When buying a current business, the process is straight forward. You are trying to take over an existing company that will provide you an established name, customer base, and trained employees. As you consider a career move from working for someone else to owning your own business, here are a few crucial factors to consider:

Do Your Research

Avoid buyer’s remorse and do your own research before you pull the trigger – especially when buying an existing company. These days, you can buy into any business you like, so it is necessary to make sure that your choice is the right fit for you. This process is a journey and may take time to decide which business you would like to buy and then finally, to close the deal. Also, you are more likely to find a gem when you widen your search.

Consider A Franchise

Depending on the type of industry you would like to pursue, consider a franchise as an option to buying a business. This business model type is when one business owner/franchisor sells the rights to their business model, name, logo, and other assets to any independent small business owner/franchisee.

This system of small business is popular with service-oriented hotels, gas stations, and restaurants. Not only will you receive the benefit of brand recognition, marketing collaborations, and business support, but you are also given a guide on how to run your business to make the process easier.

Pick An Industry

Think about the industry that you enjoy the most and one that you are familiar with. When looking at the market, is it one that has a long-term growth plan? Consider asking local CPAs or attorneys for recommendations. You could also connect with small business owners in the same industry to see if anyone is opening to sell their business in your town.

Clients

Are you a people person? Does your business have a diversity of customers, or are you reliant on a few customers? A rule of thumb is that one company should have a variety of customers. If you see that the business only has one or two clients, consider it a red flag.

Benefits

When considering to buy an existing business, look at the benefits purchasing one has to offer. You’re not starting from scratch. Rather than starting at the very bottom and having to work your way into the business community – the heavy lifting has already been done. Connecting with a current small business or franchise allows you to skip past some of the growing  pain and costs of getting things off the ground.

Look At The Market 

How do you find a current business to buy? First, check out your own community and keep your eyes and ears open. Often, someone will provide a lead on a local mom-and-pop store, dry cleaner, insurance company, etc. You can also check out sites such as popular websites BizBuySell, BizQuest, and Business Broker.

Know the Why

Do not take the seller’s word for it – you need to understand the actual reason why the business owner wants to sell their company to you. Is it because they are ready to retire or move? Or are there any issues, such as negative publicity due to an accident or other issues, that you could unknowingly buy? Ask around before you enter into negotiations with the seller.

Ask To Shadow

Before you buy your small business, ask to spend time shadowing the company. This will give you an authentic look at how often they see customers or how the franchise works. By visiting the organization’s operations can let you know if this is a venture, you’re ready to work 365 days a year.

Finances

Often you will discover that business owners will overvalue the actual cost of their business. So how do you value a small business? Once you have chosen your small business, you need to decide how much the company will cost to close the deal.

Don’t Over Pay

You can value the business yourself or seek out professional help. Depending on your budget, having a professional guide you through the process is often worth the investment.

As a new business owner, you don’t want to buy someone else’s problems, and it is helpful to have another person look over any assets, liabilities, and the proposed purchase price.

Request that your attorney secures a certificate to show that you are cleared of any financial responsibility if the seller should owe, including any federal or state taxes. However, this person’s time and advice is not free and can cost you an average of $5,000 or more.

Business Valuation

There is no one specific answer on how to value a business. You can run a business valuation calculation before entering negotiations. This calculation can be based on the company’s revenue net income or Earnings, Before Interest, Taxes, Depreciation, and Amortization (EBITDA). Depending on the type of business you are buying, you may also want to include assets in the company’s value.

Assets

You need to know what you’re getting for your money. When you are ready to take the step to buy a business, look for positive cash flow or any trends that show potential.

Request a spec sheet that includes assets along with their estimated value. Research to see if any of the assets bring any debt or liens before agreeing to a purchase price. 

Physical Assets: What fixed assets does this business have in terms of equipment or vehicles?

Intellectual Properties: Does the business have any trade secrets, copyrights, or even patents?

Real Estate: What are the deeds or mortgages you should be aware of before purchase? Do they have any additional paperwork to be mindful of, such as surveys, zoning issues, or permits?

Cash Flow

You need to see their cash flow statements. Cash makes a business run, and if you can see constant incoming and outgoing cash flow in a healthy business. Analyze these statements yourself or bring in an accountant before moving forward in the purchasing process. 

Prepare An Offer 

Your next step is to begin negotiations so you can arrive at an agreed-upon purchase price. Depending on how quickly the owner wants to make the deal happen will determine how much back and forth, you both will experience before deciding on a tentative agreement.

To protect yourself and your assets during the due diligence process, you need to connect with a lawyer to create the terms of the purchase price.

Non-refundable Deposit

Frequently, sellers will ask for a non-refundable deposit, so have this amount ready to go once you submit an offer. This step shows your keen interest in making this deal happen and that you are a serious buyer.

If during the negotiation period, be prepared that you may need to walk away if the selling price goes above what you’re willing to invest.

Send Your Letter Of Intent

As you strategize the negotiation process of purchasing your business, you will also need to send a Letter Of Intent. This non-binding agreement shows the seller that you are serious about purchasing their place, ready to move forward to closing the deal, and should include the following:

• The negotiated purchase price
• An indication that you plan to buy the business
• Suggested timeline for closing

On average, sending a Letter of Intent allows you to have exclusive rights to purchase the business within a set period. Industry-standard is 90 days and gives you the privilege of being the only one that can buy the company within three months. Additionally, the seller will close your transaction as agreed upon as long as you can meet the terms of your letter.

Due Diligence

As soon as the Letter Of Intent is signed by both parties, the next step is for the seller to provide you with a deeper dive into their business. The due diligence process lets you access financial and legal knowledge to review before officially purchasing the company.

Depending on the organization, you may need to sign a confidentiality agreement before looking at any paperwork. Documents should include any certificates of good standing, business licenses, incorporation documents.

All cash flow, balance sheets, current year income statement, and any existing business debt. Along with marketing and advertising materials, other things to look for include:

• Business tax returns (at least 3 years)
• Any clients/customer lists including background information
• Any existing contracts
• Any pending litigation
• Employee information
• Franchise disclosure documents

Secure Your Finances

While you make your way through the various paperwork, you also need to secure your finances to purchase the business. Typically, people buy a company with a mix of cash and a loan from either a traditional bank loan or an SBA loan. You will need to secure this funding before closing on the sale.

Seller Financing

In some instances, seller financing is an option. When this happens, the business owner provides a loan to you rather than going through the process of securing a loan.

Close The Deal

You’ve read all the paperwork and reviewed it with your team. Now is the time to move to your next step – closing the deal and making the business yours. At this stage, you’ll receive the final purchase agreement along with the finalized list of terms set by the seller.

Find Help

This is another time a lawyer would be an asset to help you purchase your own business. If they were not a part of the negotiation process, it is essential to review the purchase agreement. Having them advise at this step will ensure that you are indeed receiving what you and the owner agreed on before the due diligence process.

Set A Closing Date

After you and the seller have signed the contract, you will need to select a closing date. At the same time, you will need to have the finances ready for the purchase. They will go into escrow with either a law firm or a bank until all the closing period is complete and you own the business. 

A tip in preparation for the closing is to research your business license requirements to ensure that you have a smooth transition. Check with your state’s needs before your closing date. Some states will allow you to operate within an existing license during the transition period to a new owner. Others do not and if that is the case in your state – have your business license paperwork ready to submit on the closing day.

Your First 100-days

Plan to hit the ground running during your first 100 days of ownership by creating a strategy you can efficiently execute. Knowing how you want your transition to unfold will help you use the first few weeks to really count towards your bottom line.

Next Steps

As you go through researching, finding, evaluating, and then closing on the right business for you – stamina is essential. Keep your eyes and ears open when looking to buy a business and be open to advice.

Once you’ve found a franchise or company that meets your qualifications and is open to being bought, spend the time and resources to conduct a meticulous, objective examination.

While you may not start a company from the ground up, you will need to roll up your sleeves to put in some hard work and long hours. 

Having the opportunity to be your own boss can be an opportunity like none other. Take your time to check and double-check all the paperwork, assets, and overall business before you hand over a check.

With proper research, an effective team, and a great business plan, buying a small business may turn out to be a profitable business investment for your future. Now, let’s get to work.

The post How to Buy a Small Business That’s Profitable appeared first on Window Medics.

Small Business To Consider

With many people starting a career as a new business owner, there is always room for more. Some companies can start as a home-based business, and others need a storefront. When it comes to profit, it will not happen overnight, but through consistent work overtime. Before diving directly into a business, we’ve created a list of the most profitable small businesses to help guide your next venture. 

Tutoring Center

Education is a top priority for most parents. If your community is small with only a few schools to one with a hundred schools – there is always a need for tutoring. Providing the value of one-on-one support can never be replaced by an app or YouTube video. By focusing on children, you have a constant new client source as there is always a new class of children starting school each academic year.

A part-time business that is easy to establish; most tutoring happens after school in the afternoons or evenings, which is a consideration when thinking about your schedule. Start small and then strategically recruit additional tutors that can focus on math, science, writing, and then reading as you expand.

Marketing and PR Service

Companies have always needed marketing support for digital and traditional media for years. However, due to the increased popularity, there is now a need for social media engagement. It is necessary to have a strong brand within your local community and industry to attract new customers or clients to your business or service.

By starting a marketing and public relations business, you have the opportunity to help other small businesses reach their full potential, tell their story,  and help grow their revenue.

This profitable business idea does not take much to start beyond having a computer. A degree is helpful and preferred by clients, but not required and you will need to know how to work with the media, created content calendars, and the basics of public relations before you start.

Website and Logo Design

Businesses are likely found now through a person’s phone with a simple Google search. Having a well-constructed webpage, along with an eye-catching logo, is necessary for all companies these days. Choosing to start a website and logo design firm would allow you to help fellow business owners focus on other strategies while making a profit. 

Companies will need designs for all marketing materials from handouts, business cards, letters, newsletters – the list is endless. If your expertise is creating the coding for a website, look for a designer to partner with for future projects or vice versa.

Editorial Services

If you love to write or help others with their writing, this home-based business might be a perfect fit for you. Having an editorial service company means that you can offer services such as copyediting, proofreading, indexing, website content, and ghostwriting, among many others, to clients for a fee as a freelancer.

Partnering with a website or marketing firm is an excellent way to recruit new clients and grow your business. This profitable small business takes just your computer and ability to market yourself to new clients to get started.

Food Trucks

There is a resurgence in communities across the country for food truck fare. If you have always wanted to own a restaurant but did not want to pay the overhead costs of a restaurant, consider starting a food truck.

With it’s the ability to be mobile, you can meet your clientele by traveling to a popular neighborhood, downtown street corner, or popular park. Your business is not only selling a specific menu with quality of food but also the experience that people will love again and again. The initial cost for this idea includes the truck, equipment, theme, and menu.

Connect with your local restaurant association to get ideas on how your food truck can become a niche market within your community.

Accounting and Tax Preparation

This business type has considerable profit potential and does not necessarily need a storefront. However, it does require prior training and licensing before you start. This business opportunity is a great one to pursue if you’re ready to work on your own in your home or with another accountant in an office.

Not everyone who runs a business is a numbers person and will need support when processing taxes and other financial documents. The level of services can range from simple bookkeeping for other small businesses to more extensive accounting work, like income statements, balance sheets, 990s, and other required financial paperwork that needs monthly, quarterly, and annually filing.

Dental Offices

A dental office can range from one dentist with a few hygienists to a large staff, with several doctors working together with the same practice. To open a dental practice, you will need years of education, including receiving your Doctor of Medicine in Dentistry (DMD), which can take up eight years of school. Once you have earned that degree, you can decide how you want to start your practice.

While a dental office is considered a small business, the start-up costs trend higher than in other industries. Due to equipment costs, you may spend roughly $250,000 to begin a business on your own. Instead, you may want to join an older, established dentist practice with the agreement that you will buy that practice once the dentist is ready to retire. That way, you do not need to buy all new equipment, find office space, and secure clients all at the same time.

Pet Handling Service

Depending on your city size – having a pet service can be a booming business. Most owners consider their pets to be their children, and with 70 percent of people having a dog in their home, a pet service can be a thriving business.

Whether you choose a pet daycare or babysitting service or focus solely on dog walking, you can see an uptick in business for holidays and long weekends. 

Home Repair Service

If you are a person that loves fixing things around your house or helping others, then a home repair service business might be the best fit for you. From installing new windows to fixing a leaky pipe, owning a home repair service business is a great small business with growth potential. This industry estimates that Americans invest an estimated $43 million on home maintenance within a calendar year.

A set of skills is needed, whether working on plumbing, electrical, carpentry, or even painting. Know the business requirements of your community as you may need a contractor’s license to conduct business. You will also need to be bonded, which is a critical step ensuring your clients that your company is financially covered if anything happens on the job site.

Impress your clients with their skills to work on your own time, from home, and start small. Not only will you get the chance to do something different each day, but you can also enjoy a gratifying career.

Gardening and Landscaping

Everyone loves to have a lush, green, well-manicured lawn, but not everyone has the time or wants to maintain it themselves. Establishing a lawn care business is a profitable business.

This type of work doesn’t necessarily require a degree and requires different care levels from tidying up, mowing the lawn, removing leaves, and preparing their outside plants for the winter. There are many opportunities for upselling with this type of work, such as planning annuals or perennials in the spring, preparing their vegetable gardens, and tree care.

Home Inspector

Americans are buying homes every day, and with each real estate purchase comes a home inspection. Having the proper experience and licensing will help validate your findings and establish your company as a reliable source for ensuring that buyers purchase a sound property.

Grow your business and connect with real estate agents that will provide numerous leads year-long to help stabilize your business. This type of business will require you to be aware of all safety measures and industry changes regarding a painting, chemical precautions, and any new building material that comes to the market.

Personal Trainer

People are always looking to improve themselves, and a personal trainer is a perfect fit for doing so in private. If you love to exercise and nutrition is a passion, this type of business might be an excellent fit for you. To grow your business, you’ll need the right marketing material to get the word out that you’re taking new clients. At first, you may want to charge a cheaper market rate to grow your client base before increasing your hourly rate with new clients.

Vacation Rental

Whether you have made your home in the mountains or by the beach, there is money in having a vacation rental business. By creating a property management business, you may find your time business during the rental season. For the coastal areas, your busy season trends toward the summer while the mountains see an increase of visitors during the fall and winter. By contracting with different property owners, you can earn a profit by keeping the places well-maintained. During the rental season, you will serve as the point of contact and keep an eye on the home year-round.

You can also decide to turn your own home into a vacation rental business by letting out a room, basement, or an apartment over your garage by partnering with websites like Airbnb or VRBO. This venture can become a part-time job overnight and provide income to a place you are already paying for a mortgage. 

Keep in mind when setting the price that you recoup the cost of advertising your space, cleaning services – including the extra cleaning required with COVID-19 – and any other taxes or fees as are necessary for using the websites. Using these services, you control your schedule by determining the rental schedule and can rent your space to others when it suits you.

Hair Stylist

To be a part of  this industry, you will need a degree from a cosmology school and some experience before starting on your own. This industry can achieve high profits if managed correctly. Having the right booking tools, the ability to take payments, and keeping up with current trends can help grow your business. To gain exposure, you can rent a booth at a salon before going out on your own. Remember to book your clients for their next appointment before they leave, and you will have a following that will keep you busy for months to come.

Party Services

From weddings to birthday parties, offering services to help organize, plan, and execute events is a growing industry. On average, in America, parents spend $500 per child per birthday party. For weddings, the average cost is over $33,000, and those numbers are growing as more people are interested in investing in experiences rather than things. By arranging unforgettable entertainment, fantastic food, and an overall magical experience, you’ll see not only happy customers but more referrals to help grow your business.

When Starting A Business

As you decide which business to choose from, reflect on your passions, finances, and personal goals before setting off your next venture. Some questions to consider:

• Do you want to work inside the home or in an office?
• Do you want to work alone, with people or with animals?
• How much education do you need before starting your career?
• Are there requirements, licenses, or other legal paperwork required before you begin?

Joining the local chamber and civic groups can help boost the profile of your company. With the right marketing plan and positive word-of-mouth, you will see an increase in clients wanting your services.

Finding Funding For Your Mom and Pop Business

With any business, you need money to make money. Setting your company to be lucrative, you will need to start with some capital. Not everyone can invest thousands of dollars of their own money in beginning their next venture. You can decide to take your business plan to a local bank for a business loan or choose a profitable industry but has low warriors to enter. That way, the first few years of your company see a profit and become healthy.

Starting Small Is Okay

For your business to be profitable, you have to have high margins to thrive. When looking at starting your company, remember that starting small can be a good thing. Focusing on keeping the share of the profits high for each transaction (aim for above 15 percent) will allow you to earn a living that can support you and your business for a moderate year.

Be intentional in how you scale your business for the future. When you see a profitable business in your town, remember you are seeing the middle – not the beginning of their business and how that owner got things off the ground. Plan accordingly, monitor your bottom line, and find ways to capitalize on a niche within the industry to grow your customer base.

Thinking Ahead

If you can work hard, determination to follow through with your dreams, and the ability to take a risk – starting a profitable business might be the right fit for your next future career. Once you’ve decided what type of business to pursue, future planning is key to finding success. Think about finding a business mentor or coach to help you think of all the small details that come with starting your own business. 

You determine what success is and if your business achieves it. Not all industries earn an equitable profit, and having a small business is not something you dabble in; but instead, it’s a lifestyle. The commitment that can bring you financial success and fulfillment for the future – all you need to do is start.

The post Profitable Small Business Ideas You Can Use appeared first on Window Medics.

Franchises help give you the framework you need as a startup or entrepreneur to get your idea or dream off the ground in no time. Buying into a franchise gives you a solid outline to create your own business without having to reinvent the wheel!

With the pandemic still raging, rather than join in with your local Subway franchise, let’s run through some safer, more manageable franchise options you can work at from home!

Cruise Planners

Nothing like taking a vacation, right from the comfort of your armchair! Working at home with the franchise Cruise Planners allows you to share your love of travel with others who want to get out and explore. By booking and planning clients cruises and vacations, you earn a commission on each sale that goes through.

The initial investment needed to join up with Cruise Planners is $10,995 and the same amount is needed as a liquid requirement. For the most part, any other equipment you need is simple: your computer, your phone, and your friend list!

Jan-Pro

Keeping things clean is an ongoing task that takes huge amounts of time and effort especially for large companies or businesses. Investing with Jan-Pro puts you in front of clients who desperately need your services.

As part of your investment, you’ll receive training, the necessary cleaning equipment, and the ongoing support of the company. The initial investment is $4,170-$54,700 with the liquid requirement coming in at just $1,000-$5,000 needed. One of the unique things about Jan-Pro is that you don’t have to go out trolling for new clients; the franchise puts them in front of you.

Big contracts are just waiting for your investment and you can turn a profit on your schedule by investing in Jan-Pro!

HomeVestors

Everyone loves a good shabby to chic renovation and that’s what HomeVestors is all about! Their primary focus is on buying properties that aren’t doing well and refinishing them to be resold to homeowners, investors, or retained and rented out.

With an initial investment of $56,000-$426,300 and a liquid requirement of $30,000, this franchise can be a steep one to enter and invest in. But the potential for profits is huge. The core advertising campaign is “We Buy Ugly Houses” which has reached across the nation leading to huge amounts of contacts for anyone willing to grab them up and use them.

If you buy in with HomeVestors you’ll be directly profiting from the national advertising that’s become a household cry. Rather than striking out completely on your own, you’ll be able to compete with others in the field backed by a national franchise.

Mosquito Joe

No one likes pests, least of all homeowners! By investing with Mosquito Joe, you’ll have a steady stream of clients knocking on your door, hoping for your service. Each treatment of barrier spray only lasts 21 days so you’ll be able to continue making a profit with each outing to a customer’s lawn.

The initial investment is $95,600-$140,000 with the liquid requirement being $30,000. Controlling the mosquitos, ticks, and fleas in your neighbors and clients yards may take time and a bit of training but the recurring revenue that you’ll gain from applying the barrier spray every 21 days, is a great investment for the future.

Once you build up your client base, you won’t have to go out chasing leads. Building up the clients may take time but deal with pests is a constant issue so once they’re your clients, they’re yours for the long-haul!

Restoration 1

If you’ve ever dealt or tried to deal with the damage that can come from water, mold, fire, or smoke in your house, you’ll find you’re in over your head trying to tackle this particular DIY project. But hiring an in-home franchise from Restoration 1 can help you get your home or property back into tip-top shape in no time!

The initial investment to become an in-home franchise for Restoration 1 is $79,100-$183,350 with a liquid requirement of $50,000. New franchisee members must also purchase a branded Restoration 1 vehicle and complete a 12-day training program that gives you on the job training. Each training session is led by an established franchise owner and during this training, your personalized business plan is developed so you’ll be able to start on the right foot.

Helping your friends and neighbors protect and restore their homes and properties is a great investment as a franchise owner. On top of being involved and having a steady stream of clients, the company also personalizes and invests in each franchise owner to help them reach their business goals.

Window Medics

Another option is to become a Window Medics dealer in your area. Window Medics has more than 100 service locations in the US and Canada. Collectively, they install more than 100,000 windows per year.

Conclusion

More and more, entrepreneurs and small business owners are looking for ways to maximize their profits and keep themselves relevant to their communities. It can be hard to build a business from the ground up and investing in a franchise gives you the building blocks you need to set clear goals, fill a need, and turn a profit without having to reinvent the wheel of business.

No matter your passion or your interests, there’s a franchise for you. When picking out a franchise to become involved in, make sure to double-check that you can either work from home or remotely if that’s what you’re planning to do. In the age of coronavirus, it can be a risky investment to step into a fast-food franchise! But working with professional cleaning, on your schedule, and from your home, might be the next best step for you and your business.

Investing in a franchise may seem like a hefty price tag, but the benefits of a system that’s already in place to support and train you, are priceless. Getting started in the small business world is tough, join a team that allows you to work from home, without having to reinvent the wheel!

The post Top Work From Home Franchises You Can Buy appeared first on Window Medics.

2020 was a hard year for a lot of small businesses and 2021 brings a lot of hope for helpful trends, tips, and business strategies. So let’s go through some of the top small business trends to look forward to in 2021!

Focusing on user reviews

Big companies do it all the time: they generate and gain user reviews that help them strategize and turn their business to deliver what customers and clients want to see and buy.

For small businesses, it can be harder to generate those reviews. Many small businesses may not have the networks of online shopping or communication that larger companies can afford or the tools to sort and processes each of the user reviews.

By focusing on bringing that large company experience to smaller businesses, it becomes easier for each company to help direct better service and guidance to their everyday customers! Whether you run a small boutique or a downtown local accounting firm, being able to quantify and calculate those user reviews is crucial.

Mobile-first employee communication

If small businesses are the backbone of the economy, the employees in those businesses are the backbone of the backbone!

Millennials currently represent 50% of the workforce and are projected to reach up to 75% of the workforce by 2025. Nearly the entire generation is now mobile-driven whether it’s laptops, tablets, or cell phones.

To get better communication with employees and from employees, small businesses need to meet them where they’re at online. By shifting meetings, memos, and other inner-office communication to apps online, small businesses can engage their employees more effectively.

The bright side of switching communication over to apps is that most of them are free! Rather than spending hundreds of dollars on a new phone system or email program, logging on to a slack channel is cheap, quick, and effective.

Remote work is a booming business

In the wake of the 2020 pandemic, a sudden and necessary shift toward working remotely happened seemingly overnight. But the move toward remote work has been a long time coming!

More and more companies allow and encourage their employees to work remotely which offers several great benefits to small businesses. It allows your employees to work when it suits them the best and lets them connect with friends and family rather than be chained to a desk from 9-5 each day.

Working with communication apps to schedule video calls and meetings gives you the chance to connect and work together without the added expense of renting or buying a full-time office space. As a small business, it also puts you on sure footing as an employer who cares about their employee’s lives outside of the office and allowing them to live it freely!

Gig work is growing

Small businesses often have smaller numbers of employees and in a growing gig economy, you won’t have to worry about where your next hire will come from!

More and more, people are reaching a point where they want to be their boss and control their schedule. As a small business owner or manager, you can capitalize on the gig economy by hiring people to perform jobs or tasks as needed rather than having the huge expense of full-time employees on your payroll.

This also allows you to circulate through a larger number of employees until you find someone who fits your needs. If a gig employee isn’t working out, you can end the gig or job and move on to the next candidate.

Employee happiness matters

In many ways, they’re forgotten when it comes to boosting small or large businesses but employees and their happiness can have a huge impact on a company!

When small businesses take the time to care for their employees and ensure that they’re happy and healthy while working for them, the company will grow. Many employees choose to work with a smaller business or company because they have a more direct connection to the owners or managers who genuinely care for their happiness.

Business booms when employees feel free to come to their bosses with issues or grievances and are heard every time. If employees are happy, the business is happy.

E-commerce is booming!

We all know the world is moving increasingly online and for many small businesses, their livelihood is headed to the Net as well.

The internet connects the world and as e-commerce grows, many small brick and mortar stores are forgotten. By incorporating a robust online presence with a brick and mortar store, small businesses can continue to keep up their livelihood without interruption. They may even find they have a larger audience than they did with just the physical location!

Investing in an online store or quality website can keep your small business working and connecting with returning and potential customers from all around the world. A small-town boutique may find themselves shipping clothes all across the US by just updating their website and making themselves known!

Stories, stories, stories

No matter how old we are, everyone loves a good story. When it comes to your small business, engaging your followers and customers in a story rather than just information keeps them coming back for more.

Stories are often told on social media sites. These can be a huge boom for small businesses as they allow them to engage with a worldwide audience and have real-time customer interactions through likes, tweets, and posts.

Sharing your company’s story on social media gives you a leg up in a market that’s flooded with information. Telling your personal story humanizes the company and connects new and returning customers to you in a meaningful way.

Conclusion

In 2021, small businesses will most likely see overall trends increase toward having a more complete online presence with remote workers, social media, and a professional website or store design. Small businesses can also engage more closely with their employees and create a higher happiness index that helps boost their bottom line.

Small businesses took a hit in 2020 but by engaging with online trends, focusing on their employees, and taking advantage of remote work and gig employment, they can bounce back in 2021!

The post Small Business Trends for 2021 and Beyond appeared first on Window Medics.

There are lots of great resources available for anyone getting started with their small business that allows for you to be creative but still give you a great perspective about what it’s like in this new enterprise. Offering sound advice and quality encouragement, these magazines come alongside you as you start with your new business.

So let’s run through some of the best small business opportunities magazines available today!

Inc.

You may be a new small business owner but Inc. isn’t new to this game! After having been around the block for 40 years, Inc. does a great job of offering relevant content that helps readers tackle all the issues that come with owning a small business.

A subscription is 8 issues for $20 and they offer both a print and online version that give you content for startups, expansions, and maintenance of your small business. They offer up tons of practical information that help you tackle any issue as well as out of the box articles that boost you as an individual business owner.

Besides the online or print magazine, they also offer a daily newsletter that can be delivered to your email inbox with more hints and guides. Or if you want a new podcast, you can subscribe to theirs, Inc. Uncensored to listen to their quality content!

Entrepreneur

The title tends to speak for itself and this magazine’s content is skewed toward anyone who’s starting up and running their own business. They want to address all of the challenges that come from starting your own small business and give you the information and insight needed to get your dream off the ground!

They offer a print and digital edition that covers a year for $11. Within each issue, there’s relevant and relatable content about current trends in small businesses, laws, and regulations that may affect your company in the long-run. Within their website, they have tons of stories about business growth, testimonials from experienced entrepreneurs, and podcasts for anyone who wants to listen rather than read.

Being an entrepreneur can be difficult and the issues might be compounded if you happen to be a woman. Entrepreneur helps guide women-owned startups through the processes of brand strategy, public speaking, and launching a side business.

Wired

The world is moving to be more and more online and Wired’s focus is to help you build your tech business in an increasingly competitive sphere! The whole magazine remains tech-focused and gives you insight into the current and up-and-coming tech trends around the world.

The annual subscription for both print and digital is $10 and is published monthly. In addition to the typical magazine, you can also subscribe to their newsletter for a free boost of information in your inbox each day.

While Wired has been around for over 25 years, they continue to focus on the cutting-edge technologies that drive our world. If you’re building your small business in this day and age, looking through Wired’s information and advice can help you create a thriving company in no time!

Forbes

After being in the game for 101 years, Forbes has seen it all! They continue to offer advice and information about businesses both large and small with each new issue they publish.

A year subscription to Forbes is 14 issues for $20. Each publication is filled with business-related topics that help you build your business from the ground up. In addition to the magazine itself, Forbes also has a small business channel that focuses on showing you how to create a business plan, develop a DIY Facebook page, and build a business without any employees.

Forbes continues to offer great information for large and small businesses alike. They also offer newsletters that are more specific to different categories and types of businesses so you can stay up to date with what’s happening around the world.

CNBC Make It

Anyone who wants to start their own business or be their boss has a dream they want to see take off and CNBC Make It is dedicated to giving those dreamers a platform to share information and tell their stories!

Wherever you are in your entrepreneurial journey, CNBC Make It has great content for you to subscribe to! You can sign up for updates for free and access their content, stories, and information anytime. Their main focus is the stories that surround and inspire entrepreneurs but they also offer content and features that relate to wherever you’re at in the small business process.

This is a great free resource that offers a wide range of content and connection for anyone getting started with their small business or dreaming of getting out on their own!

Fast Company

Fast Company is where everyone from opinion leaders to entrepreneurs gathers to share ideas, innovate, and collaborate!

An annual subscription to Fast Company has 8 issues for $20 and the content of each issue is chock full of stories about entrepreneurs, CEOs, and mid-level employees who are searching out innovation and new ideas. Most of their content is tech-focused or related but they reach out to nearly everyone with their strategies and ideas and encourage companies and businesses to work together to grow.

If you’re looking for new ways to help your business succeed or expand, Fast Company is full of great ideas and testimonials from people who’ve been there before you!

Conclusion

Small business-focused magazines are a great way to get new ideas and hear testimonials from the people who have crossed this road before you. Most subscriptions are cheap and easily accessible either through print, digital, or newsletter formats.

Everyone wants to see their small business grow and succeed and hearing from experienced professionals and industry leaders can help you get there faster. No one learns everything overnight but continuing to learn and grow, even when you feel you may have made it, keeps you on the cutting edge of innovation and service!

The post Best Small Business Opportunities Magazines appeared first on Window Medics.

Why Is It Hard To Find Local Businesses For Sale?

Owners don’t want to disrupt the peace while they are looking for the right buyer. Putting a for sale sign up outside the business can raise questions for employees and customers alike. In order to make it go as smoothly as possible without anyone fearing for the future of the business, a lot of owners will do it quietly and wait for the right person to come searching.

They want you to find them, but most of the time you’ll have to do a little searching to find a business that the owner is looking to sell to you. If they’re not looking for you, how do you find them? Well, there are several ways that should make your hunt easier.

Check Websites That Sell Businesses

They may not put a for sale sign up right outside their store, but that doesn’t mean there isn’t one up. There are several websites where local business owners can post their businesses when they are looking to sell them.

Bizquest and BizBuySell are great places to look if you’re trying to find the right local business to buy. These sites cater to both buyers and sellers of businesses. You can look up the location, industry, and even the asking price for a business and these sites will do a search for you.

If you know exactly what you’re looking for, these sites can be a huge time-saver for you. Even if you are still trying to find what industry or location you’re looking to buy a business in, sites like these are the best way to compare and contrast your options and make your decision so much easier.

If you don’t find what you’re looking for right off the bat, that’s okay. Bizquest and BizBuySell have email alerts you can set up when a business goes up for sale that meets the criteria you set. This will help immensely when you’re trying to stay on top of finding the right business for you.

These sites are great because they give you all of the information you need to make your decision such as:

• Asking Price
• Gross Revenue
• Cash Flow
• Earnings Before Interest, Taxes, Depreciation, and Amortization
• Inventory Value/Price
• Furniture, Fixtures, and Equipment Value/Price
• Real Estate Value
• Year Established
• Brief Description
• Location
• Number of Employees
• Reason for Selling

That is a lot of information you can gather in a few minutes just from using one of these sites. Most of this information will take you quite a bit of time if you go through any other method. Using these websites is a great option for those looking to find a business to buy strictly online.

Contact Local Businesses

The most straightforward method to finding a business for sale would be to simply ask local businesses. The best way to do this would be by calling, sending a letter in the mail, and then calling again.

This strategy has been named the call-mail-call by entrepreneurs. You start by calling a local business and ask them if they or anyone else they know is selling their business. Let them know they don’t need to give you an answer right away, but ask if they would please be on the lookout for you.

After a few days, you can send them a letter in the mail with your business card explaining to them that you are still interested in buying a business if they have found any sellers. Ask them to call you if they have any ideas and then wait for them to respond.

If you don’t hear anything back in about a week or two, try calling again asking if they have found anything for you. If they still tell you no, that’s okay. Thank them for their time and ask them to keep your contact information in case they find someone who is looking to sell their business in the future.

If they do find someone who is selling a business that you feel is the right fit for you make sure to call them and introduce yourself as well as tell them how you found out they are looking to sell their business.

It’s perfectly fine if they don’t sell it to you on the first phone call, that’s expected, but you should at the very least make contact with the business owner and introduce yourself as well as let them know you are interested in purchasing their business.

This process may be a good way to find someone in the early stages of getting ready to sell, reducing competition. Also, if you’re referred to by one of their friends, they may be more willing to do business with you than someone that contacts them through a site.

Look for local franchises for sale.

Use A Business Broker

Consider using a business broker to help you find the right business to buy. Most of the time, business owners looking to sell will hire brokers to find them buyers and help negotiate deals, so if you contact a business broker, chances are you’ll find they have a list of local businesses for sale.

Not only that, but they have a wide array of knowledge on buying and selling businesses that you can utilize to find the right business for you. Not only can they tell you which businesses would be a good match, but they can also tell you which to stay away from. You wouldn’t want to put your hard-earned money into a bad deal, or a failing business.

They can even help you negotiate better prices once you find the right business for you. They’ll help you focus on what you need to consider in the negotiation process so you don’t get confused and overwhelmed.

Their job is to make the transaction of a business easier for both the buyer and seller, so going to a business broker is a smart option especially if you are new to becoming an entrepreneur.

Make Your Own Advertisement

If they won’t post their own for sale ads, try posting an ad letting local business owners you’re looking to buy. Post on Facebook, Craigslist, your local newspaper, anywhere people will see it. If you cast a wide net in your area, eventually someone will contact you with a business they’re looking to sell.

On top of this keep a lookout yourself for ads in similar places you advertised. Business owners may post ads to buy their businesses and not even see yours. Craigslist is sure to house a few for sale ads in your area, so look through them and see if any are the right fit for you.

Conclusion

Finding a local business to buy can be hard, but it doesn’t have to be. If you know how to find owners who want to sell, you’ll find the right fit for you. Remember these strategies and you’ll be buying your dream business in no time.

The post How to Find Local Businesses for Sale Guide appeared first on Window Medics.

Here are ten of the cheapest franchises to start

10: Soccer Shots

If you’re an entrepreneur that loves kids, soccer, or better yet, both, you’ll find Soccer Shots might be the right fit for you. Soccer is a sport a lot of parents want their kids involved in because it can teach them teamwork and good sportsmanship.

Because of this, Soccer Shots has grown to be one of the United State’s most popular soccer franchises that aim for young children. If you buy into the franchise, you’ll become a soccer instructor, and will teach young children basic soccer skills at their schools or local parks for 30-40 minutes every week.

It costs a pretty penny to start-up, almost $35,000 for the franchise fee, but it is still cheaper than many other franchises out there to start up. And when the top franchise earner is making over $3 million in annual revenue, it looks like there’s a lot of room to make that money back.

9: H&R Block

Since 1955, H&R Block has been known to help customers with tax preparation in the United States and several other countries. With over 3,000 franchises in the United States and approximately 1,500 outside of the United States, you can purchase a franchise for a fee of $2,500.

It is going to cost more than $2,500 to start up your business, most likely between $30,000 and $150,000 for everything. The company does offer in-house financing for all of your equipment and inventory, however, to help you start up your own H&R Block location easier.

8: JAN-PRO

JAN-PRO is a commercial cleaning franchise offering services to banks, restaurants, stores, dealerships, gyms, churches, schools, etc. They offer several investment options, one of which is a home-based option which can cost a little under $5,000 to start up your own JAN-PRO company

The best part about JAN-PRO is it gives you several clients to start with so you don’t need to go looking for any. Many have said it is a great franchise to get started in, especially if you are trying to get into the cleaning industry, however, be aware it is hard manual work to get started until you can get skilled employees to help you out with your clients.

7: Baby Bootcamp

If you are a mom looking to start a business that caters to others much like yourself, you may consider opening a Baby Bootcamp. It is an exercise class for moms with stroller-age children to help them lose all the baby fat they gained during pregnancy.

While it mostly caters to postpartum mothers, they also offer fitness and nutrition classes to expecting mothers as well. It’s a great way to create a group of mothers with new children or babies on the way, so they can get together and make friends with each other.

With a low cost investment fee of around $5,000, you won’t need much money to become a trainer for new moms in your area.

6: Window Medics

Even if you know nothing about windows, Window Medics is a great place to start for new and veteran entrepreneurs to get into the window repair business. It only costs $35,000 to get a dealership with Window Medics, which includes 2-day training and Window Medics provides you with specialized equipment and a marketing start-up package which includes full-color brochures, postcard mailers, kit folders, leave-behinds, and much more.

Another bonus they have over other franchises is they don’t take any royalty fees. Once you pay the initial cost, you won’t have to pay them to use the name Window Medics again.

You would be repairing windows, which everyone who owns a building has, and eventually, every window will need to be repaired so you’re looking at endless opportunities. They also sometimes offer loans to those who don’t have all of the initial fees, for no additional cost. There’s really no reason not to own a Window Medics franchise.

5: BuildingStars

As the second cleaning franchise on this list, BuildingStars is a comercial cleaning service that caters more towards office buildings. They offer carpet and floor care and nightly building cleaning services.

The initial startup price starts at $2,245 and goes up to $53,200 with the initial franchise fee costing between $995 and $46,995. If you can’t afford those prices, however, BuildingStars offers in-house financing to cover all of the initial expenses including the franchise fee.

As of 2020 there are only about 725 total BuildingStars around the world, so it wouldn’t be a bad idea to join the franchise before it gets too oversaturated.

4: Jazzercise

You can get fit and have fun doing it by dancing the night away. Jazzercise gets you fit by dancing to all your favorite genres of music. Starting in 1969, they have since created over 6,500 franchises in the United States and almost 2,000 outside of the United States.

With an initial franchise fee of only $1,250, you just have to dust off your old dance moves and get to teaching people how to dance the extra fat away.

3: Fit4Mom

Trainers can help moms with stroller kids get their bodies in shape. Fit4Mom offers a variety of classes from Stroller Strides Classes to Body Back Classes, and even Fit4Mom Run Club.

Fit4Mom offers trainers an opportunity to run their own business on their own time, getting to choose their class times so they can work when it’s convenient for them. With a start-up cost ranging from $5,495 to $10,495 you’ll be looking at a total initial investment between $6,205 to $24,285.

2: Cruise Planners

If you love traveling and are interested in owning your own travel company, Cruise Planners might be a good franchise for you to open. They are a representative of American Express, so you will have a very reputable name behind your own. The best feature about it is you can work right out of your own home, making it cheap to start up.

You’ll need to pay the franchise fee ranging from $695 to $10,995 to open your own Cruise Planners, and get to booking your clients next vacation.

1: Dream Vacations

Dream Vacations, much like Cruise Planners, is a travel company franchise you can run out of your own home. As a bonus to the award winning training they give you to start up, they offer heavily discounted trips for their franchise owners to go on vacations and understand the experiences they are selling to their clients.

They have franchise fees as low as $495 and as high as $9,800, so it won’t take much to get you selling unforgettable experiences to your customers.

Conclusion

Even with a budget as low as a couple thousand dollars there’s plenty of franchises you can invest in if you’re looking to become an entrepreneur. If money is tight, but you want to start a business, consider investing into one of these franchises and work your way up from there.

The post Cheapest Franchises to Start as a Business Owner appeared first on Window Medics.

To help you decide which franchise to join, here is a list of the ten most profitable franchises.

10: Subway

Subway is one of the world’s largest sandwich chain restaurants. If you don’t know what subway is, it’s a fast-food chain that sells sandwiches from sliced ham to meatball subs. It has over 41,000 locations across the globe, making it one of the fastest-growing franchises.

You can find subway in over 100 different countries, although about half of them are found in the United States. It is ranked as one of the top profitable franchises due to the fact a single store can generate up to $400,000 in revenue annually.

9: Taco Bell

The Mexican-American fast-food chain serves its customers Mexican inspired food such as tacos, burritos, and nachos. Many Americans have been to or at least know what Taco Bell is.

The initial investment cost is $2 million, but it is well worth it. It has a high revenue yield that will pay back your initial investment in a few years.

The tex-mex franchise has about 6,000 restaurants open and in 2019 made approximately $2 billion in combined revenue. It is one of the highest-grossing fast-food chains in the world. When you do the math, that would be roughly $330,000 in annual revenue from each store if all stores were to make the same amount.

8: Supercuts

If you’re looking for one of the few franchises on this list that isn’t a fast-food chain, Supercuts is a very affordable franchise to open. With an initial investment cost of around $144,000 to open a Supercuts, you will find it is very simple and affordable to start one up.

It is one of the most well-known salon franchises out there with over 2,600 stores opened in a span of a little over 40 years. Compared to the fast-food industry, owning a Supercuts allows you to take several revenue paths. On top of cutting customers’ hair, you can also sell hair products or offer other salon services in your Supercuts to increase revenue.

The annual revenue of a Supercuts franchise is approximately $262,000 so you can make back your investment in less than a year.

7: Dairy Queen

Dairy Queen is the famous ice-cream parlor and fast-food joint. They sell ice-cream, cakes, milkshakes, burgers, chicken tenders, and much more. Their diverse selection of frozen treats to fast-food meals has given them quite a name for themselves.

There are over 5,000 franchises in the United States and a couple thousand more around the world. The initial investment cost is approximately $360,000 and a combined annual revenue stream of over $2 billion. Because of this, Dairy Queen has become one of the most profitable franchises in the world.

6: Ace Hardware

Ace Hardware is the world’s largest hardware retailer, making it one of the most successful franchises in the world. Giving potential investors several ways to open a franchise under Ace Hardware, they allow you to open a new location, convert your current store into an Ace Hardware, or open an Ace Hardware inside of a grocery store that would save you money compared to opening a whole new store.

Another bonus to this franchise is they don’t take a monthly royalty fee, so you will have more money in your pocket at the end of the month.

With only about 5,200 locations across the world, the company generates over $4 billion annually, so you can be sure you will make quite a profit opening a franchise under Ace Hardware.

5: KFC

Owned by Yum Brands, the owners of the Taco Bell and Pizza Hut franchises, KFC is owned by a company that is no stranger to making successful fast food joints. Well known for their crispy fried chicken, they serve over 12 million customers a day in over 100 different countries. It is no surprise as it is estimated that over 100 million people see a KFC commercial at least once a week.

There are over 15,000 franchises all over the world that produce a combined annual revenue of $6 billion. That is why it is one of the world’s most profitable franchises.

4: Dunkin’ Donuts

Known as America’s premium donut store, Dunkin’ has proved to be a very well known franchise, especially in the Northeast United States, which helps make it one of the most profitable franchises in the world.

You will need an initial investment of around $90,000, but they offer discounts to entrepreneurs who are looking to open several locations, or those looking to open one in developing areas. They also have discounts for qualified veterans who are trying to open a franchise, so you may pay a lower franchise fee depending on who you are, and where you’re planning on opening your Dunkin’ Donuts.

They have over 12,000 locations that span 36 countries and generates a combined annual revenue of $1 billion.

3: The UPS Store

It is ranked as the world’s largest retail shipping and postal operator. Its initial fees are far less than many fast-food franchises with a range from $60,000 to $130,000 which is easy to see why there are over 5,000 independently owned UPS Stores in North America.

Especially with the rise in online shopping due to the world’s current state, UPS will have far more business than ever before.

2: 7-Eleven

7-Eleven is the world’s largest convenience store franchise with over 50,000 locations across 16 countries. Only 8,000 of these locations are found in the United States, however, most of the profits come from the country.

It’s annual revenue in 2020 so far has been $4.7 billion, with the average store owner making $65,000 a year off of their franchise.

1: McDonald’s

One of the first fast-food joints to ever pop up in the United States, and even the world. With over $80 billion in sales every year, it is arguably the most profitable franchise across the globe.

The burger joint makes a combined annual revenue of over $20 billion which is far more than any other franchise on this list. It is not the cheapest franchise to invest in, but it is safe to say your franchise would be successful as it is one of the most well-known fast-food franchises in the world.

Conclusion

Depending on what industry you’re looking to open a franchise in, there are clear winners that you will want to put your money into. While many franchises are dominated by the fast-food industry, you can still find success in a franchise elsewhere.

However, it would seem that the category franchises thrive in would be fast-food, so if you hadn’t thought of investing in the industry before, perhaps now you should consider investing in a burger joint, or a donut and coffee place.

The post Most Profitable Franchises to Own as an Entrepreneur appeared first on Window Medics.

Know Your Why

What do you immediately think of when you think of joining a franchise? Is it the UPS store or Windowmedics? Or are you still unsure of what being a franchisee means? 

Before you begin your research, construct a budget and business plan, or even contact a corporation, you must understand why you want to pursue the path of owning your franchise. Here is our guide to help you navigate the franchise journey, so you start your business off with success.

Define It For Me

To become a franchisee, it means that you will enter a contractual relationship between yourself and the existing business (franchisor). 

This agreement allows you the opportunity to distribute the franchisor’s products or services, whether it is cleaning carpets or selling cupcakes. 

Having this contractual agreement allows you as a franchisee to use their brand name, colors, and additional support in your store. Depending on the franchise, your franchise fee covers training, supplies, and marking co-op.

LLC or Corporation

When beginning the franchise, you will need to decide if you want your organization to become a corporation or a limited liability company (LLC). In most cases, franchisors prefer to work with a corporation or LLC than a sole proprietor.

The benefits of completing this step are legal, tax, and business advantages as it creates a legal barrier between your business liabilities and your assets. You can qualify for tax breaks not offered to sole proprietors, and LLC or Corporations have perceived credibility by the public.

Research, Research, And Even More Research

Owning a franchise is not for the faint of heart. It takes personal investment from your end and skills to execute the corporation’s overall brand strategy. 

When looking for franchise opportunities, start with your city or town. What needs could your new business venture fill? From restaurants, educational services to professional services, there are a wide array of 

Start With Your Passion

What do you enjoy, or what are your interests? Do you consider yourself a foodie, or do you like personal fitness? If you can decide what you want the best, locate a franchise that aligns with your core values. Picking a company that fits your lifestyle won’t feel like you’re working at all, as you are more likely to enjoy your work.

Their Mission and Values

It is crucial that the company that you partner with values the same principles that you do. On its website, a corporation should proudly display their mission and value statement.

This paragraph or sentence is a creed that the business owners and employees strive to achieve each day that they are open for business. It also gives insight into what is important to the franchisor, such as sustainability, family values, or let their customers live a better life due to their product or service. 

Check Out The Competition

It is likely that your community already has a franchise or two that are actively operating. Take time to research these companies, their brand reputation, and how they’re meeting a need of your area. Some companies to consider:

• Chick-fil-A
• Dream Vacations
• Fast Signs
• Five Guys
• Jersey Mikes
• McDonald’s
• Pure Barre
• Service Master
• Sign Gypsies
• The UPS Store
• Window Medics

This list is just a sample of the thousands of different franchises that anyone can buy into by paying a large or small franchise fee.

Talk To Current Franchise Owners

Additionally, set up a meeting with the franchise owner to ask the following about their experience:

• How they like the franchise set up
• What are some learning they’ve had while starting a franchise
• What is their favorite thing about owning a franchise?

Having this information about the current establishments before deciding on joining a franchise can help you navigate some of the hurdles that business owners face. Learning through others’ experiences can provide some key insights to know if you are ready to sign on as a franchisor.

Franchisee Restrictions

When joining a franchise, you are, in essence, become a part of a large community. With that, you need to remember that you are representing the brand and doing it well.

Some companies, like McDonald’s, will require that you only own one franchise and not own other companies at the same time (such as a Bojangles or a car dealership). Other companies do not mind how many franchises you own during one time period.

Location, Location, Location

Where you place your business physically is essential. There might be a specific look, square footage, and even an onsite parking requirement for some franchises before purchasing real estate.

Some companies have a real estate team that will know what works best for your business and help you with your new location, and others do not. If this is the case, ask for recommendations for the best real estate agent.  

When you are ready to look at real estate, decide how much you can invest in the property to either buy the property or lease the space. Also, research the traffic patterns and foot traffic surrounding the site during the hours that your store plans to operate.

Construction and Equipment

As you start your business, you may need help from the franchisor to hire a contractor and decide the store’s layout. The company can provide an idea of what you will need for equipment and provide suggestions for a general contractor or other needs that may arise.

Labor

As a franchisee, you create your budget, know that your labor costs might be different due to the market and the climate. You may find that the estimated hourly wage is cheaper than what your local and state laws mandate, and that will affect your budget long-term. When assembling your team, you want to find people that match the culture of the brand. Training should be available from the franchisor to help you build a strong workforce to help make your business a reality. 

Figure Out the Investment

With any business – small or part of a franchise – initial start-up costs occur to start the process. Deciding with a franchise to purchase, consider how much you are willing to invest in this venture.

This fee is a requirement that covers training, supplies, access to the brand, and ongoing support. Costs differ from one company to another, and you can find this information on each franchisor’s website. You may need to arrange some financing to secure the franchise that you want.

Consider the Costs of Being a Franchisee

With any business – small or part of a franchise – initial start-up costs occur to start the process. You may need to arrange some financing to secure the franchise you want through a Small Business Loan (SBA). Depending on the company, you may need to pay for expensive equipment or fix the building space to fit your needs. In the beginning, you’ll have to decide if you’re going to bring investors on board and take a percentage.

The Application

Be ready for some paperwork when starting your franchise journey. Completing this paperwork is not always an easy process, and be prepared that you may not get a call back once you’ve submitted your application. Be ready to spend some time on this process as it may not happen overnight and take up to one year.

Application Requirements

Individual companies have particular requirements that franchisees need to meet before being handed the keys to a franchise. These requirements may include:

• Being a U.S. Citizen or permanent resident
• Excellent credit score
• Having a manager or industry experience
• Franchisee’s net worth
• Available Cash 
• Any additional sources of income

Please have a friend or family member review your application before submitting it and try to connect with someone in the company to ensure that you have a recommendation.

Disclosure Agreement

Each franchise has its disclosure document, often referred to as FDD, provided to any interested parties before you sign any contracts. This document offers any potential franchisee with all the information you will need to decide whether to enter a franchisor deal. During the negotiation period, you need to learn how much control the franchisor has over franchisees regarding marketing, store appearance, and other business needs.

Prep For The Interview

Either in person, via Zoom, or a personal visit to the company’s headquarters, be ready for an interview. This time together with the organization is the perfect opportunity to discuss all the details about their specific franchise program. Ask questions on how they plan to help your business during the business’s opening but for the months and years after.

Create A Business Plan

To have an accurate idea of what you want to accomplish with your new business, you need to write it down. Not all business plans need to be lengthy but force you to put your thoughts on paper and become organized before reaching out to potential investors.

Questions To Consider

Not all franchisors have been in the business long, and you must vet them out before investing your hard-earned dollars and time into their company. Look to see how long the franchisor has been in the business.

When looking at the franchise cost, see if there are any additional ongoing costs. And once you decide to partner with this company, how long does it take before you make a profit.

Select The Right Counsel

It is best to find a legal advisor to ensure that your legal paperwork is in order. This step is necessary when your application is approved. After you receive the franchise agreement, hire a lawyer that understands the franchise industry and can guide you through the steps.

Network to Grow Your Franchise

Once you sign on to a brand, you can not network enough. Joining the local chambers near or in your town can help you spread the word about your company to others. Creating local relationships is key to the business’s success. There may also be local merchant associations that can help you grow your business within each company through referrals. Other groups to consider:

• Rotary
• Kiwanis
• CVB
• Women In Business Networking
• MasterMind
• Business Networking International

These organizations and their members should be on the top of your list when working on your grand opening plan. By attending your opening day, they can spread the word at a grassroots level on why others should do business with you in the future.

Learn The Ropes

Once you’ve signed on the paperwork, you are ready to begin your franchise journey. Participate in all the training offered by the franchisor to help you learn more about the company’s customer service, products, and overall business plan. It beholds you and the company for your franchise location to do well in your area, so they want to provide as much support as possible during the start-up period. Sessions may range from the basics of business to employee management and event marketing. 

Your Grand Opening

After you have gone through the many steps of being approved for the franchise, finding the finance, getting the right location, setting up the store, and finding the right employees – it’s time to host your grand opening.

Many marketing co-ops offer pre-created materials such as digital and traditional ads, coupons, mailers, and other promotional ideas to bring people out to your location. If your franchise offers a marketing agency, work with this group to create your local store marketing plan.

Moving Forward

When you look at the different companies, look at one with a good reputation, popular in the community, which will support you as a business owner in the long-run. To be a successful franchisor, you’ll need to research, build the right council, choose the best investors, hire a strong team, and be ready to become a Jack-of-all-trades. Even if you know nothing about starting a business, there can be a strong support team if you surround yourself with the right people.

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Should You Start A Franchise?

Before you begin the journey of starting a franchise, consider if your product or business concept is easy to duplicate. Defined by the Federal Trade Commission, a franchise is a business relationship that includes:

• Using a familiar brand or trademark
• A required franchise fee
• Support in operating a franchise 

In essence, one business owner will pay another business owner to use their resources, business model, logos, and any trademarks. When creating a franchise, you provide a template that is easy to duplicate from one business owner to another. 

At first, it may seem overwhelming to start a franchise of your own. However, following the guide below will give insight into what to expect and consider.

Franchise Industries

There are a variety of franchises types that your organization may fit into such as:

• Educational Services
• Restaurants
• Fitness
• Health and Wellness
• Travel Agency
• Professional Services
• Entertainment franchises
• Pet-Services
• Real Estate
• Specialty Realtors
• Convenience Stores

Step One: Take Time to Research

It is essential to ask yourself a few questions before you start the process. 

1. Is your idea unique, and can it be duplicated?
2. Do you have a broad market for your concept?
3. Will this idea sell?
4. Is there a need in your community?

Familiarize yourself with how to franchise your business effectively. How one operates a franchise is different from how you run a single store. Before deciding to franchise any concept, you need a successful first store to use as a reference base for the future. 

Market Research

Visit other locations in your city or town to become well-informed of the process and trends when starting your research. Ask those store owners why they like their current business and their personal experiences. This insight can help guide your decisions on how your franchise will run so it is as successful as it can be in your community.

Create A Franchise Prototype

Your franchise needs a successful prototype – the real-life example of the possibilities of your business. An active, exciting operation allows prospects to picture themselves running your franchise in their town or city.

But beyond serving as a demonstration of your concept’s viability, an original location can also become a training center for new franchisees, and a testing location for new products, services, or techniques.

Step Two: Franchise Legal Council

When starting, it is tempting not to seek legal counsel as you work on franchising your business to save money. By not having guidance in business matters unfamiliar to you, you risk potential liabilities that can cost you in the long run – especially if your process isn’t in compliance with the government.

Educate Yourself

Before selling franchises, educate yourself on all the aspects of how to sell a franchise. Whether you utilize a franchise company or hire a franchise sales professional, it is good to understand each element of the business and how the closing of the sale will affect your bottom line.

Step Three: Create a Franchise Agreement

You will need to create a document that outlines the agreement between you and your franchisees. This paperwork allows you both to be on the same page while maintaining your brand.

To do so, connect with a lawyer to ensure that the franchise agreement is legally sound. For all business to maintain the standard that you sent, each franchisee should sign the same Franchise Disclosure Document (FDD), an agreement that includes specifics such as: 

• Location or Territory
• Credit, Net Worth, Sources of Income, and Available Cash
• Experience
• Available Cash 
• Additional Sources of Income

By creating this agreement, you outline the various details that a potential franchise owner would need to know about your company, sales figures, and other essential business information. Consider investing in hiring a franchise attorney for assistance.

For a Franchise Disclosure Document (FDD), make sure that you:

• Update this document annually
• Ensure that your document meets the Federal Trade Commission (FTC) guidelines.
• All paperwork is compliant with local and state requirements.

Step 4: Decide Your Franchise Fee Structure

Typically a one-time fee, you will get to set the required franchise fee for franchisees to pay to be a part of your organization. On average, prices range from $20,000 to $35,000 is related directly to a percentage of the gross revenue. From time to time, an exciting franchise may seek a loan to become a potential franchisor.

This initial fee will cover the franchisee’s right to operate a business while using your franchise trademark. In addition to the franchise fee, operators will pay a royalty fee for continued business support that includes the following services and others:

• Training
• Advertising and Marketing
• Operation Software
• Consulting

There is also equipment and supplies and real estate to consider. You will need to provide franchisees an idea of all that is required and possible financing options. 

For real estate, franchisors provide recommendations to location types and what would work best for the corporation. Location is just as important as the business’s marketing, so consider nearby competition, foot traffic, and access to the site.

Create A Plan

When expanding your business, it is necessary to be methodical in your process. Creating an internal process that allows you to grow slowly but wisely will result in better results. 

Keep your expansion strategy as simple as possible. Opening up new franchise locations can happen quickly compared to opening company-owned stores. Decide early on how many franchises you plan to open each quarter or within a calendar year.

By creating a comprehensive business plan, you can analyze costs and predict sales. When writing it, you will want to touch on each section:

• Executive Summary
• Company Description
• Market Research
• Product Research
• Marketing Plan
• Sales Plan
• Funding Needs and Financial Projections

Step Five: Learn From Other Franchises

Compare similar franchises and see how they adjust when opening new stores. Can you implement any of their ideas into your franchise model? 

You want your franchise to have a proven track record to entice potential franchises. Start-up costs can be expensive and likely owners want to ensure that their investment is sound. 

The original location can eventually serve as a training location for future new franchisee locations or opportunities to try new products, services, or techniques.

Find A Strong Support Team

You can not have a robust and high performing franchise without an excellent support team. Hiring the right staff will allow your franchises to flourish. Look for ways to streamline roles so you can open your first franchise location with a strong leadership team of managers and supervisors before moving on to your second store.

The staff that you start with could eventually become your regional managers. Hiring professional support will allow you to accomplish more of your company’s goals. 

Step Six: Training Is Key

For your franchise to be successful, focus some of your time on training the franchisees. To have the best training sessions, consider investing in a franchise consultant. 

Your operations manual should be robust, and having someone guide you through this process will ensure that you don’t cut any corners. With any start-up, your training sessions and manuals should cover the best practices of the company’s:

• Marketing
• Personnel
• Management
• Office Procedures
• Store or Service Procedures

Hire a technical writer who will understand how to take your great ideas and company culture and drill these policies and ideas down to a simple procedure for everyone to understand.

The clearer that you can make your message to future franchisee owners, the better. Once your manual is complete, plan to submit it to a franchise consultant or franchise attorney for review.

Consider The Risks

Franchisees take on the risk for both success and failure when it comes to hiring staff. Owners are fully vested in the store and therefore are highly motivated than a company employee.

They also take on the leases’ responsibility and any local store marketing, such as opening day expenses. 

However, it is easy to underestimate costs. When deciding to franchise your business, you will need to have a nest egg to cover start-up costs to cover legal and accounting expenses.

The annual fee, and the Federal Trade Commission and your state’s attorney general require a yearly update.

Enforcing Your Franchise Rules

It is necessary to make sure franchisees follow the business model when they buy into the company.

If not, there is a high likelihood of a store losing money or possibly going out of business. From the paperwork to the marketing, a franchisor must enforce all parts of the franchise.

Step Seven: Marketing Your Franchise Brand

Now that you have your agreement and plan to grow your company, how do you plan to market your organization? Your franchises reflect your passion.

Keep your message strategy in line with your overall brand by hiring a team to manage your traditional and digital marketing. To expand your company, you need the community to have proper awareness of your brand.

• Consider having your franchisee pay into and advertising co-op to help cover the cost of hiring an agency and marketing dollars. Decide if you want this amount to be a percentage or an annual fixed dollar amount. 
• Your messaging inside and outside the store or business will need to have guidelines and approved vendors.

Secure A Trademark

Having a trademark for your franchise is securing the brand of your franchise community. This mark includes a graphic and the type, company colors, slogan, and overall organization’s overall theme.

The process to secure a trademark from the U.S. Patent and Trademark Office does take time and should start at the beginning of the process.

Build A Community

With your current business or service’s success, you have an established community that loves what you already do. Whether it’s delicious food at a restaurant or a popular wine and paint store, you have a following and should be your targeted group when looking to open franchises.

Announce Your Grand Opening

When marketing your store on a local level, a grand opening celebration is imperative. Send press releases to the local media and invite family and friends. Create a social media plan and advertise locally. 

Step Eight: Understanding Your Lane

There is a distinct difference when it comes to being a business owner or a franchisor. As a business owner, you have more control over how the business manages versus a franchise owner.

Often owners want to confuse them, but it’s essential to separate them as they require different skills. A business owner is worried about the store’s daily activities while a franchisor is focused on finding new franchisees. 

Your Next Steps

Franchising your company may be a solid growth strategy for you. While the initial investment is large, you will learn lessons from each new experience each time you expand your company. 

Over time you will provide a more robust framework for your franchises with creative support, building a customer base, and have a proven record to help future owners mitigate risk. 

Make improvements as you move on through your process, so, in the end, you will become a high performing franchisor. 

Creating a franchise allows others to be in business while not being by themselves. Your franchisees will understand the corporate mission, values, and future vision through proper training that will lead to your company’s success.

While starting a franchise, there will be ups and downs like all businesses. However, as you fine-tune your process, potential franchisees will see how excited this new venture is and want to be a part of the organization. 

Your future franchise will create a place that is an exciting opportunity for those with the entrepreneurial spirit but is not ready to start a company on their own. 

With some of the key hurdles of starting a small business removed, the sky’s the limit on your location and brand’s future.

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