Taking full advantage of a franchise or small business opportunity requires developing successful budgeting skills.

First-time franchisees must embrace the managerial aspect of the business to handle two critical financial issues - finding the startup capital and surviving those early years, Franchising.com writes.

Whether a franchisee personally handles budgeting or hires a skilled individual to take care of accounts, there are a few basic areas that must be considered, the Web site reports. Some of these fees, such as the franchise fee and royalty fees, are non-negotiable. However, many franchisors looking to expand in the recession are offering incentives or deals to prospective investors.

Initial capital investment and working capital are amounts that fluctuate based upon the type of franchise being opened. Opening a retail food unit versus setting up a home-based franchise requires extremely different investments, the source writes.

A line-by-line budget structure can also be helpful for potential franchisees. It helps them develop a specific cost-benefit analysis that will cover strategic business and legal issues, Franchisefoundations.com writes.




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