February 3, 2015
Have you ever wanted to be your own boss, but didn't want to start a business from scratch? If so, buying a franchise might be the right choice for you.
When you purchase a successful franchise, you're buying the right to sell a product or service using a system developed by the franchisor. You usually receive the right to use a trademarked name, training in profitably operating the business, advertising support, and other needed assistance. In exchange for these benefits, you'll generally need to pay an initial fee and a royalty based on a percentage of sales.
After researching which franchises might be a good fit for you, ask each franchisor to send you its Uniform Franchise Offering Circular. This federally required document contains a wealth of important information, such as a sample franchise agreement, start-up costs, annual fees, and other key elements of your franchise investment. Take this information to your accountant and attorney for their review. Also plan on talking to other franchisees to see what their experiences have been. Ask them if they're profitable. How long did it take to become profitable? Are they satisfied with the support they receive from the franchisor?
Once you've selected the best franchise for you, you'll probably need to obtain financing. The bank will typically ask for a forecasted set of financial statements detailing your expected income, expenses, and cash flow for the first few years of business. These statements not only will help you qualify for the loan, but also they'll give you a good feel for how profitable your new venture might be.
If you're considering buying a franchise, please contact us. We can review the financial concerns with you.
According to the commission's online claims process, those whose personal information was exposed can opt for 10 years of free credit monitoring, which breaks down as follows: Four years via the three major credit bureaus (Equifax, Experian and TransUnion) and six years specifically through Equifax.
With all the tax law changes this year, be sure that you are getting your just deductions in the coming tax season. That is, qualifying deductions that fall under the Child and Dependent Care Credit. According to tax giant and trusted resource Intuit, here’s the skinny…
These days, we seem to have endless articles on IT security while traveling, but far fewer on physical safety. Because summer can be big travel months for many businesses, we put together the following list of tips to help keep you safe while away from home.