4. Select prime location. The specific location within your target area also is critical. If you are situated in an infrequently traveled area no where near complimentary businesses or at the back of a strip mall, you limit your earning potential. Even if you are the only game
in town you must gauge the likelihood of outsiders visiting your restaurant. If the restaurant is right off of a major freeway heavily traveled by truckers and road trippers you may be highly successful despite a remote location.
5. Secure financing and choose a franchise. Once you have made your selection, you'll probably need financing. There are numerous options, including conventional bank loans, SBA guaranteed loans and home equity loans. Some franchisors offer their own in-house financing. For less expensive franchises like home-based business franchises you may not need to borrow money. Some franchisees charge the franchise fee on a credit card.
6. Attend training/hire staff. In order to run the business you will need training and an operating manual. Your franchisor should provide some form of training. Depending on your franchise concept you may need to hire a staff. Before your business opens you'll want to post signs and run an ad advertising openings.
7. Get necessary permits and insurance. You may be required to apply for various federal, state and county licenses and permits. Each industry has its own requirements for insurance. This information should be listed in the Franchise Agreement.
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