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22 Find Out if a Fra= nchise is Right for You

For= some entrepreneurs, the appeal of a small business doesn’t lie in starting= it. Any aspiring business owner who has spent more time in a large corporate environment than in a small business may not have the time, patience or experience to build an enterprise from the ground up.

For= those individuals, acquiring a franchise is an option worth exploring. Franchise operations exist in virtually every industry. The common denominator is a s= uccessful business model, beginning with an established name. In exchange for giving = up a certain level of autonomy and creativity, the franchise operator acquires a turnkey business with a more or less proven set of operating guidelines and management systems.

As = with any other venture worth pursuing, you’ll increase your chances of small business success in a franchise by doing your research. That means research= ing and evaluating not only specific franchise opportunities but the business l= ine or industry you are considering: its growth rate, competition, the target market and how that industry is doing in your own region. Here are some resources to tap into as you perform due diligence on franchises.

If you are interested in obtaining start-up funding from the Small Business Administration, a likely place to start your investigation is the SBA’s franchise registry at www.franchiseregistry.com. There you’ll see that the= SBA has prequalified dozens of franchises. If a franchise is eligible for = the registry, the SBA will expedite loan processing for its prospective owners.

The International Franchi= se Association offers an online franchise opportunities guide at www.fran= chise.org. You can also reach the Wa= shington, D.C., headquarters at 202/628-8000 or by email at ifa@franchise.org.

Another nonprofit trade association is the American Association of Franchisees and Dealers, ba= sed in San Diego. It features an online guide to buying a franchise at www.aafd.org. The association has an accreditation program for franchises as well. The telephone number is 1-800/733-9858, or you can send an email to benefi= ts@aafd.org.

Each January, Entrepreneur magazine publish= es a list of the “Franchise 500,” which includes the top 10 franchises for the coming year. The Web site is www.entrepreneur.com.<= /span>

Onc= e you have reviewed the information provided by the franchisor, you’ll want= to get in touch with current or former franchisees with a prepared list of questions.

If = you would like to discuss this topic or business planning, business growth strategies or a specific business issue, contact SCORE® “Counselors to America’s Small Business.” To contact the Greater Binghamton SCORE Chapter 217 for assistance call 607-772-8860 or 1-800 -920-6972. You may also contact SCORE= ® for person to person counseling appointments at = the above telephone numbers. If you are already in business onsite assistance is also available. The Greater Binghamton SCORE® Chapter 217 website is found at www.greaterbinghamtonscore.org . The national SCORE® website is found at www.score.org or sign up for email counseling at= www.score.org .