looking for a great way to get into business for yourself? Well, the franchise may be your answer, especially if you go to or a new business venture or a brand new industry. franchiser becomes a partner and immediately gives you the credibility and experience needed, as well as the procedures and support that you normally would not run the business on its own.
The best franchisers are the ones who not only sell you their name and concept, but also provide inventory and equipment. They do not sell you items such as supplies, equipment or inventory, but the fact you have the name of the franchiser allows you to use their purchasing power.
Royalties represent a significant part of the franchiser revenue stream. In other words, the more money you will make more money franchisers make. And since you have the opportunity to buy from them or from competitive suppliers, will always give you the best value. This is one of the many benefits that you get the formation of partnerships with them.
Midas is just one example of the many franchise opportunities out there. Here is how you can begin to open their own Midas franchise store:
First of all you'll need to go to Midas' website and fill out the personal data sheet. To send electronically is much, much easier than mailing or faxing the company. It could not hurt to ask for information about franchising opportunities packet, as well.
Do you, or you can fill in Midas' requests to run a franchise store? They require you to have a net worth of $ 250,000 in cash and liquidity of $ 75,000. You also need to have some general business experience in order to be eligible.
In order for you to start your franchise, you know that you will need a total investment of about $ 243,000 to $ 329,000. It does not include the initial franchise in the amount of $ 20,000. Midas also requires franchise owners to pay 10% fee on top of the $ 10,000 franchise fee per year.
If you do not have access to such large sums of money contact the Small Business Association and apply for a business loan. They reported that of 47 credits for Midas stores removed through them, only 4.26% failed to repay the loan. SPP is not fully charged off anyone who got this loan.
You're going to need help running the store, so hire some people who you think will be a good, hard worker. You will find people with experience in automotive repair obvious.
Before you open a new Midas shop, you're going to travel to Midas headquarters for three weeks of training. After you have completed the in-house training, you are required to receive one to two weeks of training at their own location.
One great thing about joining a franchised Midas shop that you receive ongoing support from the company. They do this through newsletters, company meetings, free telephone help line, Grand opening celebrations and field operators. You also get to learn the company's safety and security procedures. Another major selling point for becoming the owner of the Midas franchise is access co-op advertising and gain national media exposure.
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