Buying a Franchise
Becoming a business owner is both exciting and overwhelming. The world is your business oyster! This guide is designed to introduce you to what it means to own a franchise, help you decide if being a franchisee suits your goals and personality, and take you through the ins and outs of franchise ownership.
Why become a franchise owner?
For many, the idea of being your own boss through business ownership is alluring — and the thought of what’s necessary to be successful is paralyzing. Think about it: you need to pick the right business, the right location, the right storefront, the right product offerings, the right suppliers, the right equipment, the right marketing, and — phew! — attract the right customers. That’s a lot!
But with franchising, it doesn’t have to be that hard.
As a franchise owner you’re in business for yourself, but not by yourself. The franchiser has a proven system in place and a team to support your success. Next time you drive around, take note of the stores you see. You might be surprised how many of them are franchises!
What we cover in this guide:
What franchising is and how it differs from independent businesses. This will give you a solid understanding of what franchising is and isn’t.
How to identify which franchise brand is right for you. We’ve also included a chapter of top franchise brands by category, like most successful, best low-cost brands, best franchises for veterans, etc.
What a standard level of support looks like. The type and amount of support you’ll receive from your franchisor can differ significantly by brand, and it’s hard to know what a “good” brand offers you. Looking at a standard will give you some context as you’re researching deeper into brands that catch your interest.
Hidden fees and costs. It’s easy to find out the costs of different brands online, but what about the fees and costs that aren’t listed on their website? We’ll give you a solid understanding of the hidden costs associated with franchise ownership, so you know what to look out for during your research.
How to demystify the Franchise Disclosure Document. Some costs will be lined out in the Franchise Disclosure Document, which is a notoriously long and complex legal document all franchisers are required to give to their potential franchisees. We include a full chapter to helping you understand and demystify the FDD so you can approach your franchise journey with confidence.
The most common, efficient, and user-friendly business funding options. You’ll come away with a good understanding of each financing solution, and we’ll point you in the direction of in-depth guides for each option.
Business entity options. We cover the definition of each major entity type, personal liability protection, and the pros and cons associated with each entity.
Why read this guide on becoming a franchise owner?
Our goal with this guide is to set you up for success in your franchise ownership journey. We’ll take away any confusion and mystery to help you understand your options and point you toward resources.