How to Open a Business Franchise
When opening up a business franchise, do the appropriate research to determine the available franchises, and include the franchise fees and marketing into the new business plan. Start up a business franchise with advice from a certified public accountant in this free video on starting a new business.
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Today's topic is How to Open a Business Franchise. Opening a franchise is no different than opening up any other business. There are a lot of different franchises out there. There's a lot of resources that tell you what kind of franchises are available, and what kinds of markets that they're willing to go into. Just because you're interested in a franchise doesn't mean that they're interested in your market. For many there's a population requirement, or a median household income, or both. And so you'll want to do the research on whatever your interests are, and make sure that that is a good fit for where you want to do business, as well. When you do get ready to do that research, there are a lot of online resources, as well as your public library. And there are some sites that are a little more handy that others. Franchise.com, sba.gov. And between those two, I believe they cross-reference some SBA approved franchises, which kind of gives the appearance, at least, that those are some pretty lucrative, or, you know, at least good to follow up in a business plan. You will want to do a business plan. Just because they're a franchise and established, doesn't mean that they're going to work for you. So follow through with your own business plan and just include the franchise fees and the marketing that is going to come with that franchise in your plan. And develop those financial statements accordingly. One last little note is usually franchises have some information out there that is public. Perhaps their financials are published. And pull those down and take a look at their trends. Make sure it's a franchise that you want to have a long term relationship with.