Talk on the Street
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Talk on the Street
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Owning a franchise is one of the best ways to get into business for yourself. And there’s no better time than now to make your entrepreneurial dream a reality.
What is a Franchise?
As defined by the International Franchise Association, a franchise is “a method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.”
Franchising is a very successful business model that, while early franchise models date back hundreds of years, made a name for itself during the 1960s and 1970s. And since then, it has continued to go from strength to strength.
Why Buy a Franchise?
According to franchise expert Derek Cafferata, President and CEO of All State Franchise Finders, “The biggest advantage to buying a franchise is because you’re in business for yourself, but not by yourself.”
Buying a franchise, as opposed to starting a new business, offers entrepreneurs branding, marketing, systems, training and support from the franchisor, while still offering franchisees enough independence to grow and develop their business into a success. As a franchisee buying your first franchise, you have the peace of mind that your business has been tried and tested, something a start-up risks.
Steps to Buying a Franchise
Start the process of owning a franchise by first identifying your personal, career, financial and lifestyle goals. Then identify your financial position and net worth. This will be necessary for financing a franchise purchase.
Derek strongly recommends researching a wide range of franchises before making a final decision. “A solid track record, strong marketing, online presence and a respected brand name are just some of the key points to consider in a franchise opportunity,” says Derek. “Another hot tip to consider when looking at a potential franchise is its social responsibility, something that is becoming more and more important among customers.”
The next step to owning a franchise business is to go through the application process. This involves reading and understanding the Franchise Disclosure Document (FDD), being aware of all up-front and on-going costs and fees and talking to other franchisees within the network to get their view on the franchise as a business.
After this, you get financing in order, then look to set about signing documentation and moving to opening your own franchise business.
Seek Expert Franchising Advice
“Buying a franchise can be a lengthy and daunting process,” says Derek. “Which is why it pays to seek the right advice from the outset.” A franchise expert will guide you through the entire process from franchise selection to financing, legal advice and business setup.
Derek Cafferata and his team at All State Franchise Finders have helped countless entrepreneurs turn their dreams of business ownership into a reality. For more information call 1800-544-2161 or visit allstateff.com today. All State Franchise Finders are your award-winning franchise experts. Give them a call today!