Tips for Potential Franchise Owners | Franchise Strategy Partners
Franchising opportunities today are endless. Sure, the opportunities to franchise in more vanilla, “recession-resistant” businesses will always be there, but you can practically name any sort of category you’d like to go into business with, and it likely exists!
While all these business options can be great for many, they can be overwhelming for many, too. Lots of flavors can make it difficult to choose, so if you need help knowing which business venture to invest in, I’m here!
Read on as I share some helpful tips that should guide you in the right direction.
1. Know What You Want
The upfront franchising costs are usually quite high, which makes franchising a more long-term investment. Since you’ll be putting in quite a bit of money on the front end, it’s important that you’re confident in the field you’re pursuing.
Will this potential business withstand the test of time? Will your investment help you to realize the goals you have set for yourself? Do you even like what you’re planning to invest in?
These are questions worth asking that will help you know what you want to do and whether or not investing in your prospective business is worth your money.
2. Do Your Homework
Unlike being a standalone small business owner, as a franchisee, you ultimately have to answer to leadership of your franchise. Because of this, it’s crucial that you agree with the vision, mission and values of the company you intend to join.
Being passionate about the business idea is a huge component of becoming a new franchisee, but choosing a company that routinely makes decisions that you agree with might be the most important component to consider. Get to know the company, what they stand for and how they’re run before going all in.
3. Don’t Be Afraid to Ask Questions
Do you have questions other than the ones we’ve listed previously? If so, do not let them go unasked.
Carefully review the Franchise Disclosure Agreement (FDD). In the FDD, you can find a list of current franchise owners and ask them questions you couldn’t find the answers to during your initial research!
Doing your own research is never a waste of time, but talking to actual franchise owners in the business you’re looking into is, perhaps, the most valuable information you can have when trying to make a decision.
Do you still have other questions? I can help! Don’t hesitate to contact me today.