Home
>
Small Business
>
Get Approved for a Franchise

Get Approved for a Franchise

Deciding to start your own franchise is just one of the first steps to getting started. Buying a franchise is a lot like dating. You and the company have to be a good fit. The company you are considering starting a franchise with must fit your needs, and you must meet the guidelines they have set up.

You may be thinking, "I have the money, I will just sign up and get started." It's just not that easy. The companies want to make sure you will be successful and a large part of that will come in the form of discussions, questions, paperwork, and if you're still both attracted to each other ? FINAL APPROVAL!

Chances are if you're a true entrepreneurial spirit, your nature won't be right for most franchisors. Franchisors want you to be able to follow a system that they have proven to be successful. A good example of this is "the golden arches". You won't ever go into one that doesn't follow the rules and guidelines set down by the franchisors. They may for a little while, but they will and can lose their franchise license. There isn't room for innovation in franchise companies. They don't want someone to cause any trouble and rock the boat on their proven business systems. A great place to get some tips on Franchise Start ups is at startupsmarts.info.

If you're capable of following a PROVEN system for business success you will be a good franchise owner though. There will still be thousands of questions and they are looking for a specific type of person.

The franchisors want someone with an entrepreneurial spirit to be self sufficient, but with out enough free spirit to re-invent the wheel. The companies usually prefer you to have some management experience or extensive experience in the field.

Your personality is the next thing that will be reviewed on your "date" with the franchise company. If your wishy-washy and don't know what you want, you can probably count on this being your last date with that company.

Just like when you meet a new prospective person to date, you check out their outfits, car, etc... You don't want to end up dating a beach bum right? Well the franchisors don't want to be dating someone who doesn't meet their financial guidelines. If you're planning on borrowing the funds to start the franchise, you may have a rude awakening. Even if your credit is good, and you qualify for a home equity loan, you may find the bank will not lend it to you for starting a business.

Make sure you have your finances in order. Prepare a financial statement that includes your net worth, and what assets are able to be turned into cash in a decent amount of time. Franchisors are going to home in on your net worth and liquidity before anything else. Having cash on hand is much more important that having the ability to borrow funds. Financing debt on other debt is not attractive to many franchisors.

The franchisors will also look at your marketing skills, and your ability to work the schedule the franchise takes to run. If you are used to working a normal 8 to 4 job and suddenly find yourself having to be at "work" 7 days a week it WILL affect your life. Can you make that type of change?

You can find more information on Franchise Financing at: http://www.finance-franchise.info and place like http://www.entrepreneur.com/

Edward Charkow is the administrator for http://www.nichebiz.info and grants reprint rights for this article as long as this resource box remains intact.

Wood Dale Chicago prom limo .. Lockport Chicago limo O’Hare

In The News:

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents

Internet browsers are useful, but they can be dangerous. Clicking on malicious links can direct you to dangerous websites that steal information or infect your device.

Apple's latest iOS update introduces advanced artificial intelligence capabilities, which may be capturing and analyzing sensitive information.

Breach site confirmed 56,904,909 Hot Topic users' data leaked online. Tech expert Kurt “CyberGuy" Knutsson says the company's silence makes matters even worse.

Tech expert Kurt “CyberGuy" Knutsson discusses how an innovative Easy-Way kit turns standard strollers electric, simplifying navigation for parents.

Tech expert Kurt “CyberGuy" Knutsson talks about T-Mobile being hacked in broad cyberattack on global phone and internet companies.

Tech expert Kurt “CyberGuy" Knutsson shows you how to add, customize and manage widgets for quick access to apps and info from your iPhone home screen.

Wrong Google searches can not only compromise your device and personal data. They can also bring law enforcement to your doorstep. Hackers are targeting Google searches.

China's Shanghai Kepler Robotics has developed a new humanoid robot that can carry up to 35 pounds per hand for commercial applications across various industries

Checking your hearing has gotten easier with the new hearing test feature in AirPods Pro 2. You can take reliable hearing tests using your iPhone or iPad.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Kurt "CyberGuy" Knutsson explains how a VPN — virtual private network — works and how running it can slow down the operation of your device.

The WalkON Suit F1, an exoskeleton developed to help people with disabilities, can actually walk over to a person in a wheelchair, solving a major problem.

ClickFix, a new scam targeting computer users, is on the rise in the U.S. The scam prompts its targets to click on a link to fix a problem.

Skydweller is the world's largest unmanned solar-powered aircraft that can stay airborne for weeks, and even months, without refueling.

The U.S. government said it is investigating after People's Republic of China hackers targeted commercial telecommunications service providers in the U.S.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Scammers are using increasingly sophisticated ways to lure unsuspecting victims, and some are impersonating an email help desk or support team.

You can unsend or edit your iMessages with the latest iOS updates. Kurt the CyberGuy explains how you can save yourself some potential embarrassment.

Kurt “CyberGuy" Knutsson says there’s been a rise in cybercriminal services using hacked police and government emails to send subpoenas and data requests to U.S. companies.

Kurt “CyberGuy" Knutsson discusses how Axiom Space and luxury designer Prada are collaborating on NASA's Artemis III spacesuit design.

Voice assistants may cause confusion across devices. Tech expert Kurt “CyberGuy" Knutsson offers some solutions to fix it.

Shameless scammers trick veterans into giving personal info or cash. Tech expert Kurt “CyberGuy" Knutsson explores five common scams.

Tech expert Kurt “CyberGuy" Knutsson helps you honor our heroes with these powerful podcasts, audiobooks and documentaries this Veterans Day.

Get Approved for a Franchise

Small Business