Guest columnist and author Joel Libava tells readers what they need to know before they commit to a franchise. If you're thinking of becoming your own boss, investing in a franchise business is one popular option that may be worth looking into. However, as tempting as it may be to just type the word, "Franchise" in your favorite search engine to "See what's out there, " you're going to need to know several things first. 1. The franchise model
It's been called the greatest business model ever invented, and has enabled hundreds of thousands of people that never owned a business before to do just that; become owners of their own business. The premise is simple; someone comes up with an idea for a product or service, implements it, and starts a business. The business turns out to be easily replicated. (Think pizza. ) This person doesn't really want to just use all of his or her own money to grow the business, so the hunt for an investor or two begins. It turns out that getting some investors is a smart choice.
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7. How to find possible matches
Now that you're armed with your top skills and some of your more dominant personal traits, it's time to start your search for a franchise. Go to your favorite online search engine and type in "franchise opportunities, " or "franchises for sale, " and start digging in. You'll see specific franchises come up, as well as a number of franchise directory type websites. Here's the trick; only request information from those that seem to be a fit for what you wrote down on your legal pad. See No. 6. And don't forget to make sure that your net worth meets the minimum requirements. 8. How to do proper research
Once you've found some franchises that could turn out to be a match, it's time for you to do your research. You'll find that some of your questions can be easily answered by your franchise development representative, while others can't. For instance, unless franchisee sales and earnings figures are clearly disclosed on the Franchise Disclosure Document, (which you'll receive from the franchisor) your franchise representative cannot answer any earnings-related questions.
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But don't worry; all you have to do is ask the current franchisees. In most cases, that's where most of your answers about the business will be coming from anyway. 9. You'll need a business plan
Don't even think of going into your local bank to apply for a small business loan without a formal business plan in your hands. The lender will want to see your projections and hear your story. There's great business plan software available that can help you create one. 10. Your decision day will arrive
The entire franchise discovery and research process will probably take two to three months to complete. Eventually, you'll have to make a yes or no decision. You'll probably be a little nervous. After all, it's not like your starting a new job. If you buy a franchise, you're going to have real skin in the game, and it's a game that you're expecting to win. You can win, if you focus on choosing an opportunity that's really right for you, that you've done terrific research on, and that easily fits into your budget.
Free bookkeeping courses are an excellent way for start-up business owners to learn how to look after their business accounts without dipping into their cash to get educated and become financially literate. I have found 10 of the best free bookkeeping courses and resources online to help you understand everything involved with tracking income and expenses, reading financial reports and managing business money. Courses are great if you like a systematic approach to learning new skills rather than searching random bits of information off the internet. A business owner who is armed with bookkeeping knowledge can start asking their accountant the right questions, get good control of their cash flow and grow their businesses. A study released in July 2018 by JP Morgan Chase titled Growth, Vitality, and Cash Flows highlights that about half of small businesses in the USA fail after 4 years because of lack of cash - not because the business is bad but because cash flow can be erratic and the business owner is ill-prepared to manage the ups and downs.
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Budget
$0 to $3, 999
Financing N/A
* Does not include freight or delivery. See local dealer for details. $$
Entry Level
$4, 000 to $7, 999
Starting at $50/mo
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Mid-Level
$8, 000 to $11, 999
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Premium
$12, 000 to $15, 000
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Luxury
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Harold has worked as an accounting instructor in university, as an accountant and as a consultant. Accounting Coach Free Bookkeeping Courses
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2. Dave Marshall of Bean Counter offers free accounting and
bookkeeping courses, tutorials, quizzes and games. His main free bookkeeping course is So You Want To Learn Bookkeeping! There is no paid membership area – you get full free access
to all materials on his course website. To study offline you can buy his eBooks and CD versions. Dave's approach is relaxed and fun (and he also explains
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you with certification training if that is what you require. He also provides a bookkeeping job search guide. Dave's experience includes being a small business
consultant, a bookkeeper, an internal auditor, a controller, a US Army payroll
clerk and a college teacher.