4 Easy Steps to Setting up a Franchise
It is not necessary for everyone to start a new creative idea or a new type of business; it is possible to start a new business by owning the franchise of any one of the companies that are successful and popular among all the people. But starting a franchise might confuse and be intimidating for the newcomers, this isn’t their fault and after all, they are just one among the large hopeful entrepreneurs and the franchise companies are major brands. This is blog is written focused on those people to educate them on starting their own franchise.
What actually is a Franchise?
In simple words, Franchising is all about practicing a business using the successful business model of some other company; it is one of the rights provided to the groups and the individuals to start and run their desired businesses in the society and also to market the product and the services in a particular geographical region. One of the biggest things that anyone should know about starting a Franchise is ‘Register my business name’, this needs to be checked before starting up a Franchise. The core concept of this is very simple that is the successful company leasing out the rights for the goods and the services that are provided to the customers. There are many famous franchises available including Subway, KFC, and Starbucks etc.
What are the Franchises that one can choose?
When people think of a franchise, they are probably thinking of the industry restaurant, for example, Burger King or the Subway. These are some of the international popular franchises and would be having a virtually of any industry type, some of the examples are included below,
• Businesses that provide services, such as the Express Employment Professionals.
• Travel agencies like, Avaya Travel or Dream Vacations.
• Convenience stores and supplies like Circle K or the 7-Eleven.
• Educational business franchises like the code school, Mathnasium Learning Centers, Kumon Math, and Reading Centers and the School of Rock.
• Fitness and Health establishments that include sporting clubs and gyms, some of the famous gyms are Anytime Fitness, Fitness One, and there are many others in the market.
• Home healthcare providers like the Nurse Next Door, BrightStar or Right at Home.
• There are franchises in the entertainment industries, some of them are Wine & Design or Twist.
• When it comes to Pet care industries, there are a lot of Franchises are in the market; some are Camp Bow Wow and Dogtopia.
• RE/MAX and Keller Williams for real estate professionals and businesses.
• And there are specialty retailers like the GNC and Ace Hardware.
Every Franchise differs from each other; this is not based only by the industry but also according to the specific scheme or system, which is provided for a new business. Each business offers a unique take on starting building a successful enterprise. This will help you to have more options while buying a franchise, by having this background in mind it is good to learn how to start a franchise. These are some of the examples of the Franchises.
Steps to Start a Franchise
These 10 steps will help entrepreneurs to start a better Franchise.
Step 1: Consider the Pros and Cons of Purchasing a Franchise.
Starting a business with the proven track record will help the buyer to increase the chances of success and help them to be in the status quo of the brand name of the franchise. This provides an easier way to succeed in the business that people do.
Step 2: Choosing a Franchise that Meets Your Business Goals
Choose a franchise that best suits your personality and goals.
• Analyze your weakness and strengths as an entrepreneur.
• Choose the type of business franchise or industry?
• Analyze the goals of the franchise and help to achieve them.
Step 3: Choose a Corporation or LLC
Starting a franchise like a corporation that is formed properly or having some Limited Liability Company (LLC) that offers several taxes, business advantages legally.
• Incorporating and creating a business that creates a legal barrier between the liabilities and business and also with your personal assets.
• LLCs and corporations are qualified for the tax breaks, which are not available for the proprietors.
• The customers, prospective investors, and partners of your business will consider the business more credible and valuable when it is incorporated properly.
• There are many of the franchisors and other business partners will work with an LLC or a Corporation.
Step 4: Opportunities on Franchise and Market Conditions by Better Research
These are the steps that are involved in forming an LLC and Corporations will need some source of a market, this includes,
• Government agencies like Small Business Administration and the Census Bureau.
• Private market research firms.
• Small Business Development Centers at college or university level or in any other community level will sure help anyone to secure a great market share and the effort would be less.
This information will surely help any entrepreneur to lay hand on a business and would help to create more than 3000 franchises and could be able to find a lot of other opportunities. And make sure to write business plans, try obtaining the financing, reviewing the franchising agreement before signing it will sure pay off the entrepreneurs well enough.