How to Research Buying a Franchise
Starting your own business allows you to set your own hours and follow your passion and starting a franchise allows you to be in business for yourself but not by yourself. Franchises come in all shapes, sizes and investments. But there are steps every potential owner should do to understand their future business model and the people involved.
1. Apply for Ownership: The first step is the application. You'll be asked to fill out a short form with some personal information about yourself so that the franchisor can get a chance to know you and get you started on your journey! The application is not a forever commitment, but it is essential in getting started investigating that company.
2. Get to Know the Company: After the initial step a representative from the company will set up a series of calls or webinars to introduce you to the brand and what they do. This step of the process includes reviewing legal and financial documents. Ask as many questions as you need to feel comfortable and remember you are free to have a professional review on your behalf.
3. Talk to Training and Support: After learning more about the company's model some brands will introduce you to the additional support you'll receive as a franchisee. If you don't get this chance, ask for it! These conversations are really informative; they help you learn about the culture of the organization and also get to know some of the key staff personally.
4. Talk to Other Franchisees: When you get a chance to talk to current franchise owners - jump on it! This is a great time to learn more about the business from someone that has been in your shoes. Call or meet with as many as possible... everyone has a different story to tell and has brought different experiences with them. These peer insights are invaluable.
5. Meet at Discovery Day: Discovery Days are an industry practice where potential owners like yourself are invited to meet with the team in person. In most cases you will have the chance to "dig in" to the business even further, review additional questions and get more hands on experience with the product or brand. This is not a decision day, but it goes a long way in helping you and the franchisor decide if this is the right fit for both parties.
6. Franchise Awarded: After all the research, meetings and conversations - it's time for both parties to decide if working together is a fit. If you both agree then it's time to sign and get started! Depending on the model new franchisees can train and get started in no time at all.
Resources:
16 Questions to Ask Before Buying
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