Basic Training: L is for Leave Franchising to the Professionals

Posted on October 8, 2014 in Form a Company

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Franchising can seem like the goose that laid the golden egg. Have an idea, get a system, roll it out, let other people pay you for it. Sit with your feet up sipping mai-tais by the beach, and watch your bank account go ka-CHING.Now for the reality check. Creating a franchise that other people pay for is difficult. You need a clear-cut system of operations that other people can pick up and run. You need to be able to provide manuals and training. And, given the ugly, scheming history of many early franchise frauds, you can bet there’s a boatload of regulations and registrations you need to file with the state and/or federal trade commissions.

So to Andy, who wants to know “How do I franchise my hair salon? Where do I start? I want to do something like Sam’s, but haircuts only”–all I can say is this:

Go to your local business library to start work on a business plan–and speak to an attorney and an accountant in your area who are familiar with the franchising process. Decide whether you have the capital to invest in getting this kind of venture up and running.

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