The International Franchise Association reports that as of December 2005, there were 11 million jobs created by franchise outlets. Additionally, franchises paid out over $278.6 billion in salaries during the same year, making the companies some of the strongest American enterprises.
Starting a franchise outlet is akin to investing in a proven brand. With strong business acumen, solid marketing skills and financial investments, entrepreneurs can start their own outlet and begin to watch their business profits grow.
Use an Existing Business Model to Grow Wealth
A key benefit to starting a franchise outlet is that the purchase lets entrepreneurs capitalize on existing business models to grow their personal wealth. Wisely done over time, the investment can create a solid stream of revenue.
Before they start their a franchise outlet, entrepreneurs should ask a representative from the parent company what three to five key features make their company a success. It is also important to find out if one’s personality and background fit with the franchise. Select a franchise that marries with one’s passions. For example, writers might do well to invest in a bookstore franchise.
Some widely known parent companies require a minimum investment of approximately $200,000 or more before they will license their brand name to a new franchisor. Lesser known franchises might only require a $10,000 investment to start an outlet.
Find out if purchasing an existing outlet will yield an immediate cost savings. Look for outlets in highly trafficked areas, places near malls, hotels, movie theatres and colleges and universities. Many of these current locally established business owners have already done their homework and know the best locations to start a business in. Opening a franchise outlet in these areas could prove rewarding.
Find Lasting Success with Widely Known Brand Name Franchises
The amount of work hours required to turn a profit with a franchise outlet can be daunting, especially if the business brand name is lesser known. However, within several months or years, owners can see their personal wealth grow considerably while the work hours demanded of them shrink significantly.
Proven franchise businesses like Wireless Zone, McDonalds, Sears, Dunkin’ Donuts, Subway, Oxi Fresh, Pet Butler and Brilliant Sky offer a long standing tradition of customer sales, marketing plans, training and ongoing operational support to people who contract for business with them.
Other franchises like Vendstar, American Business Systems and ClaimTek Systems can be operated from the comforts of one’s own home. For example, with Vendstar franchisors earn a profit each time someone uses their vending machines, equipment that can be placed in locations like laundry marts, pizza shops and apartment community centers.
Finding the Money to Start a Successful Franchise Outlet
Financing is available through local and national bank small business loans. Some franchise parent companies also provide financing packages that new owners can take advantage of.
Before seeking financing, entrepreneurs should do their homework and create detailed records of their personal finances including their equity, revolving debt and credit report ratings. The cleaner and more positive their personal finances are, the better their chances are of being approved for a loan.
People wishing to leave the manual and administrative labor to competent staff after the outlet has been in operation for three to five years, can hire and train qualified personnel then set a goal to move the bulk of non-critical decision making work to senior staff members. This works because customers will often identify the outlet with the parent company and generally not individual outlet employees.
Important Financial and Business Tips to Remember
Before starting a franchise outlet, entrepreneurs would be wise to contact the parent company and speak with a representative. Ask questions. Find out what makes the franchise a success, what sets it apart from competitors and if it is a natural fit for the entrepreneur’s personality.
Choose an outlet that is strategically located near highly trafficked areas like shopping malls and colleges and universities. People who need to raise investment money are encouraged to review and document their personal finances. After their records are complete, they should contact local and national banks to gain financing. They can ask the franchise parent company if there are existing financing packages that they can take advantage of.
Author Paul Linus
Starting a franchise outlet is akin to investing in a proven brand. With strong business acumen, solid marketing skills and financial investments, entrepreneurs can start their own outlet and begin to watch their business profits grow.
Use an Existing Business Model to Grow Wealth
A key benefit to starting a franchise outlet is that the purchase lets entrepreneurs capitalize on existing business models to grow their personal wealth. Wisely done over time, the investment can create a solid stream of revenue.
Before they start their a franchise outlet, entrepreneurs should ask a representative from the parent company what three to five key features make their company a success. It is also important to find out if one’s personality and background fit with the franchise. Select a franchise that marries with one’s passions. For example, writers might do well to invest in a bookstore franchise.
Some widely known parent companies require a minimum investment of approximately $200,000 or more before they will license their brand name to a new franchisor. Lesser known franchises might only require a $10,000 investment to start an outlet.
Find out if purchasing an existing outlet will yield an immediate cost savings. Look for outlets in highly trafficked areas, places near malls, hotels, movie theatres and colleges and universities. Many of these current locally established business owners have already done their homework and know the best locations to start a business in. Opening a franchise outlet in these areas could prove rewarding.
Find Lasting Success with Widely Known Brand Name Franchises
The amount of work hours required to turn a profit with a franchise outlet can be daunting, especially if the business brand name is lesser known. However, within several months or years, owners can see their personal wealth grow considerably while the work hours demanded of them shrink significantly.
Proven franchise businesses like Wireless Zone, McDonalds, Sears, Dunkin’ Donuts, Subway, Oxi Fresh, Pet Butler and Brilliant Sky offer a long standing tradition of customer sales, marketing plans, training and ongoing operational support to people who contract for business with them.
Other franchises like Vendstar, American Business Systems and ClaimTek Systems can be operated from the comforts of one’s own home. For example, with Vendstar franchisors earn a profit each time someone uses their vending machines, equipment that can be placed in locations like laundry marts, pizza shops and apartment community centers.
Finding the Money to Start a Successful Franchise Outlet
Financing is available through local and national bank small business loans. Some franchise parent companies also provide financing packages that new owners can take advantage of.
Before seeking financing, entrepreneurs should do their homework and create detailed records of their personal finances including their equity, revolving debt and credit report ratings. The cleaner and more positive their personal finances are, the better their chances are of being approved for a loan.
People wishing to leave the manual and administrative labor to competent staff after the outlet has been in operation for three to five years, can hire and train qualified personnel then set a goal to move the bulk of non-critical decision making work to senior staff members. This works because customers will often identify the outlet with the parent company and generally not individual outlet employees.
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Important Financial and Business Tips to Remember
Before starting a franchise outlet, entrepreneurs would be wise to contact the parent company and speak with a representative. Ask questions. Find out what makes the franchise a success, what sets it apart from competitors and if it is a natural fit for the entrepreneur’s personality.
Choose an outlet that is strategically located near highly trafficked areas like shopping malls and colleges and universities. People who need to raise investment money are encouraged to review and document their personal finances. After their records are complete, they should contact local and national banks to gain financing. They can ask the franchise parent company if there are existing financing packages that they can take advantage of.
Author Paul Linus
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