Key Steps to Buying a Retail Franchise

Considering that sales from franchises account for billions of dollars in revenue every year, buying a franchise is statistically the safest way to own a business - provided you choose the right franchise. Below are listed seven key steps that will help you choose the best retail franchise for you.

1) Evaluate your interests, skills and financial situation. Consider your interests and skills before you buy a retail franchise. What about owning a retail franchise appeals to you? Are you willing to work long hours - evenings, weekends, and holidays? Make sure you understand your financial situation; it could help you narrow down your options to what you can afford.

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2) Check out opportunities. Have you narrowed your options down to those that match your skills set, interest and budget? Ask to see the franchisor's Uniform Franchise Offering Circular (UFOC) and financial statements. Ask existing and former franchisees whether or not they are satisfied with their earnings and the franchisor's performance and support.

3) Research your market. Do you want to open up a golf retail store in your community? Does the market support this decision? If you live in a small town with freezing winters and no golf courses, think again: the presence of a demand for your product or service is essential to franchise success.

4) Location, location, location. The location you choose is critical. For example, if you settle down in an infrequently traveled area far from complimentary business or tucked away at the back of a strip mall, you severely limit your earning potential. The truth is that not all retail stores work in a mall setting, contrary to popular opinion. Always gauge the likelihood of outsiders visiting your store prior to choosing a location.

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5) Once you choose a franchise, secure financing. When it comes to financing, there are numerous options, including bank loans, home equity loans and SBA guaranteed loans. Moreover, some franchisors offer in-house financing. Alternatively, you may not need to borrow money for less expensive franchises, such as home-based businesses, and some franchisees charge the fee on a credit card.

6) Attend training and hire staff. You will need training and an operating manual in order to run your business. Generally, franchisors provide training. You may or may not need to hire a staff, depending on your franchise concept. Prior to your opening, you will want to post signs and run an ad advertising openings.

7) Obtain the necessary permits and insurance. You might be required to apply for several federal, state and county licenses and permits. Requirements for insurance vary according to industry. Take a look at the Franchise Agreement for more information.

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Franchise Information Business Opportunities

Sure, we would all like to have a successful franchise business making money for us for the long term. Unfortunately the con artist know this too. They will try every trick in the book to get you to invest your hard earned money on some bogus scam. You need the information that keeps you from being duped into buying the opportunities that the cons want you to buy.

Here are some things to consider before you get into the franchise business.The franchise opportunities that involve you opening them up for the first time is something you should avoid at all cost. They will give you franchise information by telling you that this is your chance to start from the ground up and create a new business that is bound to take off.

Only problem is that their has been no testing to back up this claim. A franchisor should be able to document the success of exciting franchises and put you in touch with them to confirm the success. If they are now willing then you will end up buying into a money pit. Make sure that the selection process is not to easy.

If the only qualifications you need for this franchise business is to simply have enough money to buy then the chances of the franchise succeeding is mainly zero. Most sellers want to know what experience you have to run a business before they sell. If they don't care then they are selling you a bogus opportunity.

If they can give you no franchise information about their financial records then that is a big red flag. You need those records to determine if the franchise is worth buying or not. If they hesitate on giving you these crucial records then walk away. Another thing that franchisors must do is provide you with disclosure documents that details the ownership of the franchise.

Failure to do so will cause you to end up being associated with a worthless business with virtually no legal recourse. Now that you are armed with the information about what to watch out for you will be able to find legitimate franchise business opportunities that could lead to success.

I probably don't hit every trick in to book so be on your guard. Research everything about a franchise before you even think about committing one red cent to it.

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