Finding the right franchise opportunity can be confusing for someone who has recently been laid off. Questions such as what type of business opportunity would be best suited for you, how much capital investment will be needed, and how do you find a qualified franchise broker may all come to mind. Knowing the answers to these questions is critical to ensure the best outcome when purchasing a franchise. This article will help you understand the frequently-asked questions on how to find the franchise for sale near me and how to make sure it is the right fit for you.
First, it is important to recognize the point in the life cycle of your search when it is time to get professional help. Joining the International Franchise Professionals Group (IFPG) – a membership-based franchise consulting network – is a great start. The mission of IFPG is to help aspiring business owners through the process of identifying and investing in franchise businesses. Our franchise broker group has over 1,300 franchisors, franchise consultants, and vendor members that will guide you through the process.
Now, let’s take a look at the commonly asked questions about buying a franchise:
What type of franchise is right for me?
The type of franchise that is best for you depends on your skills, interests, and capital available to make the purchase. Are you more comfortable with a food, retail, or service-based franchise? Do you have the skills and contacts to make a restaurant franchise successful or do you prefer to own a store-front shop? It is important to do your research and identify which franchise format is best suited to your situation.
How much capital investment is needed to purchase a franchise?
The amount of capital needed to invest in a franchise depends on the type of franchise opportunity chosen. Generally, you should expect to invest 10-20% of the total franchise purchase cost in liquid assets and the remaining 80-90% can come from financing. The cost of a franchise can range from $50,000 to as high as $2 million, and can include franchise fees, royalty fees, franchise equipment, real estate, advertising expenses, and working capital.
How do I find a qualified franchise broker?
Finding a qualified franchise broker is key in the purchase of a franchise. A broker can provide valuable information about the franchise, the market, potential franchisees, and help you determine the best franchise for your situation. Our IFPG broker group has over 1,300 members and provide the assistance and guidance that can make the process of purchasing a franchise significantly easier.
We understand that finding the perfect franchise for sale near me can be a daunting task for someone who has just been laid off, but it does not have to be. With the right approach, you can find the perfect business opportunity that will set you up for long-term success.