What is the Secret? How Can I Afford $250,000 to Franchise My Business?

Actually, there is no secret…other than “those who do not know how to do it” think there’s a secret to it. With a little knowledge, you won’t have to shell out $250,000 big ones just to get your franchise off the ground. In fact, I will show you how to substantially reduce that upfront expense before you get in too deep… read on!For beginners…Franchising is the practice of using a successful business model that has been created by another company. A franchise is an alternative way to distribute products or services without having to invest in and be liable for a large company with many branches or stores. The franchisor succeeds because of it’s franchisees. The franchisee has a greater incentive than a paid employee because he/she has a direct stake in the business.Franchises account for:1.$1.5 trillion in total economic output and growing!2. Eleven and one half percent (11.5) of the U.S. private sector economy3. One third (1/3) of all retail sales in the United States4. Fifteen percent (15%) of all private sector jobsIf you already have a business that you want to franchise, begin by asking:1. Do I know what franchising is and what it can do?2. How do I determine if my business can be a franchise?3. Is franchising the right way to go for my business?4. What do I have to do to be a successful franchisor?5. What costs are involved with franchising?6. What steps should I take to franchise my business?7. Should I consider Franchising or Licensing?The following list of valuable “marketing tools” for your business/franchise that can be very expensive when purchased separately versus being bought as a package or with hosting that includes marketing options:1. Internet Marketing Tools and Streaming Videos: The list is endless these days and would require an entire article just to list a few2. Intranets and extranets: a) An intranet is a private computer network that uses Internet Protocol technologies to securely share any part of an organization’s information or network operating system inside that organization to advance productivity, b) An extranet can be viewed as part of a company that is extended to users outside the company, usually via the Internet.3. Information or Corporate Portals: A framework for integrating information, people and processes across organizational boundaries.4. Static and Dynamic Web sites: a) Static page is a web page that is delivered to the user exactly as stored, b) Dynamic web pages are generated by a web application5. eCommerce and eProcurement Systems: a) eCommerce is buying and selling of products or services over electronic systems such as the Internet, b) eProcurement is the business-to-business, business-to-consumer or business-to-government purchase and sale of supplies, work and services through the Internet as well as other information and networking systems, such as Electronic Data Interchange and Enterprise Resource Planning.6. eMail Marketing Programs: I probably don’t have to explain this one7. Internet Autoresponder Programs: An autoresponder is a computer program that automatically answers e-mail sent to it. They can be very simple or quite complex.8. Opt-In Subscription Services: eMail marketing is a form of direct marketing which uses electronic mail as a means of communicating commercial messages9. Other Web-based business applicationsHere are just a few types of franchises being offered…does your business fall into one of them:1. Automotive Franchises2. Beauty Franchises3. Beverage Franchises4. Business Opportunities5. Business Services6. Children Related7. Cleaning and Maintenance8. Computer and Internet9. Education Franchises10. Financial Services11. Food Franchises12. Health & Fitness13. Home Related14. Low Investment15. Master/Area Developers16. Minority Focused17. Pet Related18. Photo and Video19. Printing and Packing20. Retail Franchises21. Senior Services22. SBA Approved23. Sports and Recreation24. Travel Franchises25. Veterans Franchises26. Women’s Franchises27. Work From HomeThings you need to know that will help you avoid the high price tag for legal fees:Attorney and legal document fees for franchises can range from $25,000-$50,000 when they have to be created from scratch. And that doesn’t include expensive consulting fees that can range from $50,000-$200,000. The best way to gear up is to use a step-by-step approach that has already been created specifically to get the process in motion. There’s no need to reinvent the wheel.Obviously, your best bet is to find a successful and stable company that has the experience and knowledge to guide you through all of the stages and processes; from beginning to end.1. Research is your friend and the Internet is the one of the most valuable resources available today and if you have time to compare companies, you will find one that is right for you.2. Finding companies that are attorney and FTC certified and employ industry experts who know their business and yours will save you precious time and energy over the long haul!3. A few companies provide “bundles/packages” that include everything a franchisor needs in order to save $$ in attorney and documentation fees (this really comes in handy).By staying focused you can find the assistance you need and be on your way to a successful franchise before you can say “How can I franchise my business?”