Using a Coined Name for A Business

Advantages and Disadvantages Of Choosing A Coined Make-Believe Name For A Business

coin a business name

When known language names are taken up by exiting businesses, coming up with a coined name for a business presents several creative opportunities. It is getting more and more difficult to find words in the existing dictionary to name a business.

Coining names for a business name by creating words that are new and not in the dictionary have been popular for a long time. However, coined names do not fit every business.

We also feel that coined business names are better suited to larger businesses that can create an image with extensive branding and marketing efforts. This may not be possible for smaller businesses. Smaller businesses often rely on their business name saying a lot about the company and the kind of business it is. This is in fact one of the points that a good business name should reflect.

That been said, coined names also allow for the nature of the business to reflect instantly. Naming firms such as NameLabs have been experts at making new words that are actually a contortion of existing words. There is a change in spellings and combination to two or more words something even words from a different language that are used to come up with the business names.

Two good examples of coined names that are actually derived from existing words is Compaq, from “Compact” and Italiatour, from “Italia” which is from the Italian language and “tour”.

Even though the name is a combination, the business name is easily understandable for the english speaking population. It far more effective than just “italy-tours” as well. It is more colloquial and creates a classier image for the business.

There are both possible pros and cons to using a coined name to name a business. One of the advantages is that when it is a completely new word, you are working with a blank canvas. With your product and business features as well as marketing design you can make the name have any association that you wish with your customers.

Create a new business name

Coining a name also removes the limitations of a particular language and vocabulary. You are can create a more competitive name and have a better chance of creating that is entirely unique. Coining new words from existing words means that your unique business name can still have instant association with the consumer.

However, the limitations are that coined names can sometimes give the impression of being complex.

You consumer will be hesitant if it makes the product or the business sound too complicated.

For example, small business, related to cooking, house cleaning etc. ideally have a easy to remember and homely names.

Something very technical could dissuade the consumer from using your business by intimidating them.

As mentioned before, coined name are better suited to larger business and companies because first of all they might give the impression of complexity and secondly, they may require additional marketing and branding to get across the nature of the business and the business product to the consumer.

How To Choose The Right Name for a Business

how to choose the best business name

What should the business name say about your business? What part does the name play in the success of your business?

Ideally the name of your business should tell the customer as much as possible about your business. What does your business say and what are the things that should me reflected in the brand name? Look at your mission statement and go over the process that you went through for creating a niche. You will get a clearer idea of what you want the name of your business to say about it.

Many experts are of the opinion that the more self explanatory the business name is, the less hard you have to try to market it. In fact a useful thing to do is to start observing the names of the existing businesses. If you did not pay attention before, do it now. Notice which names impress you and why. What are the most memorable name and what does the recall value come from. Is it just the name or a combination of the name and the logo? Sometimes certain names allow for very creative marketing and advertisements.

Two common trends to notice when coming up with a name for a business is that they are either comprised of known words or are made up from coined up words. The opinion on what is a better approach depends on whom you ask. Some say using coined names allows you to write on a blank slate and make the brand name say anything you want.

The other advantage is you do not have to compete with words that are already taken up and most of the known ones are. However, what other experts have to say is that people prefer and identify more with business brand names that mean something. It tells them instantly about your business. Another common mistake that people make when choosing a name for a business is that they pick something that is novel but is also difficult to pronounce. This makes people less keen on speaking about your business and less word of mouth marketing happens as a result.

There are many brands that have been established with a name that does not say anything, such as Spencers and even Amazon. However, with time and effective marketing, these are international businesses that almost everyone has heard about. One of the greatest reasons for success for these brands, we believe, is the niche that they exist in. Amazon is a brand name that every one knows because they started in a niche that was largest seller of books online.

But, for a small business, it might be important to hit it off with the consumer straightway. It is not just the fact that the business name should speak about what the business is all about but also it should instill a feeling of comfort and association. For example, a bakery that specialize in every day fresh products could do well with a name like Oven Fresh. It tells that customer that they are getting fresh baked stuff when they shop there. It creates feeling of comfort, confidence and close association with the business.

At the same time you should take care not to be too specific. Taking the same example as above, lets say you start a cake shop. If you keep a name that has the word cake in it, you might be limiting the significance of the business name in the future should you decide to expand in to breads, muffins, pastries etc. Or it could go the other way as well. Someone who specializes in wedding cakes or other cakes can keep the word ‘cakes’ in the business name as it will enhance the notion that business is a specialized one. Basically, you need to keep a lot of things in perspective.

There are no fixed rules regarding choosing real words or existing words. Professional naming firm do a very good job of combining both to come up with terms that are new and yet mean something to the consumer. A very good example is Compaq, taken from Compact, which is what the company launched itself with, compact personal computer. Other names like Hewlett Packard have become institutions just by the sheer merit of being pioneers of computer products and delivering value to the consumer.

The popularity of business hinges on many aspects. The name of the business is one. And even then, the name itself hinges on other aspects like marketing, advertising and quality of the service and business product. At the end of the day, your business name should make all of the above easier. It should be easy to market and advertise by being memorable and it should be something that people associate with quickly either after being exposed to your marketing or to the product/service itself.

Why You Should Contact Existing Franchises Before Starting Your Own

Start calling all existing franchisees to find out more about the one you want to start a business with. Equally important, pay them a visit in person.

Information in Uniform Franchise Offering Circular

Another important piece of information that are uniform franchise offering circlet contains is a list of existing franchisees. This includes the franchisees who have been terminated or who have ended their relationship with the franchisor in the past. You will have access to the address and phone numbers of these businesses. If a list of terminated franchisees is long but it could be an indication that entrepreneurs find problems working with the franchisor. You can use the contact information for former franchisees to get more information as to why the agreement was terminated on whether the business had some problem with the franchisor.

Call & Interview Existing Franchise Business Owners

You can also decide to interview some of the existing franchisees in person. This is a good idea and quite an important step in your research. Do not go by the selected few names that the franchisor provides, but make your own sample list.

Visit Existing Franchises in Your Area

You can visit the current franchisees and talk to the franchise owners to find out what kind of business they are experiencing and what is your experience with the franchisor. You’ll get an idea of what a day today business can be like and whether you want to have a similar lifestyle as for as your business is concerned. In order to get all related information from the existing franchise, it is a list of questions that will help you get your research of the ground.

Questions to ask existing franchise businesses

  1. Did the franchisor offer any training?
  2. Was the training helpful in getting the business started?
  3. Is the franchisor communicative and responsive to your business requirements?
  4. Have there been problems with the franchisor that you did not anticipate?
  5. Has your experience showed that the information provided in the uniform franchise offering circular was accurate and realistic, is the income you generate in tandem with the expectation stated in the uniform franchise offering circular?
  6. Is the business seasonal?
  7. Are there expansion possibilities and opportunities for additional franchise in the system?
  8. Would you make the same decision to choose this particular franchise all over again based on your current experience and information?

Ensure that you discuss the details of the relationship of the business owner with the franchisor. Do things get easily done such as the purchasing process?

Talk to as many franchisees as you can to get a broader perspective and an accurate picture of the franchisor. Do not hesitate to ask sensitive questions even though some franchisees may not be very willing to answer them. One of the questions that often gets ignored is whether the franchisee had any conflicts with the franchisor. Conflicts are normal and natural in the course of a business between two different parties were involved. The important factor is how the problems were resolved and how often to the conflicts arise. The conflicts should be not serious enough to interfere with the running of the business and profit making.

Visiting existing franchise and talking to franchise owners will give you an idea of what businesses like. You will get to see firsthand how the business is run, what a typical business days like. Simply thinking in monetary terms might not be a very good idea because you probably also have a certain lifestyle in mind when you think of starting your own business. Certain franchise could have long hours involved as well as constant attention to the business. Investigating different franchise in different fields can help you choose one that fits your lifestyle better.

Spend a Week Working in Existing Franchise

Some experts also advise that you should spend at least one week working in an existing franchise. Some franchises may facilitate this kind of an arrangement. This is the best way to evaluate what your life is going to be after you sign the contract. Working in a franchise and spending time there gives you a good idea to business because all franchise for a particular company hubbub of the same business model and have to deal with the same parent company.

If by the end of your research you have shortlisted more than one franchise companies, you just have to decide which one you are more comfortable with. That is another reason why visiting existing franchise in person is so important in the selection process of the right size business with herself.

How to Choose the Right Franchise Business

Once you have decided that a franchise is the right path for you how to choose the right franchise?

Choose the Right Field of Interest

First of all you start with looking at various industries that interest you. You also look at the growth potential for the various different industries. By the method of elimination you narrow down your choices to a few industries that you are most interested in. Then you analyze your geographical area and see which franchise and businesses are already running in your area and which business has the potential for growth. If there is no existing business in the line that you have chosen, it could mean additional exposure and less competition. However, you need to make sure that the customer base for your product or business exists. This is accomplished by doing a market research, a topic that we have spoken about at length earlier. Once you have narrowed down the list of franchise business that you could start, contact all the available franchise for information. Any reputable franchise company would be happy to send you information no extra cost. Do not rely completely on the promotional material but to your own investigation of the company as well. You can do a search online and look up the various magazines, newspapers and articles that you can find about the company. Reading about the company will give you an idea whether there are favorable reviews for existing businesses as well as whether the company is well-managed and growing.

Contact the consumer or franchise regulators in a state to see if there have been any complaints or problems with the company. Check to see if the company or its principals have been involved in a lawsuit, bankruptcy or violations of federal laws and regulations. You can check with the Federal Trade Commission whether there has been any involvement of fraud or violation. If you do find petitions or lawsuits against the company, check with the records of the court and request a copy of the petition or judgment.

Check with State Franchise Authority and D&B

14 states in the United States of America regulates the sale of franchisee. The states are California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, North Dakota, New York, Rhode Island, South Dakota, Virginia, Washington and Wisconsin you can. You can contact the state franchise authority and check the records of the company if they have complied with the registration requirements. You will also need to find out what laws and regulations apply to you if you want to purchase a franchise. If the company is registered with D&B., you can request a D&B report which will give you details about the company’s financial standing, payment policy and other information. The easiest and perhaps the first way you can check out any business is by checking online or with the local office of the Better Business Bureau. If the company still sounds good, your investigation is just beginning. In order to get more details about the franchise, contact the franchise and ask for a copy of its uniform franchise offering circular. This is a disclosure statement that must be provided to all prospective franchisees within 10 business days before any agreement is signed or money changes hands, which are historians. If a company says that it is a franchise but does not provide you with a universe u franchise offering circular, you should contact the Federal Trade Commission and take your business elsewhere.

Uniform Franchise Offering Circular

The uniform franchise offering circular is an extremely important document as it has extensive written description of the company along with its financial details such as investment amount and fee required to become a franchisee. It also contains any litigation and bankruptcy history of the franchise and its officers, the trademark, the products that you on a required purchase, the advertising program and the contractual obligations of both the parties which is you and the franchisor. This document will also tell you how much working capital is required, equipment needed as well as the royalties that you will need to pay the franchisor. It also contains a sample copy of the franchise agreement that you will have to sign to buy the franchise you will also be given the franchisors audited financial statements for the past three years as a part of the uniform franchise offering circular.

In recent times the uniform franchise offering circular has been simplified and less full of legal jargon making it more readable for the average person. Before you make any final decisions you should also make your attorney and accountant read the circular as well.

Alternate Funding Source for Buying A Business

Finding alternate ways of funding a business

Whenever you are short of cash you can try these alternative methods for finding the required funding and financing and for purchasing an existing business.

Use your future assets

After you have bought the business you are going to own the assets of the business. So you can use this fact to get a loan from banks, finance Company and factors. You can make a list of all the assets that you are going to be buying along with any attached liabilities and present it to these financial and lending institutions to get the required load.

Using purchase order orders

Finance companies, banks and lending institutions will also be ready to give you a loan based on your receivables as well as on an existing inventory. Your existing equipment can be sold and then leased back from equipment leasing companies as well.

Seller financing

In certain circumstances you can ask the seller to provide financing. Many sellers may be agreeable to this kind of an arrangement because it might need a continued income for them. A seller financing should be easier for you to get because sellers are less stringent rules and regulations and to address less critical credit review than a lending institution. Seller financing is also flexible and you can come up with the the kind of arrangement that suits you both the best. You can structure a deal as you want and if they go to negotiate a payback schedule according to what is convenient to both parties. And some sellers will agree to bring down the price of business for continued perks such as a company, etc. Some may take notes of credit and a monthly payment on their financing as well.

Use an employee stock ownership plan

If you are going to raise capital immediately by selling stock in the business to employees, you may be able to get a business for as little as 10% of the purchase price. If you sell only nonvoting shares of stock you can still retain control of the business.

Lease with an option to buy

Some sellers will agree to ease your business and allow you to run it like you owned in the time that you can make a down payment you can completely buy the business. In the meantime you make a down payment and become a minority stockholder.

If you are short of money one way to reduce the cost of business is to either decline taking on the pending receivable accounts or by assuming the existing liabilities of the business.

Using a Business Broker When Buying a Business

business brokers are especially helpful for first-time buyers. They can be well worth the cost and actually help you save money by taking you through the negotiation process. A business broker can typically cost 5%-10% of the business purchase price. However, if you want to save money using a business broker, you should hire one in the later stages of the deal.

A business broker can help in the following ways

  1. Prescreening of business as already mentioned, business brokers are mostly higher by business owners who are looking to sell the business. A good and reliable business broker Williams refused to deal with the business if that business refuses to disclose full financial information or is overpriced. Such businesses could be potential risk for a new buyer and going through a broker will help you avoid these bad risks.
  2. Helping you pinpoint the right business a business broker can be of great assistance in matching you to the right business. When you explain your skills and interests to a business broker he can match you to the right business amongst the many that are available with him in his database and in some cases can even make a very clever suggestion of a business that you would have otherwise never ever considered but one that could prove to be ideal for a.
  3. Negotiating. This is probably the most important service that a business broker can lend a first-time business by. They will be aware of more points of debate and negotiation than a first-time buyer. They will help you and the seller stay focused on the ultimate cool and smooth over any problems that happen during the negotiation process.
  4. Assisting with filing paperwork and documentation completing a business for purchase is not easy. There are many technicalities to be looked into. The latest laws and regulations affect every aspect of my anger and running a business. Bloggers are usually updated with the latest amendments that affect everything from business license, permits and financing. We can help you speed up the paperwork process required for business filing, change of title, transfer etc. They can/many weeks and even months of the business purchase process. Working with a business broker also reduces the risk that you will overlook some crucial form, fee or a technical and legal procedure required for the purchase of the business.

What Are Direct Sales Opportunities

Direct sales opportunity

As already mentioned that direct sales is a very popular business opportunity with people looking for lots of time and flexible business. Some of the best-known companies in America including Avon, Mary Kay cosmetics and Tupperware fall under the category of direct selling business opportunities.

Whether direct selling, you will usually allow us to build a business on your own. There is very little interference from the parent company except that there may be infrequent reminders or e-mails to encourage you to sell more.

Direct selling business opportunities mostly offer low upfront investment opportunities which require the purchase of a product sample kit. You make money now for the selling this for the client to your family, friends and personal contacts.

However, in order to succeed, you need to expand your customer base to people other than who you know personally. Most of the direct selling programs also ask the participants to recruit other sales representatives under them. These constitute representatives and downline and their sales generate a commission for those above them.

However, you should know that a direct sales business opportunity that compensates participants primarily for recruiting others rather than for selling the company’s products can be considered an illegal pyramid scheme. These flourished a few years back and were basically judged to be scams by the Federal Trade Commission because there was no real business involved. The only money that people were earning was when they recruited other people under them and then those people repeated the process. There was not much sale of products involved just one person paying the one above them to join. It was the same cycle which was basically a scam because it was not the business.

Direct selling programs are usually exempt from business opportunity regulations and are not defined as franchisees under state and federal franchise laws. For this reason they enjoy it a certain degree of freedom from any regulation and sanctions. It is important you do your own investigation before you invest money in any direct selling business opportunity. For more information you can check out the direct selling Association’s website.

Summary

  1. Relatively cheap to buy in. 
  2. Many big names like Amway, Avon,Tupperware. 
  3. Good for people wanting to work independently and part time of full time. 
  4. Sell product line to direct contacts as well as through marketing. 
  5. Recruiting other sales reps in downline. 
  6. The potential of income should me more from selling products rather than downline recruitment. If not, could be illegal pyramid scheme. 
  7. Exempt from business opportunity regulation. 
  8. Not defined under franchise laws. 
  9. Do your research.

Definition Of A Business Opportunity

what is a business opportunity

A business opportunity is between starting your own business and a franchise.

If buying a franchise sounds too restrictive and starting a business from scratch sounds too risky, then the option for you might be to purchase a business opportunity. A business opportunity can be defined as a packaged business which is ready for purchase and investment. It allows the buyer to go into business on his own without much control or regulation by the parent company. Technically speaking all franchise are business opportunities but not all business opportunities are franchises.

A business opportunity usually exercises no control over the person who purchases it. He is free to do business in the manner that the best sees fit in order to generate sales and profit. Because there is no continuing relationship the buyer of the business opportunity has a greater degree of freedom and it is something that can be used to one’s advantage by those people who desire independence in running their own business.

Business startup

A business opportunity is usually also not a high scale opportunity on its own after for example when you buy a franchise you are buying into the business system that allows you to set up shop to sell products and services. Setting a franchise from major companies such as McDonald’s, Kentucky fried chicken etc. are major business models. Whereas the business opportunity can be a very non-assuming and can be started at a very low level.

In fact in most of the circumstances person buying a business opportunity is under no obligation to do anything to promote the business after he has bought the opportunity. You are not obligated to follow a strict specifications for a detailed program.

All you need to do in most cases is purchase a starter kit that contains enough material to get you started on a small scale and operate a business in your own name with an affiliation to the parent company mentioned if you so choose. There are also no ongoing royalties in most cases just that you may be required to the purchase of materials when you run out.

While the lack of support can be an advantage, it is also the business opportunity’s chief disadvantage. Many people buy into several business opportunities getting inspired by some seminar all of that talk by someone who is already doing it but failed to make anything of it because of lack of effort and the lack of drive.

Since a business owner can make whatever and however he chooses from a business opportunity, many fail at the very outset of it because they do not know how to go about it in the first place and give up easy enough. Selling and marketing products is never easy and it requires a proper know-how and training. Many people rely on the selling a business opportunity and its products to their personal contacts, family and friends.

But once these sources or point of sales get exhausted, so does the business. Also, because of no long-term commitment from the parent company, business opportunities have their share of con artists who promote fraudulent work-at-home offers with the promise of instant success and income. Increased regulation of business opportunities has dramatically lessened these scam offers but you must still investigate a business opportunity thoroughly before you invest any money.

Along with investigating the business opportunity to know if it’s genuine, you must also consider the fact that it is something that you can do. For example, a very popular example of a business opportunity is direct sales. Before you buy into any one of these opportunities with direct selling business, you have to be absolutely sure that you are comfortable with selling to people, generating new customers. Simply counting on selling to your friends family and personal contacts is not enough to have a good business.

Highlights of a Business Opportunity

  • No support from the parent business.
  • More freedom for the buyer.
  • Cheaper than franchise.
  • Package business investment.
  • Scams and con artists because of lack of contact between buyer and business.
  • Common examples, distributorship and dealers and direct sales.

Popular Business Opportunities 

Dealership / distributorship – Right to sell a product without use of the company trademark. Distributor sell to many dealers. Dealers sell direct to consumers and retailers.

Licenses. – right to use product technology and trademark from the business company.

Vending machines. – setup vending machines. Help with finding locations. Restock yourself and collect money. The business may provide product for restocking.

Cooperatives. – allow a business to join other businesses in a network mainly for the purpose of advertising and promotion.

Direct sales.

How To Research A Business Opportunity 

Keep the following points in mind to effectively research a business opportunity.

  • More challenging than franchise.
  • Lack of disclosure statement might make things more difficult.
  • Follow the same steps as evaluating a franchise.
  • Better Business Bureau and D&B. Possible to get a complete report if registered with D&B.
  • Compliance with laws and regulations.
  • Lawsuit or bankruptcies? Details about lawsuits. What was the violation?
  • Provide you with list of people working with the business opportunity. Ask for a full list in your state.Talk to as many people as possible.
  • Business opportunity not as clearly defined as franchise but allows more freedom.

How To Buy An Existing Franchise Business

buying a franchise

Buying a franchise lessens the risk of starting a business from scratch. Many executives choose starting out through a franchise as it gives them the groundwork of becoming an entrepreneur sometime in the future with their own business and also because they feel comfortable with a lot of aspects of a business such as taking care of managerial work, making calls, managing orders, employees etc.

However, you can further lessen the risk of a franchise business by buying an already existing franchise. Just like buying an existing business, an existing franchise will already have a customer base and a management system in place with ongoing revenues.

While any franchise is given support by the parent company and the management system as well as many policies that govern the running of the business are dictated by the parent company, buying an existing franchisee still has advantages. You can check the local classified ads or visit the business of resale network www.businessresale.net which has many thousands of business that are available for resale.

When you have found an existing franchisee that is for sale, the steps for evaluating the business are the same as we have mentioned about choosing the right franchise. However, you are likely to get a lot more information from an existing franchise that is for sale. Because this business owner wants to sell, he will be more cooperative in giving you details of the business and hard facts.

However, just as it was the case with buying an existing business, the cost of buying an existing franchise is probably going to be higher than taking a new franchise from the parent company. This purchase price can be 2 to 4 times that what you would pay for new franchise from the same company

Because you are going to pay so much more money it is even more important to have the audited financials financial statements and have them reviewed by a continent.

All of the procedures of investigating the business and its legal standing with your lawyers such as previous litigations and judgments if any, bankruptcies, complaints and violations with the Federal Trade Commission all need to be looked into. The assistance of an attorney is imminent and important.

In some cases you might discover a franchise that is not doing well. It is your job to evaluate what the reasons for the failure of the business days. The current owner could be doing something wrong such as not implementing effective marketing and advertising strategies or isn’t putting enough effort in the system correctly.

It is crucial to analyze this factor with the help of your accountant and your attorney. You may even take the help of management expert. You should be able to determine that the problem is something that you can correct and bring the pro-business to be profitable.

There are franchises for sale because the current owner is not making enough money or is running at a loss, you may be able to get the existing franchise at the same cost as from a quarry even lower than what you would have paid for a new franchise from the existing company.

Analyzing franchise running at a loss before you buy it is important because it’ll probably take some time until you can implement your new methods and strategies in order to turn the business from a lossmaking business to a profit generating one.

However, in the meanwhile you will have overheads to pay for the business. So while you purchase a franchise yet a certain cost, you will have to pump money into it for a certain duration of time before the franchise starts to generate an integrated.

One of the most important questions to consider and the first basic one that you should ask is why is the business for sale? It is possible that even though the franchise is thriving and generating profit, the parent company may not be doing so well.

In certain situations when the franchise owner knows that the parent company is going to face financial problems in the near future they might try to unload their business before the company.. Also analyze the systems, accessibility that you would get from the existing franchise owner when you buy it. Do not settle for anything less than what you’d get if you were to buy a new franchise.

Summary

  • Buying existing franchise to cut down risk.
  • Better assessment of risk and potential earnings.
  • More expensive.
  • Ask franchiser for existing business for resale.
  • Visit business resale network.
  • Have numbers audited by a CPA.
  • List of questions to ask the same as when buying a new franchise.
  • Buying a franchise in trouble, make sure the problem is something that you can fix.
  • The parent company for the franchise should not be in trouble.

How To Prepare For A Franchise Business Opportunity Trade Show

Franchise trade show

Attending franchise opportunity tradeshows

Attending a franchise and business opportunity tradeshow can be helpful in exploring the various franchise investment opportunities. Usually when you go to a trade show of, you will find dozens and even hundreds of businesses on the shore. This can be exciting as well as confusing. So in order for your trip to be fruitful, you need to prepare carefully.

Before you go to the show, consider what kind of business investment you are looking at. Consider all aspects such as part-time or full-time, what kind of business you want to set up which are better suited to your hobbies, passions and, skills and expertise.

Calculate your financial resources.

You should know how much you can afford to invest in a franchise. Evaluate all your resources such as what you have, but you can borrow from family and friends and from lending institutions and how much you would need to sustain yourself and your family while you initially setting up a business. What are your financial goals for the business? Get all this information or give organized so that you are able to narrow down the franchise offers at the trade show.

Go with a serious approach.

Dress conservatively, and go with the serious frame of mind to the trade show. Showing the representatives that you are serious contender will probably result in you getting more attention and information. Trade shows can get swamped by people from all arenas and various different interests. You should try and stand out as a prospective and serious buyer.

When you reach the show try to do the following.

Study the floor plan of the exhibition. Trade shows can be immensely large where hundreds of businesses are showcasing themselves. Studying the map will help you locate the ones of your interest and where they are located so you can cut down on wasting time in searching for them. Stop by these boots of interest.

Use your time well

Pay attention to the businesses that you are interested in and do not waste time with the franchise offers that are either out of your range or do not meet your requirements. When you stop at the stalls of your interest, you should ask them a list of questions such as

  • What is the total investment required or should not
  • What is the franchisee’s typical day like?
  • What arrangements are made for product supply?
  • Is financing available from the franchisor?
  • Ask for a copy of the company’s Universal Franchise Offering Circular. Not all franchises will give you this information at the trade show which is acceptable. But if you’re serious about the opportunity, insist on having a copy as soon as possible.
  • Collect all information such as business cards and brochures that they are handing out.

Once you have come back home file away the information that you collect systematically. Go over all the information that you collected about various businesses and start making calls to the ones that seem interesting.

Summary

  • Make a list of what your interest and expectations are. Part time full time etc.
  • How much are you willing to spend to purchase the franchise license.
  • Be serious. Dress well. Go with a business approach.
  • Make it a professional trip, not personal.
  • Look at the floor plan. Note the franchise of interest.
  • Stop by and ask for details. Total investment? Product supply? Typical business day?
  • Take a round of the place. Ask for UFOC.
  • Don’t waste time with franchise that do not fit your criterion i.e.too expensive or not in area of expertise and interest.
  • Collect business information, business cards, brochures, business plans.
  • Organize the information and go over it systematically.
  • Start making calls to the businesses of interest.