Ask Yourself These Questions Before Deciding on a Franchise
Why is buying a franchise so hot? Because it offers opportunities. Because it offers some independence. And because it offers personal and professional growth.
The Benefits of Buying a Franchise
There are many benefits to buying a franchise. That’s why thousands of Americans pursue that business path every year. The benefits include:
Buying into a proven business plan with an existing operating system and some established brand identity.
An owner doesn’t need to create everything from scratch.
The operating cost for a franchise is typically lower than for comparable businesses.
Some of the marketing is typically done for each owner, and guidance is provided for marketing and advertising tactics.
The supply chain and other support systems are built out and ready to go.
How to Choose a Franchise
Choosing the right franchise is one of the key challenges because there are, according to FRANdata, more than 3,500 different franchised brands in the U.S.
Ask yourself these questions as you review various opportunities. What type of industry do you want to do business in? What type(s) of businesses seem to fit your interests, goals, and skill sets the best?
Once you have narrowed your search, evaluate what franchises offer the best support system to their owners. Assess the strength of each brand’s operations and how long they have been in business. Evaluate their professionalism and their sales and business support. Examine their online reviews. Examine their operating costs and their requirements for ownership. And deeply interview existing franchise owners.
Getting Franchise Financing is Critical
Buying a franchise takes capital, so before you select a franchise get the financing you need. Sources include, in many cases, the franchisor itself, a traditional loan from a bank or credit union, an SBA loan, or funding from franchise financing specialists.
Seek Expert Financing Assistance
Contact Masters Commercial Capital Group, based in West Hartford, CT. We offer a wide variety of financial solutions including franchise financing that help business owners realize their dreams and master their growth.