So you’re thinking of owning your own business? Plug into this video series as Leslie Kuban offers a 5 step success formula for choosing a franchise that’s
perfect for you.
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The perfect franchise for you will be profitable, affordable, fun to manage, AND fit your geographic needs and preferences. Let the experts at FranNet Atlanta take you through a thoughtful analysis of your geography, skills, budget and all the other steps discussed in this video series to match you to the franchise opportunities that are perfect for you.
Connect with us today for your free consultation.
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The first step in finding the best franchise opportunities for you is to determine right away where you want your franchise to be located. Most franchises have a defined geographic territory. so your preferred geographic location will define which franchises you will be able to choose from, especially if you’re interested in owning your own business close to your home.
Remember, just because you don't see a franchise you're interested in owning in your area does not mean it's available. Working with one of our local FranNet consultants will help save you time and money by determining quickly if your area is open.
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Determining the size of your investment is a key second step to start narrowing down your franchise options. Start by organizing your personal financial statement and gain an understanding of your overall cost of living expenses.
Next, speak with a reputable franchise funding company about the many startup funding strategies available today. There are different types of SBA loans available, lines of credit, crowdfunding and even ways to buy your franchise through a retirement plan.
What most new business owners don’t know is that there is no correlation between what a business costs to start and how much profit it will make. There are many low cost service franchises that are more profitable than expensive retail franchises.
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As you start to explore the many available franchise opportunities, you'll discover that different franchises require different types of people with different types of skills. Having a personal interest in the franchise is not the same as having the right types of skills to own it.
Think back to a past job or activity where you were fully engaged, really in your zone and satisfied with your work. What skills were you using? For some of you might be solving problems and managing projects, while others love the thrill of winning new business and closing the sale. Identifying your strengths is one of the key components to successful business ownership.
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Would you prefer to wear shorts to work every day or would you rather put on a suit and tie and go to an office?
Do you want to be able to achieve your financial goals from owning just one location or do you want to be able to grow an empire and own many locations?
Some franchises are very mature with a lot of local name recognition but minimal remaining growth opportunity. Conversely a young emerging franchise can offer you the best territories but does not have any brand recognition yet in the market.
Which business model would you most prefer?
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25% of people exploring franchise opportunities are really ready to own their own business and prepared to make the right choice. What they share in common is they are very clear on their goals for business ownership.
Step 5 is getting clear on your "why?" What goals are you trying to achieve and why do you want to be in business for yourself?
Most people buying franchises today are exploring this entrepreneurship for the first time. It’s really exciting…but it’s also really scary because it’s making a change in your life and trying something new. Odds are you will only step forward and make that change and start your own business if your goals are more important to you than your natural fear of change.
"My personal experience as a franchise owner gives me the perspective to help my clients assess their real opportunities, risks, and timing to make sound decisions."
More about Leslie Kuban
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