Frequently Asked Franchise Questions
Why should I buy a franchise?
Franchising offers individuals the opportunity to be in business for themselves, but not by themselves. The franchisor is there to provide support with all the different functions of the business. They have seen the issues that can arise in their business and know how to deal with any problems effectively.
Prior to your opening, they provide extensive initial training and support so youíre well prepared to handle whatever comes. They can also provide advertising and marketing support to help build your business faster. The most significant benefit to franchising is the reduced level of risk. This comes from a franchise systemís brand recognition and proven method of doing business.
Is financial assistance available?
Financing can be a major hurdle for any potential franchisee. Start-up costs can reach a high level and it is essential that the franchisee have adequate working capital. It is important to address any financing issues during the investigation of franchise opportunities.
The best source of information about financing options for any franchise is the franchisor. Once again, we are dealing with an issue that the franchisor has addressed numerous times with other franchisees and they will have a good deal of information about the practical options that are available.
Franchise Funding can provide you with several loan sources to fund your new business. They can guide you step-by-step from the loan application through the funding of the loan. Click here for more information.
I want to use my 401k, IRA or other retirement plan to help fund my new franchise, but won't I have to pay taxes and penalties?
Typically yes. However, there are companies that can help you to roll over your retirement funds into your new franchise without having to pay taxes and penalties. For more information, click here.
How soon can I get my business started?
After you have selected a franchise that is right for you, it will typically take anywhere from 30 to 90 days to start a service based franchise, and up to 6 months or more for a store based business.
Do I need specific industry experience to successfully own a franchise?
No, in fact most companies are looking for people with no experience in their industry. This is because they want their business operator to focus on running the business and not performing the labor their concepts require. Franchisors need people who can be effective in areas such as motivating employees, generating sales and running the day-to-day operations as efficiently as possible. The franchisee role is typically one of management, rather than labor.
What types of businesses can I choose from?
A cross-section of hundreds of different businesses, full and part-time, small-to-large investment, nationally known to start-ups can be found in our Franchise Directory.
Why should I consider a franchised business?
Landlords love franchises because of a very stable track record, a proven system and an ongoing business model. Last year almost 50% of all retail goods and services were sold through franchised outlets. You are in business for yourself, but never by yourself.
What is the next step?
Fill in the Request Information form and we will provide you with, at no obligation, free information about franchise business opportunities that are available in your area.