A Guide to Business Franchising
Business franchising has become a popular way for entrepreneurs to get into business. Many different successful franchised concepts surround virtually every area.
Why is Business Franchising So Popular?
Business franchising is popular because:
The best concepts have been tested and proven successful over many years. There is public evidence to indicate their strength and stability, plus reviews and current franchise owner endorsements can confirm their success.
By buying a franchise, an entrepreneur doesn’t have to “reinvent the wheel.” The business already has a defined business model and support system in place. The franchisor offers training and corporate support to help each owner become successful.
A franchise has some existing brand recognition that can be built on.
A franchisor is motivated to help each franchise owner become successful and will assist a prospective owner to find a location that will suit his/her needs and objectives.
Purchasing power is part of a franchisor’s offerings. The franchisor provides the avenues to acquire supplies and resources that the franchisee needs at volume purchase prices.
How to Buy a Franchise
Follow these business franchising steps to realize your dreams of independent business ownership:
• Be sure you are clear in your reasons to buy a franchise because it can be a significantly demanding endeavor in time and money.
• Carefully research the types of franchises you want to buy based on your skills and interests, along with their success and what they offer.
• Once you have zeroed in on a few brands that you like, dig deep into them, including speaking with current franchise owners.
• Begin the application process.
• Participate in a “discovery day” meeting.
• Get your financing. Review all the required paperwork carefully.
Where to Get Financing?
Business franchising financing assistance can often be obtained from the franchisor. Other sources of financing include traditional loans from banks or credit unions, SBA-backed loans, and financing from franchise financing specialists.
Seek Expert Franchise Financing Assistance
Contact TCF Capital for a wide range of financing solutions, tailored to your needs to help your dreams come to life.