Interested in opening a franchise? This week, we feature a beginner’s guide to some of the activities you will need to complete before you start, including reading a FDD and interviewing a franchisor.
It cannot be stressed enough: research is important. You must do your homework. Successful franchisees conducted careful market research, developed a thorough business plan, including marketing, asked advice from trusted financial and legal professionals, and in some cases had some prior work experience.
Where do I start?
The library and the Internet – read directories, articles, and books. Check out trade shows in your area. Talk to people in the business. Here’s a list of resources to get you started:
- The Franchise Opportunities Guide
- The Executives’ Guide to Franchise Opportunities
- Bond’s Franchise Guide
- The Franchise Annual
- Franchise Handbook
- Inc. (www.inc.com)
- Entrepreneur (www.entrepreneurmag.com)
- Franchise Times (www.franchisetimes.com)
- Franchising World (www.franchise.org)
- Franchise Update (www.franchise-update.com)
- The Wall Street Journal (www.wsj.com)
- USA Today (www.usatoday.com)
- The New York Times (www.nytimes.com)
- FranNet is a franchise consultation company that can point entrepreneurs in the right direction (www.frannet.com/)
- IFE (International Franchise Expo) is sponsored by the International Franchise Association (IFA: 202-628-8000 or www.franchise.org) and is the world’s largest directory of franchise companies
- The U.S. Small Business Administration and Small Business Development Centers (SBA: www.sbaonline.sba.gov/sbdc/)
- Federal Trade Commission (www.ftc.gov/bcp/menu-fran.htm)
- Small Business Administration (www.sba.gov)
- International Franchise Association (www.franchise.org)
- Entrepreneur Magazine (www.entrepreneurmag.com)
- Franchise Update Magazine (www.franchise-update.com)
- IFA Franchise Opportunities Guide (www.franchise.org)
Next time, we’ll present ways to evaluate a potential franchisor.