Real Estate - Orlando Big Homes

Market Research

Through market research, you can determine if there's an opportunity to turn your idea into a successful business. It's a way to gather information about potential customers and companies already operating in your area. Use that information to identify a competitive advantage for your company.

Business Plan

It's a roadmap for how to structure, operate, and grow your new company. It will help you persuade people that working with you (or investing in your company) is a smart choice.

Financing your Company

Your business plan will help you calculate how much money you'll need to start your company. If you don't currently have that amount, you'll need to raise funds or borrow capital. Fortunately, there are more ways than ever today to find the capital you need.

Choose the Location for your Venture

One of the most important decisions you'll make is the location of your company. Whether you're setting up a brick-and-mortar business or launching an online store, the choices you make could influence your taxes, legal obligations, and profits.

Choose a Business Structure

The legal structure you choose for your business will impact the registration requirements of your company, the amount of taxes you pay, and your personal liability.

Choose your Company's Name

It's not easy to pick the perfect name. You'll want one that reflects your brand and captures your spirit. You'll also want to verify that the name you've chosen isn't already in use by someone else.

Company Registration

Once you've chosen the ideal name for the company, it will be time to legalize it and protect your brand. If you're doing business under a name different from your personal name, you'll need to register with the federal government and perhaps also with your state government.

Federal and State Tax Identification

You'll use your Employer Identification Number (EIN) in significant actions to start and grow your company, such as opening a bank account and paying taxes. It's like a social security number for your business. Some states also require obtaining a tax identification. However, this is not the case in Florida.

Licenses and Permits

Always comply with regulations to keep your business running smoothly. The licenses and permits your company needs vary depending on the industry you operate in, the state, location, and other factors.

Open a Business Bank Account

A small business checking account can help you manage legal, tax, and day-to-day matters. The good news is that it's easy to open one if you have the right records and documents ready.

1. Customer Profile

Before searching for and analyzing a franchise, the potential investor needs to understand their profile in order to establish the foundation from which to analyze potential franchise investments. Important factors to consider include: investment level, desired level of involvement in the business, industries of interest, investment return objectives, and desired territory or area for location, among others. These factors will help the potential franchise investor narrow down their list of possible investment options. Additionally, if the individual is a foreign citizen seeking to obtain an EB-5, L-1, or E-2 investor visa, they should also ensure that the franchise has all the required characteristics to qualify them for one of these investor visas.

2. Presentation and Analysis of Options

Once the investor's profile is determined, the process of reviewing different franchise options that best align with it can begin. At this stage, it's important to understand the overall business and decide if it is of interest to them and their family. A relevant question to consider is whether they are genuinely interested in the business. The investor should try to avoid investing in a franchise or industry they have no interest in. Typically, franchise owners who have the greatest passion for their business or industry and are willing to work closely with the business for the first year or two are the ones who achieve the most success

3. Interview with the Chosen Franchise

The initial presentation meeting is an integral part of the process when deciding on the right franchise investment. It would be the first time a potential franchisee speaks directly with someone from the franchise team. This first contact is essentially an interview for both parties. On one hand, the potential franchise investor should be seeking to understand the business, what would be required of them to manage the business on a day-to-day basis, and the investment requirements to get the business up and running. On the other hand, the franchisor is generally looking to determine if the franchise candidate is qualified. Each franchisor is different, although typically they try to ascertain if the potential franchise candidate shares the same characteristics as their most successful franchise owners. Franchisors are selective as they need to ensure that only qualified franchisees enter their franchise system and maintain brand standards. At the end of the day, entering into a franchise agreement should make sense for both the franchisee and the franchisor, as each is committed to a long-term relationship, usually lasting for 10 years.

4. Detailed Evaluation Process

Many franchisors, especially well-established ones, will ask the potential franchise investor to complete a franchise application. The application is typically only a few pages long and contains a series of questions about the applicant's profile and personal finances. The franchisor requests this information to ensure that the potential franchisee meets the minimum requirements. This saves both the potential franchisee's and franchisor's time by verifying that the requirements are met before progressing further in the process.

5. Franchise Agreement Signing (FDD)

Once the franchisor approves the franchise application, they will typically send the applicant the Franchise Disclosure Document, also known as the FDD. The FDD is a legal document presented to potential franchise buyers during the pre-sale disclosure process. It provides relevant information about the franchisor and the franchise system to the franchisee. As this type of business is regulated by the Federal Trade Commission (FTC), they are required to have this document to present to potential franchisees.

Each potential franchisee has the opportunity to review the document for a minimum of 14 days before signing. The applicant will have time to communicate with the franchisor and ask any questions they may have regarding the document. We recommend that all our clients have a specialized attorney review the document to fully understand it before signing the agreement.

6. Training

Before the development is completed, the franchisee will undergo training with the franchisor. Typically, this training takes place at the franchisor's headquarters and also involves spending a few days at the franchisee's unit. The training period prepares the franchisee to operate the business as soon as their unit is ready to open. Additionally, the franchisee usually hires and trains employees with the franchisor's assistance before opening their doors.

7. Start of Pre-Operational Stage

Once the lease agreement is negotiated and signed, the development phase begins. Here, some franchisors will have you follow a project management or turnkey planning, while others might offer their contacts such as architects, suppliers, and contractors for you to manage.

Franchises often provide significant support during the development phase, so it's important for the franchisee to understand how the franchisor will assist them during this initial stage.

8. Business Opening

With your unit fully developed and training completed, the franchisee is ready to open their business and start operations. From this point forward, the success or failure of the business largely rests in the hands of the franchisee. It's important to follow the proven formula that the franchisor has created and continues to refine. The franchisee can and should seek guidance from the franchisor as well as the franchise network for any questions or concerns they have during the course of their business. At the end of the day, the entire franchise system benefits when each franchisee succeeds.