People often aspire to own their own business so that they can work on their own terms and apply their own ideas to their enterprises. However, huge capital requirements, great risks and inexperience often restrain these business aspirants from converting their dreams into reality. New Orleans potential businessmen might be questioning if there is a safe way to make it big in this complex business world. Well, the answer is yes. Franchise agreements are an option whereby business contenders may convert their dreams into reality.
Franchise agreements are beneficial not only for New Orleans franchisees but for franchisors as well. Whereas franchisees get much needed financial assistance and required guidance for starting a business, franchisors get hard-working and dedicated people who help them in expanding their business operations.
The recent Louisiana Franchise Expo held in New Orleans was a platform whereby potential business aspirants got an opportunity to meet business people from across the U.S. and take a look at some big companies. With the previous Expo bringing so many opportunities in the restaurant sector, this round brought plenty of opportunities in various sectors including education, technology, damage restoration, health and fitness and business services.
Total required investments, including working capital, were estimated by one franchisor at $75,000. An owner or franchisee would have to invest around one-third of the total investment and the remaining capital could be financed.
According to a franchisor, what the franchisors were really looking for in potential franchisees was not prior experience but people with general business knowledge, good communication and people skills and a desire to be in charge of a business.
However, as Louisiana franchise law does not require registration or presale disclosures or offering circulars to franchise purchasers, potential franchise purchasers ought to be extremely careful when entering into a franchise agreement and seek professional help. It would be important to know the history of the franchise, receive financial disclosures, understand terms of termination and carefully negotiate a lease agreement.
Source: WWL.com, "Louisiana Franchise Expo brings more national chains to NOLA," Shana Rose, Jan. 9, 2013