Today, franchising enjoys wide popularity as a business model in the United States. Whether you contemplate choosing a cell phone repair franchise, or some other type of franchised business, undertaking careful advanced research remains important. This type of investment may prove either lucrative or very costly.

Prospective franchisees in the USA frequently benefit from accessing free or low cost resources provided by a partner of the Small Business Administration. A nonprofit organization called the Service Corps of Retired Executives (“SCORE”) supplies confidential mentoring to assist business owners. It also offers several tools designed to facilitate the evaluation of franchised opportunities.

About SCORE

The Johnson Administration helped launch SCORE in 1964. Today, the nonprofit maintains over 300 chapters and draws upon the expertise of some 10,000 volunteers. They conduct a number of business-related training activities nationwide, including sponsoring educational seminars and conferences, often in the form of online webinars. One of the most valuable services provided by the group involves individualized mentoring. Prospective business owners can request guidance from retired business executives from a variety of fields.

Assisting Entrepreneurs

For example, SCORE provides a guidebook to help prospective franchisees evaluate the suitability of franchised business models. Additionally, the nonprofit organization has generated a helpful checklist of questions to ask during a franchising interview. Using these resources assists investors in researching businesses of most interest to them in greater depth.

Careful Background Research

One step recommended by the organization applies in almost every franchising case. SCORE urges anyone considering investing in a franchise to take the time to visit with current and former franchisees of the business. While conducting personal interviews does involve greater effort than performing cursory research, it also helps a prospective franchisee appreciate the challenges and benefits of operating the franchise on a daily basis. Spending time speaking with others who have already gained first hand experience working as franchisees of a company may assist an entrepreneur in formulating precise questions to ask during a follow-up franchise interview, for instance.

A Long Term Resource

A franchise often supplies extensive training (provided by a franchisor). The volunteers from SCORE also remain available to furnish helpful guidance to new franchise owners. Using this resource makes sense for many entrepreneurs today!