8 Steps to find the perfect franchise
Are you planning to launch your own business? Well, a business from scratch means significant challenges and risks which is not possible for everyone. It requires a lot of capital investment in launching something from scratch with no guarantee of profit. You might just want to invest in a franchise which is considered a much safer option for starting a business. Infact, it is so popular today that every 1 business out of 7 is a franchise.
Now the question is: How to find your ideal franchise? So, here’s your answer.
1. Set goals and rules
Before you begin searching for your ideal franchise, you must have your goals set with properly defined rules. You must ask and answer yourself: “why do you want to get a franchise for your business?”. When you are ready with an honest answer, set your goals for your business. Here are a few points to remember while setting goals:
· Make sure your goals are realistic and achievable
· Don’t make broad goals like ‘I want to earn from this business’. Be more specific.
· Remember your needs while enlisting goals.
2. Research on your potential franchise options
A smart businessman is always prepared and well researched. Start finding franchises that meet your needs and criterion. After you are ready with the list, research them and prepare a well-designed report. The next thing you must do is compare between your potential franchises.
You may hire a broker to get a detailed list of franchises but make sure that the broker has deep knowledge in this field. Apart from that, you need to ensure that the selected franchise has a demand in your target market. For Instance, Xtend-Barre Franchise can be a great choice for everyone seeking long term success and greater RoI.
3. Analyse your capital
Analyzing your capital is really important. Make sure you make smart investments where you have the scope to make a profit. If you do not have sufficient capital to invest, make sure that you know how to raise the rest of the money. You must be well prepared for any significant challenges or risks which you can encounter in the future.
4. Get to know the franchisor closely
Well, just like you must know who you are working under in a corporate sector, similarly, you must know everything about the franchisor. For instance, do not hesitate to have a conversation with the other members who work in the organization for they give you a close idea of the culture and the working mechanism.
Keep a track of their professional approach towards you, in other words, how long did they take to call you back, how interested are they to know about your background, were their answers precise and satisfactory, do they make efforts to take it to another level – watch and analyze everything closely before making a decision.
5. Meet existing franchise owners
Make sure you meet and ask them about the experience of the existing franchise owners. It is really important to know the current condition of other franchise owners and how their franchises are doing in the market. What are the problems faced by the franchise owners while running the franchises? How is the franchisor dealing with it? Etc.
6. Carefully go through all the franchise documents
Franchise Disclosure Document (FDD), also known as Uniform Franchise Offering Circular (UFOC), is a 50-plus page document that briefs a franchisee of their responsibilities which includes the fees that need to be paid, and the rules and regulations to be followed.
After you have received the FDD and the franchise agreement, you must get all the documents verified by a qualified franchise attorney.
7. Be there on the discovery day
Being a potential franchisee, you must visit their headquarters and meet the members working there. You can do this on discovery day events which are held on a daily basis by most franchisors. This gives you an opportunity to build a healthy relationship with the franchisor.
Do not forget that even your franchisor is going to notice you during these events. They too are going to notice your personality and professionalism. So, make sure, you give your best.
8. Make a decision
After you have completed every step and you have selected the best franchise as per your needs and criterion, it is time to come to the last step. You are to execute the franchise agreement and related documents. Don’t forget to keep your copy of the executed documents for future reference.
Congratulations, now you are successfully a franchise owner.
Over to you…
Now that you know the step-by-step process of being a successful franchising owner. What are you waiting for? Ready. Set Go.