According to Robert P. Wolk, franchising is becoming a booming career move. As president of Top Career Coaches, he leads future franchisees through the process of discovering whether business ownership is right for them, and ensuring they reach their potential. Here, he shares what to keep in mind if you’re considering the move.
1. Franchising enables you: to be in business for yourself but not by yourself.
2. There are many pros: You can’t be downsized, transferred or fired; it’s a recognized brand name with turnkey operating systems; it’s very attractive to lenders.
3. If you’re concerned about the economy: You can lower the risk by looking at franchises with specific market characteristics driven by demographics (senior care, residential repairs and cleaning, essential services like hair care, automotive, etc.).
4. Finding financing: There are creative resources available with franchise fees as low as $25,000. You can also utilize some of your IRA or 401(k) without penalty or interest. For veterans, many franchisors will either discount or waive their fee.
5. Getting started: Contact a franchise consultant/broker. Their services are free; determine if you want an owner/operator or semi-absentee concept; ask your consultant to help you complete a franchise assessment and identify the best options for your skills and finances; verify the financials with your CPA and utilize an experienced attorney to review documents.
Published (and copyrighted) in South Jersey Biz, Volume 4, Issue 6 (June, 2014).
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