How to Open a Franchise With Little Money

How to buy a franchise with little money

 

Whether it’s buying a franchise or starting a business from scratch, the dilemma is the same: you need money to make moneyEvery year, thousands of would-be franchise owners give up their dream of business ownership simply because they don’t have the means to get their franchise off the ground.

 

First, some much-needed perspective: Just about no franchise owner buys a franchise with all the capital they need right off the bat. Similar to buying a home, franchising only requires a few fees up-front while other expenses can be offset by the revenue you bring in through the business. 

 

Just about every new business owner and franchisee finances their endeavor one way or another, even when they have the cash to spend. If you’re in need of some funding help, here are three ways to open a franchise with little cash:

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Franchise Fees: A Simple & Definitive Guide

What is a franchise fee?

Fees are one of the key decision-making factors for those looking into buying a franchise. What is a franchise fee, exactly? What do they cover? How much are they? When do I need to pay them?  This simple and definitive guide will answer all of these questions and more. 

 

To keep this as simple as possible, we’ve broken franchise fees down into their two main categories: Initial fees and ongoing fees. Let’s tackle each of them one by one.

 

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5 Things To Do After You’ve Found the Right Franchise

Franchise research

 

So your search for the right franchise is finally over. After hours of research, you’ve found an industry and a brand that speaks to you and your goals as a business owner. But the relief of finding a great franchise opportunity quickly turns into an important question you may or may not have considered until now:

 

What do I do next?

 

Obviously, you’ll need to connect with the franchisor, but there are a few things to do to get a better idea of the business before reaching out to get the ball rolling.

 

The internet allows franchise buyers to learn much more about the opportunity than they could previously, and smart franchise buyers use all of these resources to their advantage before moving forward with a purchase.

 

To help you find these resources yourself, we’ve put together a simple 5-step guide covering all the next steps to take after finding the perfect franchise opportunity.

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5 Checklist Items for the First-Time Franchise Buyer

Checklist items for first time franchisees

 

Franchising is more than just a trend. This year, one out of every twelve businesses in the country is a franchise––a number projected to grow in the future.

With professional training and established business models already baked into the franchise package, it’s easy to see why new business owners are turning to franchisors rather than going it alone. Still, despite the success among franchisees, the process of actually buying a franchise isn’t widely known or understood.

The Federal Trade Commission (FTC) has an excellent guide to buying a franchise you can find here. As a supplement, we’ve put together a brief checklist covering five major things to consider throughout the process. 

 

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Is Franchising Right for You?

Is franchising right for me?

Franchising is an increasingly attractive option for those who want to run a business of their own, but don’t have the experience needed to start one from scratch. Franchising provides a unique set of benefits including an already established product, widespread brand recognition, operational support, training, and quick access to products––advantanges that don’t come easy when starting from square one.

 

Franchises are most successful when the business owner has done adequate research and is confident they’re a good match for the company. If you’re considering a franchise of your own, ask yourself the following questions before proceeding to be sure you’re a good fit:

 

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