May 17, 2017
Franchising your business model may look like a great way to grow your organization, but it’s a complex process that often takes two to three years before selling your first franchise. You will want to have $50,000 to $100,000 in working capital to cover the costs of setting up the paperwork and going through the legalities. Then, once you’ve sold a franchise, it might be another year before you see any profit. It’s not for the faint of heart.
Once of the best resources for starting a franchise is the International Franchise Association. You will also want to work with legal professionals and other experts who make sure you meet the requirements. Here are some of the considerations in a franchise start up proposition:
It’s rewarding to start a franchise and in 5 to 10 years, it can certainly be profitable for your organization. But it is a long process and takes a lot of determination and grit. You’ll be working just as hard as you did when you started your business, and you’ll need a good team of people behind you who know your business and can get franchisees on board. Think carefully about making this step to find the success you want. Make sure you can pay the price now to reap the rewards later.
Click one of the links below to view our franchising video, or to register for a webinar or seminar. Our webinars are free and available throughout the week, and we probably have an upcoming seminar in your area: