I'm thinking of buying one. Excuse my ignorance but what would be an ideal choice for this process?
Do I need a business degree? How do I choose a location? What is my financial responsibility? How to avoid foreclosure/bad business? Who is in charge of hiring people? How do I profit off of this the best way? How do I determine/budget employee wages?
Thank you GAGers! in my opinion to most detailed input (:
Oh and just throwing it out there, I was thinking of a Yogurtland.
Most Helpful Guy
The franchise will help you find a location, they do the training but you do the hiring your financial responsibility is different from franchise to franchise but as a rule you will need to cover all opening costs, equipment, rents, initial inventory, fixtures, etc. you will also be on the hook for a percentage of your gross income and possibly a franchise fee. You will not need a degree in business, but certainly have a good lawyer on your team, as well as someone else with franchise experience (build a team, don't try and do it on your own) Profit is based on door swings, so you market the heck out of your location (not rely on the franchise parent) and maximize EVERY sales opportunity. Be aware of your competition and watch the trends in the business. Entrepreneur magazine puts out a yearly list of the top franchises I'll put the link below. There is also a "Nightly Business Report" on Franchising that is pretty good, I'll include a link to YouTube for it