Starting a business of any kind is always a risk, and selecting a franchise might seem especially daunting. If you’re an aspiring entrepreneur, then you know the importance of conducting thorough research and getting the most accurate information on available franchises. The International Franchise Professionals Group (IFPG) is the leading provider of franchise consulting, and we’ve compiled a list of commonly asked questions about franchises near you to help you make an educated decision.
What types of franchises are available?
The number of available franchises is truly staggering. Many people are surprised to learn that food and beverage franchises only make up an estimated 8 percent of the United States’ retail industry. Some of the most popular franchises are related to retail, automotive, cleaning, fitness, financial services, pet-related services, and travel and leisure.
What’s the average cost of a franchised business?
The cost of setting up a franchise varies depending on the type of franchise you’re looking into. Generally, you can expect to pay between $80,000 and $500,000, depending on the size and scope of the business. Many franchisees are surprised to learn that these estimated costs generally don’t include working capital or initial inventory and equipment.
What are the benefits of franchising?
The primary benefit of franchising is that it significantly reduces the risks associated with starting a business from scratch. This type of business model allows you to take advantage of existing brand recognition, a proven business system, and the support of your franchisor. Franchising also provides the opportunity for you to become your own boss, as well as the independence and flexibility to grow the business according to your chosen business strategy.
Are there any disadvantages of franchising?
Like any business endeavor, franchising also comes with its share of disadvantages. Major disadvantages include the cost of purchasing a franchise, the lack of control in the day-to-day operations of the business, and the fact that franchisees are typically required to follow the franchisor’s business model exactly. Additionally, as a franchisee, you are also obligated to follow the franchisor’s procedures and standards at all times.
How can I find franchises near me?
The first step to searching for franchises near you is to compile a list of local companies that are either franchisors or provide assistance to franchisors. You can start by using the internet to find a comprehensive list of franchises in your area and then doing some more research to see which ones best fit your needs. Additionally, you can browse the IFPG Franchise Directory to find a listing of franchises near you.
How can IFPG help me choose the right franchise?
IFPG provides prospective franchisees with access to our extensive list of franchise resources, as well as our seasoned team of franchise consultants and vendors. Our consultants can provide you with personalized franchise advice, helping you to identify the best franchise and business opportunity for you. Additionally, we can connect you with experienced franchise broker groups, which can provide you with financial advice and access to financing options.
What should I consider before investing in a franchise?
Before investing in a franchise, it’s important to conduct thorough research and to be aware of all the risks associated with franchising. Make sure to take into consideration the cost of setting up the franchise and the level of financial support you’ll need. Additionally, consider the type of business you’ll be getting into and the market conditions that you may encounter. Most importantly, ensure that the franchise is a good match for your skills and interests.