5 Requirements You Need to Start a Franchise Business

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5 Requirements You Need to Start a Franchise
Business
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• Thats owned and run by a franchisee or
  individual, a franchise is a business but is
  overseen and branded by a larger parent company
  or franchisor. Common examples include outlets
  and parlours.

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1. Money for Getting Your Operation off the
Ground and Running

• Youll need to have enough initial capital as
  well as an overall net worth before even
  considering starting a franchise, before you can
  get your operation going. You may have to borrow
  money, unless youre independently wealthy. You
  could also use equity raised by other people,
  Start with commercial banks since they fund many
  types of franchises.

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2. A Business Plan

• Which youll also need to present to a
  lender, one of the main requirements for starting
  an Amul franchise is a business plan. Go over all
  the data youve been offered from a prospective
  franchisor, before writing your plan in addition
  to your own personal research.
• Such as estimated investment expenses, your
  plan should include details, besides projected
  returns. Be sure your business plan is well
  written because this can make a difference in
  whether a lending company approves your loan most
  importantly.

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3. Exceptional Management Skills and Experience

• Youll need to possess the right skills and
  management experience, for your Amul franchise to
  succeed. Therefore, before trying to buy the
  franchise, be sure you have the right set of
  skills that meet a franchisors requirements.

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4. Regulatory or Legal Requirements

• That the parent business mandates, a fourth
  requirement is satisfying any regulatory or legal
  requirements. In other situations, it could
  involve educational requirements or specific
  licensing, while sometimes the requirements are
  simply obtaining permits and a lease.

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5. A Good Accountant

• Experienced and highly qualified accountant
  for creating audited financial statements, youll
  also need a skilled. You sound advice on your
  businesss financial structure.

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