There are a lot of sources out there that will tell you how to start a franchise and eventually how to run one. So, how do you start your search? Too much information almost makes decision-making worse. Here we’ve outlined some resources for those looking to open a new franchise.
1. Ask your friends. You’ll be surprised how much your friends know about running a business. It doesn’t matter if they have started their own business before, their opinions can be very valuable because a lot of business is common sense. You can also cultivate relationships with people in the franchise industry. Ask them for their personal advice and see where that gets you.
2. Find a good franchise consultant. You can look up franchise consultants near you who will help guide you through the process of starting a franchise. They have knowledge of franchise systems and are more than happy to help you out. The Franchise Consulting Network is a good place to start.
3. Utilize a franchise legal consultant. You will need to talk with one of these people to help you with all of the legal stuff behind beginning a franchise. They are a wealth of knowledge and you should spend extensive time trying to get all of the information you can from him/her.
4. Consider hiring an accounting firm.: When you are starting your own business it might be very helpful and beneficial for you to outsource your accounting. An outsourced accounting firm can help with your bookkeeping and taxes so that you are free to take care of the parts of your franchise you really love. There are plenty of safe outsourcing options.
5. Network with franchise associations. Franchise associations have all of the resources you need at your fingertips. This is another way to make friends with people who have franchises to get some personal advice (see tip #1). The American Franchisee Association is very helpful.
6. Hit the banks.: Before you start your franchise, you will need to go to the bank to get some financial advice. Beginning a franchise can be very costly and you will need to be secure in your financial position after you take on this endeavor. Talk to your favorite local bank for some tips.
The moral of the story is that you should know what you are getting yourself into before you start your own franchise. It is challenging, but not impossible, and it’s important to know the resources that are available to you. Good luck on your information search!