Are you new to the business world or new to the land of franchises? Would you like you know more about franchise opportunities for beginners? There are some great resources available to help you learn more. The internet is a great place to start.
The International Franchise Association (IFA) is a membership organization that contains information to franchisees, franchisors and suppliers to help you with all aspects of franchising. They also have a database of over 800 franchise opportunities for you to consider and step-by-step guide for beginners.
Another good resource to check out is Bison.com which is designed for people who want to get serious about their franchise opportunities. Next, you might also want to look at Franchise Direct for more information as well as franchise opportunities for beginners. This resource has listings as well as a resource center for more about franchises.
The best franchise opportunity for a beginner is probably one that is an already set up and establish business in which all you have to do is take over ownership. There is much less involved in this type of franchise and you don’t have to worry about set-up at all. You can just delve right into the business of running the franchise. Some popular examples are:
• Subway
• Curves
• Jackson Hewitt Tax Services
• UPS Store
• 7-11 Convenience Stores
• Duncan Donuts
• Sonic Drive-Thru
There are many more of course but as you can see, fast food are some of the most popular and successful options. When choosing a franchise for yourself as a beginner, here are some things you should find out about the potential franchise:
• What kind of experience is required?
• How much time and commitment is required to run the business?
• What is the background of the franchiser and their history?
• Are you able to obtain information on how other franchisees in the system are performing?
• How much will it cost you upfront? Are there recurring charges and fees?
• What products or services are you required to purchase from the franchiser?
• What are the contract details and obligations?
• What are the terms and conditions on getting out of your contract?
• Are you able to obtain current financial information about the system?
Or if you have a spare $1-2million you could try and get a McDonalds Franchise! But the criteria is pretty restricting.