Whether or not to turn a business into a franchise is a question that most successful business will be asking themselves at one point or another. The decision to turn your business into a franchise takes a lot of thought and consideration. If you are debating whether or not you want to begin the steps of franchising, then it is wise to speak with experienced franchise brokers.
Here at Profit Street, not only do we help people purchase franchises, but we also assist them in creating a franchise out of a business model that they currently have. In starting a franchise there are tons of legal hoops to jump through in order to ensure that you are legally protected in anticipation of any outcome.
At Profit Street we help business owners navigate the process of franchising their business. We have extensive experience in franchising process and we are here to help others do the same and pursue their business dreams. The entire process of franchising can take up to several months to complete depending on how much time you can commit to and your prior knowledge. With our experience in starting franchises we can help make the process as smooth as possible for you and help you take the first step on the road to success.
I want to franchise but I don’t have start-up capital
If you have a great business model that you would like to turn into a franchise but don’t have the money to do so then Profit Street can help. We do provide funding for particular businesses that are looking to start a franchise program. It should be noted however that we are very selective in who we partner with and invest in.
Depending on your business model and goals for franchising the start-up costs can vary greatly. One of our objectives at Profit Street is to help you determine the amount of capital that you’ll need as the franchise founder in order to get everything running efficiently. Then once you know what your goal is, we can help you come up with a strategy on how to get there.
If you are interested in starting your own franchise or buying a franchise that already exists, then call the experts at Profit Street today and let us help you accomplish your business goals. (888) 781-4473
If your goal to hit the gym at 5:30 every morning is starting to wane as you settle in to 2012, maybe it’s time to think outside the box of normal new year’s resolutions. Here’s one you can try: start a new business!
What better time than January to dust off those old ambitions and reevaluate the future of your career? If you’re unhappy with where you’re at in your job, you’re probably ready to make a change. And if you’ve spent years working under someone else’s rules and catering to a manager’s preferences, it could be time to be your own boss.
If the idea of starting an entirely new business seems overwhelming, you should strongly consider opening a franchise. A franchise provides that ideal middle ground. You’ll manage your own business, but you won’t have to come up with your own product and brand, etc. It’s like having a pre-packaged business handed to you, tried and true and ready to go!
If 2012 is your year, all you need to do next is decide what type of franchise you want to open. Food? Retail? The world is your oyster! If you want to make your job especially easy, our franchise brokers can give you the guidance you need to find the perfect fit. And, it’s free — so save your money for your business ventures!
You’ve got that entrepreneurial spirit — but maybe you’ve got a track record that has less success but an abundance of risky ambition. If a few failed business ventures or poor investments have left black marks on your credit history, you might feel reluctant to jump in again. If you’ve got your eyes on a new franchise venture, however, what are you going to do?
Luckily, bad credit doesn’t necessarily spell the end of the road in the world of franchising. If you need to take out a loan to finance your newest business adventure, you’ve still got options. First of all, lenders evaluate aspects other than your credit score. They will want to see how much cash you have to invest, what collateral you can offer, as well as your managerial track record.
That last element might just be your saving grace if you’ve had a couple businesses tank in recent years. Lenders are just as aware of the economy of anyone else — they’ll be wary of a poor credit score, but in a a time where everyone’s wallets are hurting, they’re likely to be a bit more understanding. If you can pack your application with high quality references and testimonials from past employers and coworkers, it can really help your cause. Make them see that just because your product or service wasn’t well received, it doesn’t meant that you don’t know how to successfully manage a business.
So, if you’ve got that next entrepreneurial vision on the horizon, stop making excuses for yourself! Pull together your strongest portfolio and be as prepared as possible to present yourself to potential lenders. If you have confidence, it’ll show — and it’ll make someone else more likely to have confidence in you, too.
If you want advice more specific to your personal situation, Profit Street can help you find experienced franchise brokers that can answer all your questions.
You’re tired of pushing papers and answering to the man. You’ve saved long and hard and now you’re ready to put away the button up Van Huesen and necktie and dust off the hard hat and get to work starting your own business. Now the question rises to the surface, should you start developing your own idea from scratch as a start up independent business or should you choose a proven franchise that fits your business goals and interests? Below we’ll discuss why you should seriously consider the second option.
Franchise vs. Independent Business
There are a number of reasons why one would opt to buy in to a franchise as opposed to purchasing an independent business or starting a completely new independent business. There are of course the obvious reasons like a proven track record, relative brand awareness and a well organized system of operations in place. However, we’d like to draw your mind to some other factors that you may not have thought of before now.
- Marketing Materials: Most franchises provide their franchisees with professional marketing materials including online marketing options, digital media and preferred marketing providers
- No Product Development: Franchisees are normally far removed from the actual product or service options that a franchise provides which can eliminate a lot of hassle. The owner of a franchise simply worries about accruing new accounts and driving sales in his/her particular market area.
- Little Price Spying: as a business owner, you have to thoroughly shop your competitors to get an idea of the services they are offering compared to their pricing and make sure you are staying competitive. With a franchise, this analysis is done for you and most of the time a set pricing structure is already in place.
- Vendor Shopping: It takes a lot of time, money and energy to search out potential vendors for equipment and services that any business is inevitably going to need. However, with a franchise, these are already in place and you simply have to worry about how much to order and when.
- Likelihood of Success: Finally, franchises are much more likely to succeed financially than most start up independent companies. Studies show that after 7 years, 91 percent of franchises are still in business compared to just 20 percent of independent start up businesses.
Hopefully this has given you a few other things to consider in your search for business ownership. All in all, both options do have their perks and drawbacks. If you’re looking for a way to quickly get in to operation mode and start seeing the fruits of your labors, purchasing a franchise is likely a good option. You’ll want to discuss your specific situation with a qualified franchise broker beforehand though as they will be able to guide you through the franchise purchasing process and help you make informed decisions along the way.