Thanks to the proliferation of franchising opportunities, there are now more ways than ever for prospective business owners to break into the field of entrepreneurship. In Wisconsin, there are more than 200 franchise locations, offering an array of business models and industry sectors to choose from. But with so many potential franchises available, it can be challenging to find the right fit for an investment. From a business perspective, the goal is to secure a franchise with a solid track record of success, one that is compatible with the investor’s goals, values, and budget.
For investors who have been laid off due to corporate downsizing, finding the best franchise to buy in Wisconsin is an especially challenging process. Many of these investors are uncertain about which franchising opportunities are best suited to their financial and career objectives. With this article, we aim to answer some of the most frequently asked questions about locating and investing in a best-fit franchise in the state of Wisconsin.
1. What franchise opportunities are best-suited to corporate layoffs?
As with any franchise purchase, the best-fit opportunity for corporate layoffs will depend on the individual’s skills, interests, and financial resources. Franchises that require minimal startup costs, staff, or equipment make good starting points for investors looking to break into the field of entrepreneurship on a smaller budget. Food and restaurant franchises, for example, generally require a lower investment than those in the retail or technology sectors.
For corporate executives with several years of leadership and managerial experience in the retail industry, the retail sector may offer the best fit. Examples of successful franchises in this sector include home improvement supply stores, home décor stores, and pet services.
2. Are there any grants or financing programs that target investors who have been laid off?
Several government agencies and non-profit organizations offer grants and financing programs for transitioning corporate employees. The Small Business Administration (SBA) has several initiatives designed to provide assistance to small business owners and would-be entrepreneurs looking to establish their first venture. The agency also offers loan programs and classes to help individuals launch their business.
In addition, local economic development centers and the Wisconsin Economic Development Corporation (WEDC) can provide assistance for potential business owners. The WEDC offers low-interest loan programs, microloan programs, and venture loans to help entrepreneurs get their businesses off the ground.
3. What are the trademarks and licensing considerations for investing in a franchise in Wisconsin?
Many franchisors require that prospective business owners register the trademark or service mark for their business within a certain timeframe. Depending on the type of business, this timeframe may range from a few weeks to a few months after the purchase date. Wisconsin businesses must register their marks with the Secretary of State’s Office before their license can be officially activated.
When working with a franchisor, it’s important to be aware of all trademark and licensing considerations. Franchises are typically sold with an agreement that includes a Trademark License, which will spell out the details of the agreement between the franchisor and franchisee. Licensing requirements may vary from one state to another, so it’s important to be aware of the specifics of the state in which the business will be located.
4. Are there resources available to help investors navigate the franchise selection process in Wisconsin?
The International Franchise Professionals Group (IFPG) is a membership-based franchise consulting network with more than 1,300 franchisors, franchise consultants, and vendor members. Together, our members can provide aspiring business owners with objective advice and guidance to help them find the best franchise opportunity.
In addition, there are numerous online resources and publications that can provide insights into the franchise selection process. These include franchise catalogs, franchise broker websites, and other online resources that can provide potential franchisees with a comprehensive view of the available opportunities in the franchise industry.
For corporate layoffs and other would-be entrepreneurs, the options for investing in a franchise in Wisconsin are numerous and varied. From the retail and food sectors to service-oriented businesses, there are a variety of possibilities that can make good investments for those with an entrepreneurial spirit. With access to the right resources and guidance from experienced franchise professionals, investors can be confident that they are making the best selection for their financial resources and career goals.