Opening a franchise is what many consider a safer risk for those wishing to become small business owners. The backing of a major chain, whether it’s a convenience store or a fast food restaurant, gives business owners an edge and puts the odds for success in their favor. Still, there are significant hurdles to overcome as opening day nears. A. Harrison Barnes says one of the most difficult tasks for business owners is hiring and retaining employees. In some franchises, the independent stores have their own payroll clerks, secretarial jobs and even accounting jobs that must be filled. Hound.com has helped thousands of franchise owners find the right personnel to fill those job openings.

It can become stressful to open any business, whether you have the power of a franchise behind your or not. There are substantial cash obligations, locations to find, tax and insurance issues and myriad of other tasks. Getting the hiring process behind you feels like a major burden has been lifted. Some business owners even define temporary positions they wish to fill until they business is up and running. These positions include marketing jobs and advertising jobs.

Some of the other considerations include:

  • Transportation Costs – Do you need a company car or will you be using your personal vehicle?
  • Do you have the initial investment?
  • Have you selected suppliers? Defined delivery schedules? Opened an account with the suppliers?
  • Equipment Costs – Will you need computers and if so, how many? Cash registers? Kitchen equipment?

Also, A. Harrison Barnes reminds those considering becoming franchise owners to consult their attorneys, tax preparers and to also do their own independent research. You should know before committing whether or not the area you’re hoping to set up shop in has a market for what your business offers. Another must have is a business plan and model. You can’t convince investors if you can’t show them the scenarios that address every single problem, the timeframe for earning profits, a profile of what the customer looks like, the business filing status (LLC, etc.) and any other questions an investor wants an answer to before sinking money into any project. Another great idea is to consider any government incentives that might be available. Often, the government will pay part of a student’s salary for those small businesses willing to bring them on board. There are also small business loans available with the backing of the Small Business Administration.

Finally, there is the franchise itself. You will have certain licensing obligations, non-compete clauses, confidentiality contracts and other legal considerations. While this may seem overwhelming, take heart in knowing Hound.com stands ready to help you cover the employment bases. With an incredible database of employees who are currently looking for positions and are ready to come to work, that’s one less issue you don’t have to worry about. Your goal is to become the best franchise owner possible while navigating the small business waters.

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