Monday, July 20, 2015
Should I Start A Franchise?
July 20, 2015
I am trying to find out more about business ownership. Is opening a franchise a good idea? New Future Franchisee, Indianapolis
Dear New Future Franchisee:
For those of you who don’t want to start a business from scratch, opening a franchise might be what you are looking for. The franchise governs the method of conducting business between two parties. Generally, a franchisee sells goods or services supplied by the franchiser or that meet the franchiser’s quality standards. That master franchisee is usually responsible for recruiting the individual franchisees and providing all training and support they need, both initially and on an ongoing basis.
It’s important to remember if you open a franchise to make sure you have a Limited Liability Company (LLC) or get Incorporated in case the business fails and the franchiser tries to sue you. If you have a credit score over 700, collateral and meet other requirements required by the Small Business Administration or Banks, then a franchise just might be what you are looking for. Again, conduct extensive research before you sign any paperwork.
You can read more about how to start a business at “How To Take Control of Your Own Life: A Self-Help Guide To Starting Your Own Business” -- available as e-book and paperback.