Tips for Choosing and Financing a Florida Franchise Opportunity
With millions of people unemployed and fierce competition for jobs, many people are considering self employment. Currently, one of the most popular self employment options is to buy and run a franchise. A recent web article by a franchise financing bank gave prospective buyers a few helpful tips on finding and financing the right franchise opportunity.
According to the International Franchise Association, there are over 1200 franchise brands available in the US. Buying a franchise in an area that interests you is the first step to success. Second, you should consider the amount you are able to invest. The investment requirements for different franchises can vary widely; if you do not have a lot to invest, that will rule out some of the higher priced opportunities. One source of fuding that many people forget is their retirement savings. While the best thing to do with retirement dollars is to "leave it for retirement," in these difficult times, all financing avenues should be considered. The Employee Retirement Income Security Act of 1974 allows people to finance a franchise purchase from existing retirement savings with no taxes or penalties.
Finally, perform thorough due diligence on any franchise you are interested in before signing any paperwork. Enlisting the services of a CPA and attorney who specialize in franchise ownership is critical. If you live in the Jacksonville, Florida or Orlando, Florida area and are considering purchasing a franchise, please contact Wood, Atter & Wolf, P.A. for legal counsel.
Read more about finding and financing a franchise opportunity at How to Choose and Finance a Franchise Opportunity.
