BUYING A FRANCHISE
Owning a franchise gives you the best of both worlds. Sure, you get to be your own boss, run the business and reap the rewards from your hard work. But you also get the knowledge, experience and support of an established brand and system. It’s being in business for yourself, but not by yourself.
Of course, there are several factors to consider before taking the plunge into the franchise world. For instance, do you have the financial resources needed to pay the franchise fees, get the business up and running, and support yourself until you have a sustainable income? And with the thousands of franchise opportunities available, how do you know which one is right for you?
The best way to approach these and other pre-purchase issues is to talk to franchisees in a business similar to the one you are considering joining. Our franchise directory is a good place to begin. You can search for franchise offerings in your area of interest, then contact the franchisor directly and ask for a franchise disclosure document (called an FDD). It will tell you upfront what fees are involved and how much investment is required. Many times the FDD will list the contact information for some or all of the company’s locations. Call some franchisees, explain that you are considering buying a franchise and talk with them about their experience.
The nice thing about franchising is that there are so many options to choose from. But it can also be challenging to decide on a particular franchise. If you need help getting started or narrowing down the list, consider contacting a franchise broker whose job is to consider your qualifications and interests and recommend specific franchise opportunities.
Where to Start?
Owning a franchise gives you the best of both worlds. Sure, you get to be your own boss, run the business and reap the rewards from your hard work. But you also get the knowledge, experience and support of an established brand and system. It’s being in business for yourself, but not by yourself.
Of course, there are several factors to consider before taking the plunge into the franchise world. For instance, do you have the financial resources needed to pay the franchise fees, get the business up and running, and support yourself until you have a sustainable income? And with the thousands of franchise opportunities available, how do you know which one is right for you?
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