Entrepreneurial Goldmine

Go into business for yourself, but not by yourself!  That’s the basic MO of the Franchise Industry.  According to the International Franchise Association,  (IFA) there are almost 1 million franchised small businesses in the country and they’ve generated more jobs between 2001 and 2005 than several of the nations major economic sectors.  This option is a great entry level route to fulfill your entrepreneurship dreams. For the right personality type, franchising represents an awesome opportunity to earn an income and increase your net worth, but it won’t come easy. 

What do you need to know before buying a franchise?  You need a SHERPA.  Someone to guide you through the maze and help you navigate the tough terrain of ‘the devil in the details’.   IFA provides a guide  that outlines the following research requirements to buying a franchise:

Pre-Work for Buying a Franchise

1. Understand the Benefits & Responsibilities of Franchise Ownership
2. Know your situation before you select: Your assets, your credit, your skills & your goals
3. Selecting a Franchise: Assess demand, competition, growth and franchisor support
4. Finding the right opportunity: Go to Franchise Expositons or Use a Broker
5. Investigate before you Invest: Research the Franchisor, Get an Attorney and an Accountant

Not sure if you are cut-out for Franchising, here are a couple of self-test:

• Success Probability
• Is Franchising Right for You
• Is the ROI Enough for You

3 ”Up & Coming” Franchise Opportunities to Consider

1. Healthy Fast Food: America’s Top 10 Healthiest Fast Food Restaurants
2. Tax Services: Consumer Reports Best Tax Preparation Service (Get Full Report)
3. Consignment/Resale Stores: Plato’s Closet

For more franchise opportunities, search the IFA database.    Get more information on Entrepreneur Magazine’s Ultra Low Franchise opportunities!

Good Luck, and remember if you fail to plan, you plan to fail!   If you missed opportunity#10, find out if Louisiana’s Entertainment Industry is for you.  Stay tuned for opportunity #8                          

-hb