How To Start A Small Business Franchise Opportunity
The majority of us have to work in order to provide financially for ourselves and/for our loved ones. Yet the majority of us dream that we could have a job where we could choose our schedule, make a good income and look forward to coming to work each day. Then our mind wonders to the next step of working for ourselves.
Here are some major do’s: do you want to be in business full-time, part-time or with your family, thoroughly investigate the company, appraise the business to determine if it is a good fit for you, deal only with well established, well-financed and successful franchisers, and ask for assistance from a lawyer and an accountant.
So why not start working on that dream and start shopping around. You can start with the Franchise Opportunities Handbook, published annually by the U.S. Department of Commerce describing more than 1,400 franchises. Contact those that interest you for your future.
And some major don’ts when considering a franchise: don’t buy a franchise without your lawyer and accountant reviewing and approving all documents, rely on information from other franchise or selling agents, be in a rush (because the right opportunity will come), deal with an inexperienced franchiser, and rely on any future predictions.
Investigate claims about your potential earnings, both monthly and annually. Some companies claim that you’ll earn a certain amount. Be suspicious of any company that does not show you in writing the earning claims they actually have made.
If you are communicating with the salesperson and he is telling you one thing but the contract says nothing about it, the contract counts. If the seller recedes at putting oral promises in writing, be alert. Even consider doing business with another firm.
If you are pressured in anyway during your conversations, take those tactics as a signal for caution. For example, if you are told, “because prices will go up tomorrow,” or “another buyer is very serious about this deal,’ remember a good seller doesn’t use high-pressure tactics. Time reveals the truth to everyone.
If the seller does not give you a disclosure document check with your attorney or accountant. The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to help the consumers. Check with a professional before you sign any documents.