By Bigg Success Staff
December 14, 2007
Buying a franchise is a great way to get started in your own business. The best franchises provide an established brand, proven procedures, market-tested advertising, and ample training. It’s a business-in-a-box – just add money and open. And they may even help you find some of the money!
The International Franchise Association, the leading organization for franchisors and franchisees, has published an exhaustive, free, downloadable document called
An Introduction to Franchising. Here’s the outline of this amazing resource:
Chapter 1 – An Introduction to Franchising
- What is a franchise?
- What are the alternatives to franchising?
- What are the advantages and disadvantages of owning a franchise?
- What are the legal issues of franchising?
Chapter 2 – Beginning Your Search
- What are your options when you begin your business?
- How do you investigate your options?
- How do you investigate a franchise?
- What are your criteria for selecting a franchise?
- Navigating the Paper Trail
- What are the key subjects in the franchise agreement?
- What are the key items in the disclosure document (UFOC)?
- What do you have to know about financial statements?
- Where can you get help?
Chapter 4 – Evaluating a Franchise: Interviewing Both Sides
- What should I ask the franchisor?
- What should I ask the franchisees?
- What questions should you ask yourself before buying a franchise?
- What are the keys to franchise success?
Chapter 5 – Writing a Business Plan
- What is it?
- Why should you do one?
- What should it look like?
- How do you write one? Where should you begin?
Frankly, we were surprised at how much great information is included in this paper. Even if you don’t end up buying a franchise, you’ll get some valuable advice for any business you start. We’re happy to recommend it to you!