A franchise is a business started by someone using a previously established company’s identity. For example, McDonald’s is a well-known franchise, and Athlete’s Foot is a shoe franchise.
Determine what type of shoe franchise you’d like to open. There are shoe stores that sell only athletic shoes, such as Footlocker, or stores that sell a variety of shoes, such as Rack Room Shoes.
Decide on your location. It is a good idea to choose three locations to maintain flexibility.
Research rental rates for all three of your potential locations. These rates will factor into your monthly expenses and should be considered along with the franchise fees.
Create a budget. The budget should include all your projected expenses so you can estimate how much revenue you will need to cover them.
Contact the company whose franchise you want to open and study the information the company provides.
Review the information and add the franchise fees to your budget, along with other expenses suggested by the franchise's information.
Research your financing options. Some companies offer financing, but you may want to check with your own bank and other banks to find the best interest rate. Even if you have savings to invest, you may not want to pour all of your money into the franchise.
Ashia Sims has been writing professionally since 2007. She has contributed to websites such as Peach Connection and Avenue 1, and also has experience in business and creative writing. Sims holds a Bachelor of Science in journalism from Florida A&M University, as well as an M.B.A. from Oglethorpe University.