Seattle is definitely the land of startups and while creating and starting your own business might be the ticket to success, entrepreneurs should not neglect franchising as a potential way to get there. A franchise is a major investment and it’s important to understand all of the legalities and infrastructure that goes along with franchising a business. Here are four things to know about franchising.
#1. A franchise doesn’t need to be a national brand.
National brands might have recognition but they may not resonate as well in local markets. Local brands may be a better fit for an entrepreneur looking for customers quickly and efficiently. National brands may take longer to adapt to new technology while local brands have more freedom to explore things like accounting systems and online ordering. In our Pacific Northwest, many consumers specifically seek out local authenticity rather than a large cookie-cutter corporate facility.
#2. Franchising can lead to financial independence.
Business owners don’t necessarily need to start from scratch when partnering with a franchise. Finding the right mix of managing employees, overhead costs, and hours, a franchise owner is a more indirect control of what they put in their pockets. It’s important to refer to the Franchise Disclosure Document, which is a legal document presented to prospective buyers of franchises in the presale disclosure process.
It’s important to be familiar with the net worth requirements of the options because franchise fees, royalty, marketing, and build-outs can add up quickly.
#3. Franchising is a more acceptable path to business ownership.
The Small Business Administration funds many new franchises and can open the door to would-be business owners that may not be able to get a larger loan. This is great for starting a business because it can lend more than your net worth as it is backed by the government. Downpayments are usually still required and there are different options and advantages to veterans and female business owners.
#4. It can create the lifestyle you want to achieve.
Franchises are ideal for those who value flexibility and want to live life on their terms. There are several ways to manage and run a franchise and you can usually shake the business to suit your schedule and financial needs. Whatever goals you have in mind, many are attainable with the right franchise partner. [Additional Resource]
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