Buying a Franchise in 7 Steps
Complete your Entrepreneur Readiness Profile to determine which types of businesses are best suited for you. This process includes a personality analysis and an investment range determination.
When you buy a franchise there are 7 main steps: Understand Franchising, Determine Your Style, Franchise Options, Speak With Franchise Companies, Speak With Local Franchise Owners, Discovery Day, and Decision Time.
Understand Franchising
Complete your Entrepreneur Readiness Profile to determine which types of businesses are best suited for you. This process includes a personality analysis and an investment range determination. From here, our algorithm can help determine what franchise options in your local market may be best able to meet your goals.
Some Resources to Get You Started…
Determine Your Style
Once you understand your options and find that franchising is a good match, you may want to think about the business model that will best meet your ownership goals. You’ll want to research or speak with someone to gain insight into which franchise opportunities may be the best fit for your experience, goals, skillset, lifestyle, and more.
Some Resources to Get You Started…
Explore Franchise Options
After determining any must-haves for your business ownership lifestyle, you’ll want to research local franchise options that can best meet all your goals to enhance your success. It may be advantageous to work with a franchise consultant with insider knowledge who can match you with many options and potentially make an introduction at your franchise of choice!
Some Resources to Get You Started…
Speak With Franchise Companies
To know if a franchise will fit your lifestyle, it’s best to go straight to the source. You’ll may want to work with someone who can facilitate introductions at companies and coach you on the due diligence process, providing guidance on questions to ask, Franchise Disclosure Documents, and how to rank the franchise opportunities for yourself.
Some Resources to Get You Started…
Speak With Local Franchise Owners
Once you learn more about each franchise company that you’re interested in, you will be able to speak with active franchisees in their respective organizations. This will allow you to validate the business, support, and success of each while getting up close and personal with owners to see how their model will match your needs.
Some Resources to Get You Started…
Discovery Day
Prior to making a formal commitment to an opportunity, you will attend a Discovery Day, usually on-site at the corporate headquarters of the franchise you’re interested in. This is a great opportunity for you to meet the top management team, see their operational facility, and learn more about the day-to-day life of owning a business under their brand.
Some Resources to Get You Started…
Decision Time
After you return from Discovery Day, you’ll be ready to decide if that franchise is the right fit for you. If it is, you may also want to research and access any necessary referrals for franchise attorneys, accountants, and funding partners to help complete your franchise due diligence. From there, it is your choice to sign the final franchise agreement and become a franchisee.
Some Resources to Get You Started…
So…Do You Have To Do This Alone? Nope, That’s What We’re Here For.
There are many resources available to help you along the way to owning a franchise. Instead of going from place to place, you can get all of this information in one place. FranNet Consultants help save you time and money in several ways: by educating you about franchising, helping you research your business, identifying the right structure and strategic mix of the businesses you are interested in, and introducing you to the franchisors that fit your model.
We encourage you to thoroughly research any franchise that you are investigating, and we’ll even help you find franchise attorneys and other advisors so you can gain more information before you buy. We believe that the more you know, the better the odds that the choice you make will be a success!
Who are FranNet Franchise Consultants?
A FranNet franchise consultant is a franchise expert to advise you on franchise and business opportunities. Within our group, we have past and present franchisors, franchise executives, franchisees, regional and area developers, and other business professionals.
How Much Does a Franchise Consultant Cost?
Will I End Up Paying More For a Franchise If I Work With a FranNet Franchise Consultant?
How Do FranNet Franchise Consultants Reduce Risk?
FranNet Franchise Consultants reduce risk by pre-qualifying prospective franchisees to ensure no wasted qualification time; by helping educate your prospective franchisees on the eventual purchase and operation of your franchise concept, which sets better expectations among all parties; by providing you an instant North American network present in all major markets, with broad knowledge and expertise; and by reducing overhead by offering a primarily post-pay service. Instead of worrying about generating qualified candidates on your own, you can join a proven, effective, and efficient referral network.
The FranNet Organization
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