Question added to topic Franchises •
August 14, 2007
What are the major hurdles one must overcome when starting a franchise?
Also, what advice do you have for a, '05 college grad (finance major) who is looking to start franchising? I am 24 years old and I work for a major financial institution in the Philadelphia area making 50k a year. I currently have no debt and I live at home with my parents. I have a credit score hovering around 750. I have roughly 20k in my bank account and roughly 7k in other investments. I am interested in starting a franchise in the Philadelphia area. I am trying to pinpoint the right franchise in my area within my budget. I'm currently researching Subway and Rita's Water Ice.
The most significant hurdle in starting a franchise business that you want to be successful is selecting an opportunity that matches up well with the resources you bring to the table and the goals you are trying to achieve through business ownership. You might want to consider using an independent consultant from an organization like FranChoice to assist you in this process. Their services are free to the consumer.
Jeff Elgin has almost 20 years of experience franchising, both as a franchisee and a senior franchise company executive. He's currently the CEO of FranChoice Inc., a company that provides free consulting to consumers looking for a franchise that best meets their needs.