For many stay-at-home parents, the idea of re-entering the workforce can be a daunting one. With so much to consider, it’s easy to feel overwhelmed. How will you balance work and family? What will you do with your children while you’re working? What kind of business is right for you?
Investing in a franchise offers a great way to re-enter the workforce on your terms. With the right franchise, you can have the income and flexibility needed to provide for your family while keeping a comfortable lifestyle.
But starting a franchise can be intimidating. That’s why the International Franchise Professionals Group (IFPG) was established, to offer aspiring business owners the consultation and support they need to identify and invest in the right franchise. Our mission is to help people find success with franchising.
Still, the questions that need to be answered can be many. The IFPG specializes in helping investors find the answers they need. The most commonly asked questions we get from stay-at-home-parents whowant to enter the franchise world are:
1.How much money do I need to invest in a franchise?
The amount you need to invest varies depending on the franchise. Healthcare and restaurant franchises tend to require more capital,but there are several lower-cost franchises that require just a few thousand to get started. Your IFPG Consultant will guide you in researching and evaluating various franchises to determine the right investment for you.
2. What type of support do I need?
The IFPG provides the guidance needed to help you identify the type of franchise that suits you, as well as the right investment and location. We have proprietary Formations™ technology that quickly narrow the field down and provide you with potential opportunities as they become available, so you can get in the door first. Additionally, we offer business advice and assistance throughout the entire process.
3. What is the timeline for launching a franchise?
The Franchise Disclosure Document (FDD) stipulates timelines for launching a franchise. Part of the IFPG process includes helping you interpret and comply with these timelines to ensure you stay on track. Generally, the time from offer acceptance to opening can range from 3 to 6 months.
4. What taxes need to be filed for a franchise?
The specific taxes that must be filed depend on the state in which you’re operating your franchise. IFPG Franchise Consultants will provide detailed information about all applicable taxes, so you can make sure you’re taking the appropriate steps to ensure everything is filed correctly.
5. Are there fees incurred when launching a franchise?
The exact fees vary by franchise, so it’s best to discuss all the details with your IFPG Consultant. Generally, you can expect to pay franchise and royalty fees, as well as fees for obtaining a business loan, obtaining the proper licensure and any other related expenses.
6. How do I determine the right location for my franchise?
The most important part of choosing a location for your franchise is understanding the market and demographic. Your IFPG Consultant can help evaluate potential locations and assist with the application process.
7. What resources offer the most help when launching a franchise?
At the IFPG, we endeavor to provide our members with the support they need to succeed. We offer industry-leading training and expertise, innovative programs and comprehensive support every step of the way.
Choosing the right franchise and investing in it correctly takes a great deal of research, planning and a knowledgeable team to guide you. With the International Franchise Professionals Group, you can have the support you need every step of the way, from selecting the best franchise, to understanding the contracts and timelines, to helping make sure you meet your goals.