So your current job situation is getting more stressful or unstable in 2009. You want a way out and you want to control your future. Starting your own business will take time, money, experimentation, and resources. Buying an existing business comes with many headaches — debt, bad location, and many more hassles — so you have decided that franchising is the best way to go. Where do you start? What franchise is right for you?
Many franchise buyers start with a concept or business that appeals to them. But when buying a franchise, it is about what the mass enjoys, not just you. Typically, you will own the franchise for at least 10 years. Look at businesses that will be around for that long. Children and pets are things that Americans spend money on, even in a poor economy. Fads come and go, so that hot new concept restaurant or service may not be around forever.
Look seriously at a minimum of 5 different franchises. The best place to start is the Franchise Registry. These companies have submitted their FDD’s to the SBA and have been pre-approved. The SBA looks for companies that they deem to have “fair” clauses in the FDD.