The Franchise Process. The Franchise Progress  You should choose a franchise you have interest in, or choose an industry in which you have past experience.

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Presentation transcript:

The Franchise Process

The Franchise Progress  You should choose a franchise you have interest in, or choose an industry in which you have past experience. Also, you must choose a franchise that is financially right for you.  Franchise businesses have the advantage of an established, well- known brand and the support of a successful parent company.  Even with the support of an experienced company behind you, you'll need significant investment capital, lots of hard work, and a shrewd business sense to turn a profit as a franchisee.

Examples:

Steps of the Franchise Process  Inquiring- get interested in attending a national webinar.  Application-interview, validation and due diligence, financial submitted, executive interview  Funding-letter sign, application and fee, approval letter.  Booking- financing secured, site approved, training, Franchise agreement

Financial Requirements

 Avenues for financing a franchise include:  Cash-your start-up money  Conventional Loans a loan that is not insured or guaranteed by the federal government.  Self Directed Retirement Plans- (IRAs)small business retirement plans to best suit your needs. Individual plans include Traditional and Roth IRAs, while small business plans include the Solo 401(k), SEP and SIMPLE.  Leasing- agree and allow  Franchising Financing- to grant an individual or a group of people to work.  Online Loan Portals- obtaining your certificate of eligibity online. Cash  Self Directed Retirement Plans  Leasing  Direct Franchisor Financing  Online Loan Portals

Start-up Money

 A good start up money to start the franchise process is $50,000  When you start a new business, you need money to get it off the ground. You need the money to rent or purchase space for the business, furniture and equipment, supplies, professional fees such as legal and accounting, as well as continuing the research and development of your product or service. You may also need money to pay employees. There are several places where you can get the money that a new business, but first you need to think about which type of funding will work best for your company.  The best franchises will give you accurate estimates of the expenses that you'll incur when opening your franchise.