday? Join the GetEntrepreneurial.com Experts Network and share your expertise with the community!

The new GE Experts Network is inviting seasoned entrepreneurs and small business owners to come on board and contribute small business advice to our community of aspiring entrepreneurs. If you have an effective way of generating sales or you know how to use social networking to connect with your customers, join us in providing wider entrepreneurial content that would benefit small business owners worldwide.

Click Here to Learn More >>

Related Articles

 Ooh Local Activities » If you can find and do great, local stuff at home, why not do great local stuff that’s run by local people...

 Necktie Reuse » New Startups: Narwhal Company is the inspirational idea of an everyday person that was looking to move away from the 9-5 lifestyle...

 Dog’s Collar Comes with Tweets » "Puppy Tweets" dog’s collar allows dog owners to follow their dog on twitter. This plastic tag (introduced by Mattel), comes equipped with...

 Friend of Trends » Trend Friend is an online (and smartphone accessible) gift idea database that allows users to quickly find the trendiest gifts based on...

Need more brand new promising business ideas and innovations around the world you wish you'd thought of? Visit CoolBusinessIdeas.com now!

Ever wanted to be the CEO of your very own Starbucks or Amazon.com? Fire your boss and be your own boss? Now you can, with BIZNESS! - the free biweekly business newsletter about new business ideas, opportunities and innovations from around the world. More than just new business trends, BIZNESS! helps the aspiring entrepreneur (you!) with small business advice, business tips, and entrepreneur resources and opportunities.

   Subscribe for free now!    

---