What will be covered in this guide?
First, we’ll cover exactly what franchising is and how it differs from independent businesses. Once we have that solid foundation, the next step is to help identify which franchise brand might be the right one for you, and the resources available to you to help make that decision. And to be extra helpful, we’ve also included a chapter of top franchise brands by category – like most successful, best low-cost brands, best franchises for veterans, etc.
The type and amount of support you’ll receive from your franchisor can differ significantly by brand, and it’s hard to know what a “good” brand offers you. Chapter 4 covers what a standard level of support looks like, to give you some context as you’re researching deeper into any brands that caught your interest. And of course, money. It’s easy to find out the costs of different brands online, but what about the fees and costs that aren’t listed on their website? We’ll give you a solid understanding of the hidden costs associated with franchise ownership, so you know what to look out for during your research.
Some of those costs will be lined out in the Franchise Disclosure Document, which is a notoriously long and complex legal document all franchises are required to give to their potential franchisees. This guide includes a chapter dedicated solely to helping you understand and demystify the FDD, so you can approach this step in your journey with confidence.
Naturally, little of this matters if you’re unable to actually purchase the franchise you have your eye on. Toward the end of this guide we’ll take a look at the most common, efficient and user-friendly business funding options available to you. You’ll come away with a good general understanding of each of those financing solutions, and we’ll point you in the direction of in-depth guides for each option.
And last but not least, this guide runs through the different entity options you can set your business up as. We cover the definition of each major entity type, personal liability protection and the nuances, pros and cons associated with each entity.