Buying into franchise

[HuskerSMJ]

For some time now I've been looking into buying into a franchise and jumping into the "being my own boss" world. I've done alot of research on the franchises I am interested in and I'm getting close to actually making the leap. Getting that point, however, I realize I haven't put alot of research into what I would need to do locally to become self employed. Where is the best place for me to start to look for what state/government licenses or fee's I would need to get before I get rolling? Any advice or suggestions would be helpful.

Thanks

[franchisebrief.]

Hello there,
I would recommend contacting your local Small Business Development Center or SCORE office. You may also consider talking to a franchise consultant. While some of them are really pushy and try to sell anything, some of them can be really knowlegeable. I heard very good things about FranFit. You may want to give them a call, it's free

[Coach Morse]

Originally Posted by HuskerSMJ

For some time now I've been looking into buying into a franchise and jumping into the "being my own boss" world. I've done alot of research on the franchises I am interested in and I'm getting close to actually making the leap. Getting that point, however, I realize I haven't put alot of research into what I would need to do locally to become self employed. Where is the best place for me to start to look for what state/government licenses or fee's I would need to get before I get rolling? Any advice or suggestions would be helpful.

Thanks

Ask some local business people to recommend a few accountants in your area and then set up a few appointments to discuss your new venture with them. Based on your specific circumstances, a good accountant can help you decide which business entity would be best for you, starting out. Your accountant can also help you file the right forms to get your business set up locally. Seeking the advice of an attorney is also a good idea. Again, get recommendations from local business owners you respect.

You may also contact your local municipal offices or the county offices for information on what they require of new businesses.

Best of luck to you!
gm

[omarborrego]

Husker,

Let me begin by saying I am a Franchise Consultant, but far from being pushy with my clients. My initial thoughts are that you might still be further away from buying a franchise thank you think. One of the best steps you will go through in purchasing a franchise is speaking with existing franchisees in the system you are looking to buy into. You asked about licenses and fees. The franchisor should cover all of this for you. When you speak to the franchisees, these are the types of questions you need to ask them.

The reason you buy a franchise is because of the turnkey nature of the business. It sounds like you are currently at the stage to get committed to researching a particular franchise, and not exactly buy the franchise. Most my clients spend about 3 months of research on a particular franchise before they purchase it.

The SBDC and SCORE are great resources, as are franchise consultants that offer their services at no cost to you. Let me know if you need further assistance.