Would you like to be your own boss and start a franchise in Oregon? If so, there are many different options to choose from. Oregon has become increasingly popular in recent years, as many people are drawn to the beautiful scenery and unique lifestyle of the Pacific Northwest. Franchises have benefited from this influx due to the existing brand familiarity they have with the transplants. While you may want to capitalize on this brand recognition, the process of exploring franchise options and registering your business can seem daunting. However, there are several steps and resources available to ensure your success. Following the guide below will help you avoid the most common pitfalls of business ownership.
First, you need to familiarize yourself with required expenses. Franchise fees and other costs can vary significantly depending on the type of business you are looking to start. Start-up costs alone can range from as little as a few thousand dollars to more than a hundred thousand. Apart from starting costs, costs will also include operating expenses, such as rent and employee wages. If you are pressed for capital, finding a business with little to no overhead, no required brick-and-mortar location, and few to no employees is key. This is feasible for some online, home-based, and mobile franchises.
Additionally, franchisors typically require new franchisees to complete an initial training program of varying lengths. The training is typically structured and conducted by either the franchisor or an appointed regional manager. The training usually covers topics like product knowledge, customer service, operational procedures, marketing, and compliance with corporate policies. While going to take some classes may not seem fun, this training will allow you to own and operate a business that you may not have a ton of experience in. This is an invaluable benefit to owning a franchise.
The basics of Oregon's legal requirements are similar to those in other states. All businesses in the state are required to register with the Oregon Secretary of State's office and obtain an Employer Identification Number (EIN). Additionally, you’ll need a physical business address, which must be published on your website, and obtain both general and specific business licenses, depending on the type of business you are running.
When it comes to finding a franchising opportunity, there are several methods to use to identify potential options. You can use the cost, industry and location filters on our site to see what's available in your area, interest and budget. Then, you can decide if the target audience for that franchise matches with the demographics of your location. If you have determined that your market is a viable one, you would next need to learn about how much competition exists in your market. If there is also an opportunity for a newcomer to the marketplace, you may have found a winner. You'll want to continue with your due diligence by speaking to other franchisees of that business, and gather any revenue and profit data you can about the franchise. All this should greatly narrow your list of possibilities.
While starting any business, especially a franchise, can be an intimidating venture, there are several resources and steps that make the process more manageable. The SBA and SBDC will be able to help you when you need assistance. Be sure to do your own research, understand the financial costs involved, and make sure you take the time to go through the appropriate legal processes. While the franchise you choose may be a good one, not understanding your FDD could negatively impact your ownership experience. Once you've done your due diligence and are confident in your legal obligations, you'll be ready to spread your wings and fly! Doesn't being an Oregonian encourage that. After all, the state motto is "She flies with her own wings." Good luck and be sure to view opportunities in your area from our list below.
