Buying a Franchise: A Checklist for MinoritiesThere are opportunities for minorities entering the business ownership world. One of the opportunities involves buying a franchise.

Cleaning franchises are among the many considerations available. There is lots of money to be made by minorities—and others, too—from a cleaning franchise. Before taking that proverbial plunge, however, there is a checklist to consider. More than dotting all of your I’s and crossing all of your T’s, this checklist will help ensure if you are a minority that you take advantage of all the opportunities available to you.

Incentives for Minorities

Before buying a franchise, do some research on all possible franchise ownership options. Some offer incentives for minorities. Those incentives range from a lower franchise license fee, to special financing from the franchisor with a lower interest rate than what you could get from your bank.

Don’t choose a franchise only for the incentives they offer, however. Make sure the franchise you choose to buy is the best available for your business needs.

Ask yourself a few questions about the franchise—even if it offers a significant minority discount. Does it provide ample training and support for the franchisee? Does it provide a marketing and networking plan, too? If you’re considering buying a cleaning franchise does it come with a high profile internet presence, with a website, social media pages, and frequently updated blog posts? Does it have a logo and strong brand your customers will soon come to appreciate and rely upon?

If not, keep looking for a franchise that offers these options along with one or more incentives.

Retaining Certified Professionals Matter

Before you sign on that dotted line, make sure to learn exactly who will come to your aid should you require it once you become a franchise owner.

national business organizations that serve minoritiesDoes the franchise you’re considering have a certified CPA to help with your bookkeeping and tax preparation needs? Is there an attorney on staff to handle any legal action that might be taken against you? While you’re not agreeing to use these professionals, it’s important to know if they could be available to you for advising purposes.

Owners of cleaning franchises know all too well how issues can crop up that require the help of an attorney. Even though reputable franchises perform background checks on their employees and utilize exemplary training programs for both the franchise owner and the employees, accidents can happen. It’s important to know an attorney is available to go to bat for you.

Seek Out SBA Opportunities for Minorities

There are some SBA (Small Business Administration) opportunities designed specifically for minorities. They may vary by region, but are easy to find by calling your nearest Small Business Administration. By combining these SBA opportunities with available franchise purchase incentives, minorities are often afforded some nice financial motivations for buying a franchise.

Whether or not you get help from multiple sources, you need to check options available from the Small Business Administration.

Local Business Organizations

There are likely local and national business organizations that offer financial motivation or provide support services to minorities buying a franchise. A few business organizations for minorities include the Executive Leadership Council, Black Leadership Forum, Inc., the National Urban League, National Urban League Young Professionals, Asian Professional Exchange, National Association of Asian American Professionals, Hispanic Business Women’s Council, the National Hispanic Business Association, the New America Alliance, the Committee of 100, and many more.

Check out the websites for these business organizations to see what kind of help they offer prospective franchise owners. Call the local chapters to see what is specifically available for people in your community.

Business Groups That Support Minorities

Social media is an excellent place to seek out business groups that support minorities planning to become franchise owners. Those buying cleaning franchises may find specific support groups for that type of specific business. Search social media options like Facebook, LinkedIn, Meetup, Twitter, and more to see what groups are available for various kinds of support.

Social media is an excellent place to seek out business groups that support minorities planning to become franchise owners.Minority Main Street on Facebook keeps minority business owners and prospective business owners apprised of minority news within the business world. The U.S. Minority Business Development Agency (MBDA) hosts a Facebook group that lauds minorities in the business world.

While it’s definitely not solely minorities who buy cleaning franchises, it’s crazy not to take advantage of the services and incentives available to minorities who wish to become franchise owners. By learning from what these business groups offer and adding to that all available incentives and opportunities, you can be well on your way to becoming a successful business owner.

Whether you choose to buy a cleaning franchise or a franchise for a different kind of business, do your research before you buy, ensuring you get the most bang for your buck—as well as the ongoing support all business owners need. If buying a franchise in not for you, consider these challenges before making the final decision. The last resource for current owners of a small cleaning business is to convert to a franchise.