Once you have narrowed the choices down to a few that match your skills set, interests and budget, request franchisors' Franchise Disclosure Document (FDD) and financial statements and interview existing and former franchisees to find out whether or not they are satisfied with their earnings and the franchisor's performance and ability to fulfill their obligations.
Select prime location. The specific location within your target area also is critical.If there is little or no demand for your product in a market, the odds for success are slim to none. Once you have made your decision, you will probably need financing. There are numerous options, including conventional bank loans, SBA guaranteed loans, and home equity loans.
In order to run the business you will need training and an operations manual. Your franchisor should provide some form of training.Get the necessary permits and insurance. You may be required to apply for various federal, state and county licenses and permits. Each industry has its own requirements for insurance.
"Buying into a franchise is an exciting and challenging experience. The thought alone of being your own boss may more than make up for the hard work it takes to support your own business," said Rich Walinsky, CEO of Franchise Traders.
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About Franchise Traders
Franchise Traders, Inc. is a licensed affiliate of The Franchise Alliance, Inc., the leading network of franchise specialists in the United States. Franchise Traders draws on over 25 years of franchise experience provided by The Franchise Alliance. Licensed affiliates in both the United States and Canada continually bring new franchise opportunities to the awareness of The Franchise Alliance, helping Franchise Traders identify the best franchise opportunities.