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News Regarding Franchise Benefits
Some Franchise Categories
Reasons To Choose A Franchise
Most people know that franchises offer a much higher likelihood of success and profitability than starting their own business. Getting financed is also easier as well as reselling the business. What they may not realize is that there are other very significant benefits to consider: 1. You do not need to have experience in a particular field to own a successful franchise. The franchisors train you and your key personnel and continue to support and assist you to help ensure your success. They want you to do well so they can document your success while ensuring a steady flow of royalties to them.
I would check the market area as well as your interests and abilities and only present ideas that would excite you and work well in your preferred market area.
The franchise industry is very carefully regulated, particularly regarding anything to do with your money or their franchisees earnings reporting. All franchises have to report three or often four numbers for all to see.
1. The franchise fee. Non-negotiable but there are often discounts for multiple units and/or veterans. 2. The cash requirement. This is the franchise fee, as well as the liquid cash needed to get started, including working capital. 3. The total cost to get up and running. This is almost always a range and an average. 4. Minimum required net worth. They do not want you cutting it too close and not being able to live or spend to get your business going.
To say the obvious; the difference between the cash requirement and the total investment can be financed. You need a good credit rating.