Best Franchise Opportunities
How to identify franchise ideas that you can use to determine which is best for you? Can you use the list of top ten franchise opportunities to narrow you selection?
Before we talk about franchise ideas, we should first discuss the definition of a franchise. Merriam-Websterís Online Dictionary states a franchise is "the right or license granted to an individual or group to market a companyís goods or services in a particular territory, also a business granted such right or license; or the territory involved in such a right."
You are actually buying a business relationship between yourself and the company that distributes the product or service when you buy a franchise.
The business format franchise, which is the most common, involves the purchase of an entire system for running the franchise, in addition to the right to sell the product or service. The franchise ideas you are looking for can follow once you understand your rights and examine available opportunities.
Is a franchise the right step for you? To find out take this free personality test.
The Federal Trade Commission (FTC) requires that certain elements must exist in order for there to be a valid franchise business relationship:
- You must receive rights to use methods or systems associated with operating the core business.
- You must be granted limited rights to use the company's trade name, service marks, logo or other advertising symbol.
- You must pay the franchisor something in return for being granted these two rights.
If you want to find out more about the FTC rules regarding franchise purchases,
go to their Consumer Protection Page at their website by clicking here.
One way to evaluate the best franchise opportunities for you is to get more information on franchising by looking at these sites put together by AllBusiness.com:
- AllBusiness.com's Franchise Center - Has a comprehensive directory of franchise opportunities and a ranking of the top 300 franchise companies.
- Franchise.org - The website for the International Franchise Association (IFA) that provides information for beginning franchisees and seasoned franchise consultants.
- VetFran - Operated by IFA and lists franchises that offer special discount to honorably discharged U.S. military veterans.
- SBA's Franchise Registry - Identifies companies whose franchisees enjoy a streamlined process for SBA loans.
- Federal Trade Commission (FTC) - Site's Business Information tab provides a Franchise and Business Opportunities section that contains guides to franchise business opportunities, information on medical billing, and work-at-home opportunities.
- Cal-EASI Database - Securities and franchise offerings information for companies selling franchises in California.
- FranchiseGator.com - Has franchise search engine that lets you search in 24 industries by various categories for numerous franchise ideas.
- Franchise Times.com - Provides franchise news, information and franchise business opportunities.
- Frandata - Sell many types of information to help prospective franchisees make their decisions, including benchmarking data that lets you compare one franchise system to another.
- BlueMauMau.org - Research database including news, blogs, forums and articles for those in franchising or looking to enter the field.
View some of the top 10 franchises to give you some ideas of which one you may be interested in evaluating further.
Do You Have the Right Skill Set and Right Attitude for a Franchise?
Examining franchise ideas is exciting, but for most of us running a franchise is quite a change from what we have been doing. You may want to look inward and evaluate your skills and capabilities. One great way to do that is to take an evaluation test. The MAPP Assessment (Motivational Appraisal of Personal Potential) provides a good deal of information about yourself that you can use to help determine if you are ready for this step.
The MAPP is a world-class career test that will give you insights into what makes you tick. You will receive a FREE partial MAPP report and a comprehensive assessment can be purchased.
Other specific tests are available too, so you can focus on these:
The Leadership Test! Do you have what it takes to effectively lead others in the workplace?
The Anxiety Test! Do you suffer from anxiety? Take this test and find out what to do about it!
The Success Likelihood Test! Are you likely to succeed in your career?
Many others are available too.
Should You Use a Business Broker?
If you know exactly what company you want to work with, you can go directly to their website for details. You do not have to use a broker to find a business franchise for sale. In any case, you should be sure to have an attorney who fully understands franchise law and can advise you throughout the process.
Researching and locating the best franchise opportunities for you can be time consuming. You can shorten this time by working with a business broker. Keep in mind that the business broker is primarily interested in earning a commission on the sale of the business. So there may be a temptation for the broker not to always put your interests first and make your franchise ideas fuzzy.
If you are interested in a broker, you can start by contacting individuals at these sites:
What does it cost to fund the purchase of a franchise?
- FranChoice - Provides career transition guidance and franchise ownership test to assist you in your evaluation.
- Entrepreneur Source - Focuses on consulting and training to help you succeed in your own business.
- FranNet - World's largest network of franchise consultants.
Now that is a tough one. Of course, it will vary depending on the industry you selected and the individual franchise. You can find franchise ideas that will allow you to get started with just $20,000 to $30,000, but they will not be well-known names. In most cases, you will need to pay at least $100,000 in cash for the franchise. Typically, you will have to pay a percentage of the gross sale as royalty to the franchisor in addition to purchasing supplies and material on an ongoing basis.
Even if you have found your franchise and it is in one of the top ten franchise opportunities lists and you feel it is the best franchise for sale that matches your interest, BE SURE to have an attorney that is familiar with franchise law review your contracts.
If you want to evaluate businesses other than franchises, then look at How to Buy a Business and the Best Business to Start.
Having gone through all of the hard stuff, keep in mind that you want to make it fun too. So move toward the one that really interests you, maybe you even have a passion for it. Wow! Wouldn't that be great to truly enjoy your retirement job.
Take your time, do your homework and you can find the right one.
Develop the Knowledge, work your Decision, focus on your Desire, encourage the right Attitude for success.
Consider searching for additional ideas at 2SearchSmart Human Edited Web Directory
Return from Franchise Ideas to Entrepreneur Ideas
Return from Franchise Ideas to Enjoy Retirement Jobs Home Page