As per Franchise Business Outlook Jan 2017, the number of franchise establishments grew 1.7% in 2016 and is expected to increase by 1.6% in this year 2017.
Loose not more time in being a part of the ever-growing franchise business opportunities in the US.
Thing you need to keep in mind before starting a franchise
Simply having sufficient funds is not enough to make your entrepreneurial dream come true! And, with Franchise establishments being one of the most trending investments in the United States of America, I’m sure you would like to make yours a success.
So, how can you do so?
Tip 1- Think within your franchise budget available
There are multiple franchise options that may attract you and even tempt you to raise more capital for purchasing it. However, it is always suggested to explore franchise opportunities as per your capital in hand.
Trick: The best way is to understand your net worth for purchasing a franchise, which means you can add an approximate assets and liabilities requirements. The amount between the two is the budget- the foremost thing- what you should keep in mind while selecting a franchise.
Tip 2- Be confirmed with the type of franchise
With restaurants, eatery, café’s and even real estate being some major choices for a franchise investment in the United States, it can be tempting in selecting the one that is long-established for e.g. Starbucks. This can be a blind call as you may think big brands will churn you better profits which may not be true.
Trick: Doing what you know the best will surely take you a long way, therefore, instead of focusing on leading Franchisors, why not focus on the one that matches your skills/lifestyle. This will not only make it an exciting opportunity for you to run the franchise but also allow you use your talent to grow your franchise business in long run.
Tip 3- Research about your Franchisor
A popular brand having chain of stores can be an immediate choice for your franchise investment, however, even a good brand name can have flaws that can include restriction of products, franchisor violation, geographical location, and more.
Trick: A franchise advisory may not be able to disclose the earning-related figures, however, upon selection of your franchise you will gain an access to Franchise Disclosure Document- offered by the Franchisor that will allow you past and exiting details to make informed decisions before purchasing it.
Tip 4- Prepare yourself for working capital and application process
Last, you would not like to overlook the importance of understanding and forecasting capital required for accumulating working capital to successfully run your franchise. Also, every franchise fundraising may have different document eligibility.
Trick: Hiring a Franchise Funding Service you automatically get an access to work with experts who are constantly assisting large investors and explore new franchise business opportunities. They can include the involvement of raising sufficient funds and walk you through the entire franchise application process to successfully start your entrepreneurial dream.
I’m sure there are many resources and tools (franchise estimation calculator) over the Internet, however, considering the above mentioned tips and tricks you can reap the benefits by investing in a right franchise opportunity in the US.
All the best!!