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The Right Franchise
More and more entrepreneurs every day are discovering that buying a franchise is a terrific way to become a business owner.  You gain instant brand recognition, enjoy a tried-and-true path to financial success, and are on the receiving end of plenty of support from a financially stable parent company as well as from fellow franchisees.  To find a franchise, however, can be a significant challenge.  Most opportunities will set you back at least $30K or more, and the final startup price tag for some high-profile franchises can run as much as a million dollars, or more.  Finding a franchise is the first big step you will take along the road to financial freedom, so don’t mess it up!

Five Tips On Choosing a Franchise
Prior to the first millennium, the Greek Isles were home to the Oracle at Delphi, the place where world leaders traveled to seek out divine guidance regarding everything from waging war to making ideal political alliances.  The oracle’s most famous pronouncement was this two-word bit of advice, “Know thyself.”  A couple of thousand years later, it’s equally valid advice for anyone looking to find a franchise.  The better you know your own skills and interests, the better fit you will enjoy in locating the right franchise for you.  Here are some tips to consider:

• Rely on your expertise – If you have spent the last ten years working in food service, you might want to consider a restaurant franchise.  Do you love tinkering with cars?  An auto repair franchise could be in your future.  Someone with an accounting background might wish to explore a tax service franchise, while an elementary school teacher could find the right franchise in daycare or test preparation services.
• Closely examine your finances – The costs to buy a franchise can vary widely.  Before you fall in love with a concept, it makes sense to put together a financial plan that works for your personal situation.  This could include tapping a retirement plan, refinancing your home, applying for a bank loan, or bringing in outside investors.  Whatever your strategy, understand up front what your spending limits are, and then stick to them.
• Explore your target industry – After determining that your skills and interests are best suited to a particular industry, your next step should involve learning everything you can about it.  With the plethora of franchises out there, it’s possible to achieve success in various ways.  Let’s take food service as one example.  Opportunities range from owning a fast food or full-service restaurant to running a catering business, starting up a wholesale bakery, or selling pre-assembled dinner packages to time-constrained two-income families.
• Narrow your choices within your selected field – The number of franchises in a given field can range from a few dozen on into the hundreds.  Every franchisor is required to prepare a document package that explains everything from how much they charge in fees and royalties to what sort of training each franchisee receives.  But don’t rely solely on the material each company provides.  Examine public records, check out their credit, and ask as many questions as you dare.  The best source for information about a franchise opportunity comes from the mouths of existing franchisees.  They will tell you plenty of things that will never be published in corporate brochures, and there is no better way to understand what it takes to run the business on a day-to-day basis than from someone who already does it.
• Bring some professional assistance aboard – Franchise agreements are lengthy legal documents full of confusing language and seeming contradictory clauses.  Funding a franchise operation is a complex process that requires an intimate knowledge of tax laws and other regulatory concerns.  There are plenty of attorneys and financial advisors out there who specialize in working with prospective and existing franchisees.  The money you pay in upfront fees – after all, expert advice is a benefit, not a liability – will more than pay for itself by reducing your risks and setting your mind at ease.

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