Other Things to Consider
Picking your business location
https://www.sba.gov/business-guide/launch-your-business/pick-your-business-location
Small business bookkeeping tools
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- Free Excel Bookkeeping Templates: Free Excel Bookkeeping Templates – Funding Circle
- Wave (Free Tool) https://www.waveapps.com
- QuickBooks (fee associated for this tool) https://quickbooks.intuit.com/
Franchise development
Starting a business can be risky and costly so many individuals and investors choose to become franchises due to the proven record. Franchising is the arrangement between the owner of the business (franchisor) and individual (the franchisee) to allow the right to utilize its business process and business name, who then sells the products, services.
Things to consider when thinking of starting a franchise:
Advantages
- Training
- Probability of success/Minimized growth risk
- Operating benefits:
- Location feasibility study
- Marketing assistance
- Easy expansion capital
Disadvantages
- Loss of independence/Innovation challenges
- Restrictions on business operations
- Products sold
- Hours of operation
- Franchisor only source of supplies
- Franchise costs
- Initial franchise fee
- Investment cost Royalty payments
- Advertising cost
Buy an existing business or franchise: https://www.sba.gov/business-guide/plan-your-business/buy-existing-business-or-franchise
- For companies selling franchises and business opportunities – and entrepreneurs in the market – the FTC’s Franchise Rule and Business Opportunity Rule mandate disclosures and offer buyers certain protections. In addition, the FTC has resources to help people spot business opportunity and investment scams and avoid franchise taboos: Franchises, Business Opportunities, and Investments | Federal Trade Commission (ftc.gov)
- Free consultation on franchise development: FranNet: Franchise Opportunities, Information, and Consulting