Starting a business is an exciting adventure – but it comes with a lot of questions. Where do you start? What type of business should you open? And how do you select the best franchise opportunity? For recent college graduates with limited business experience, but eager to learn, learning about franchising can be the best way to jump-start their entrepreneurial dreams.
Franchising is an attractive option because it comes with strong support and guidance from a pre-established brand. On top of this, it also offers a wide variety of options so that you can find a perfect fit for your interests and skillset. By accessing the resources from the International Franchise Professionals Group (IFPG) – a membership-based franchise consulting network – you can have access to franchisors, consultants and vendors to guide you in the process.
In this article, we will offer comprehensive guidance on choosing the best franchise to buy in New Jersey. We’ll go over the types of franchises, the best franchises to buy in New Jersey and the final steps you’ll need to take to get started.
Types of Franchises
When exploring the types of franchises, it’s important to understand the different structures available. Knowing each option will help you narrow down your ideal business and make the right decision.
When you purchase a single-brand franchise, you will own one of many locations of this particular brand, such as a Wendy’s, Starbucks or McDonald’s. You’ll use the same name, logo, products and processes that the main location has established. This option can be costly and requires an extensive training program, however it can also be very lucrative because of its established brand.
Multi-brand franchises, also known as conversion franchises, allow you to purchase multiple brands in one package. For example, with multi-brand franchising you can purchase a combination of fast-food, casual-dining and quick-service restaurants for one combination price. This is more cost effective, however you’ll have to learn and adapt various processes for numerous brands.
Franchisor franchises are those that are particularly special to the market in which they operate. These are sometimes popular restaurant chains with regional locations, such as Tony Roma’s or Quiznos. With a franchisor franchise, you may find it more challenging to expand into other markets as you won’t have access to pre-established vendors.
Franchise Concepts are essentially a mix of all the different types of franchises. They are usually industry-specific, such as retail, restaurants or financial services. You’ll have the flexibility to combine different brands and concepts within the same industry, creating a unique mix that can suit your preferences and skills.
Best Franchises to Buy in New Jersey
New Jersey is a great place to live, making it an ideal location for getting started in the world of franchising. When selecting the best franchise to buy in New Jersey, think carefully about the resources available in your local area, the customer base you’ll target, the products and services you are well-versed in and the educational and training courses offered to franchisees.
The best franchises to buy in New Jersey could range from fast food and quick-service restaurants to auto repair shops or beauty salons. Some of the top franchises in the state include Jersey Mike’s Subs, Dunkin’ Donuts, McDonald’s and Baskin-Robbins. You can find more information on the local franchises through IFPG or other local resources.
Final Steps: Financing & Opening Your Franchise
Once you’ve decided on the right franchise for you, it’s time to secure the necessary financing. This can be done through personal property, business loans, government grants or even angel investors. Many franchisors may also provide financing assistance.
Finally, once you have the finances, you will need to follow the franchisor’s process for opening a new location. This could involve signing a Franchise Disclosure Document and negotiating a Franchise Agreement. At this point, you’ll finalize details such as royalty payments and advertising contributions and start to see your franchise business come to life.
The Bottom Line
Franchising is an exciting way for recent college graduates to start their entrepreneurial journey. By choosing the right mix of franchises and following the franchisors procedures, you can successfully launch and grow your own business. Becoming a franchisee in New Jersey can be an investment in both your career and your future.