Find a Franchise

Which Franchise Company Or Opportunity Is Right For You? Finding The Best Franchise.

You may not realize it, but franchises are everywhere. When you go to the indoor malls and strip malls, look at the retail stores in there. At least 70% of them are franchised businesses. Ace Hardware? Franchise. Athlete’s Foot? Franchise. Discount Party Store, Educational Outfitters, Fantastic Sams, HobbyTown USA, Medicine Shoppe Pharmacy, NAPA Auto Parts, Nevada Bobs Golf, Play N Trade, PostalAnnex+, Rafters Home Stores, Supercuts, The UPS Store - all of them franchises, run by people just like you who had a dream. The very pulse of commerce is thriving with franchises.

The best way to get a start researching franchise businesses is to search the Internet. There are many websites with information about franchise opportunities. This is a good starting point - it will help you pinpoint which companies are franchise-friendly and which ones prefer to go it alone. Another place to find out about franchising opportunities is to visit your local chamber of commerce, your local employment agencies, or a job fair. Job fair conventions will have booths of representatives who will be too happy to show you what they have to offer.

The next step is to pick out the kind of business you want to get into, and narrow your choices down. Don’t think that you’re limited to fast food and retail; franchised business cover everything from technicians to insurance agents, and every scope from big-box industry to tiny home-based businesses. Whatever your field, you will have companies that franchise in that industry or a related sector.

In comparing franchise opportunities, you will need to at least consider the following:

* Liquid Capital Requirement: Most companies ask that you have cash in the bank. This amount can range from a few thousand to several hundred thousand.

* Net Worth Requirement: This is your total wealth statement, taking into account not only cash on hand but stocks, bonds, real estate, etc. Usually this is in step with the liquid capital requirement.

* Financing Assistance: Some businesses offer initial assistance with loans and grants to get you started. Watch carefully here: you don’t want to take on an obligation that you won’t be able to meet later. But if you are confident that a loan won’t break you and you’ll still be able to make money at least until your debt is paid off, go for it! There are plenty of businesses where the initial investment is so small that financing assistance is not even an issue anyway.

* Support: That can range anywhere from training you (they all do this), to training employees and providing signage, equipment, advertising, and insurance. It can even extend to building you your new location - have you noticed that most McDonald’s and Gold’s Gyms have similar architecture? Great support packages typically cost more, but no matter what business you go with they should offer something besides just their good name.

* Initial Fee and Royalties: There is typically money you pay up front, and money you pay on an on-going basis, which may be monthly, weekly, or annually. The money you pay to the franchising company may be a mere royalty on trademarks, or a percentage of your profit, or even a constant lump sum.

As for choosing your company after you’ve done all this research, you’ll probably want to consult with either an attorney who specializes in franchise law or a franchise consultant. And even better, why not interview the owner of a franchise yourself? Just stroll right into that store and ask to speak to the owner, and when they get back to you, be honest and mention that you’re interested in opening a similar business - located far away so you won’t be competing, of course! - and ask how they’re doing. Most business owners aren’t shy about sharing at least the general numbers of their bottom line.