Do your homework before buying a franchise

Do your homework before buying a franchise

Feb 15,  · Franchised businesses have a higher success rate, however more homework is necessary to ensure that the business being bought is a profitable, going concern with a great future. Taking over an existing franchised business as a going concern requires research, homework and decisions based on sound advice Do Your Homework Before Buying a Franchise Understand the Different Types of Franchises. There are two types of franchises, as explained by the U.S. Small Business Think About Your Goals and Strategy. Keep in mind that owning your own business and being your own boss are Estimated Reading Time: 9 mins Mar 04,  · Do your homework before buying a franchise. By Steve Wright. March 5, — am. Save. Log in, register or subscribe to save articles for

10 Things You Need to Know Before Buying Into a Franchise » Succeed As Your Own Boss

If you're a franchisee witih advice and tips to share, email ktaylor entrepreneur. Of course every franchise has its own unique pros and cons and problems, so Dravo made a point of carrying out some deep research, speaking with multiple franchisees and even restaurant guests to determine the lay of the land at Hurricane.

How long have you owned a franchise? I first became a franchisee with a home services franchise called One Hour Air Conditioning and Heat in This was interesting because I did do your homework before buying a franchise know the first thing about HVAC, but had good business instincts, experience managing people and a fundamentally sound work ethic. This franchisor had an extremely strong training program, which gave me what I needed to grow a moderately successful HVAC business.

This move set up the groundwork for me to follow my passion and explore the food and beverage industry. Related: Becoming a Breakfast Chain's First Ever Franchisee. Why franchising? Leaving a secure job and opening a new business can be intimidating, not to mention a tough sell on a wife with newborn twins! Finding the right franchise that can guide you through the systems of an established brand makes success much more attainable, however not guaranteed.

You must be prepared to sacrifice and put in the hours it takes to understand your business, and more importantly the people that drive it. What were you doing before you became a franchise owner? I was working as an outside sales consultant. How much would you estimate you spent before you were officially open for business?

Most contractors require a deposit upon signing a contract, and that could be between 25 percent and 50 percent, do your homework before buying a franchise. You can plan on 25 percent of your total build-out coming out of your pocket prior to opening your doors.

We keep an eye out for second-generation spaces, which can dramatically reduce construction costs. I did basic reconnaissance and went to multiple franchisees and spoke with them. I also talked to guests while I was visiting the locations, as a patron, to get a feel of how the brand was perceived. I also watched what the demographics were coming in and out of the restaurant and at what times.

Related: How This Franchisee Runs More Than Restaurants. What were the most unexpected challenges of opening your franchise? What advice do you have for individuals who want to own their own franchise? Do your research! The decisions you make on the front end will heavily impact the long-term health of the business.

Some of these decisions are:. What is next for you and your business? As chief operating officer of our hospitality-management company, I will take charge of most of the building of infrastructure to ensure operations and profitability are in place for our next nine units. We will continue our plan to be a multi-brand hospitality-management company. Related: Why This Father-and-Sons Trio Joined the PizzaRev Franchise. Video Webinars Start Do your homework before buying a franchise Business Subscribe Books.

search person. Franchise Home Franchise Ranking Business Opportunities List Franchises For Sale Franchise Suppliers Directory. Entrepreneur Insider Podcasts Books Entrepreneur Insurance Side Hustle Accelerator.

Leadership Inspiration Growth Strategies Marketing Technology Do your homework before buying a franchise Media Finance Entrepreneurs Starting a Business Franchise. Entrepreneur Issues Startups Issues Subscribe Gift Subscription Subscription Services. United States India Asia Pacific Middle East Europe South Africa Español Georgia. Franchise Players. Next Article link. Image credit: Startup Stock Photos. Joan Oleck. April 24, 6 min read. More from Entrepreneur. Our Franchise Advisors are here to help you throughout the entire process of building your franchise organization!

Schedule a FREE one-on-one session with a Franchise Advisor Choose one of our programs that matches your needs, budget, and timeline Launch your new franchise organization. Learn More. Find Your Franchise Match. Start My Plan. Related Books, do your homework before buying a franchise. Franchise Bible Ninth Edition Buy From. Franchise Bible Ninth Edition.

The Franchisee Handbook Buy From. The Franchisee Handbook. Franchise Bible Buy From. Franchise Bible. The Naming Book Buy From. The Naming Book. The Unstoppable Journal Buy From. The Unstoppable Journal. Ultimate Guide to Link Building Buy From. Ultimate Guide to Link Building.

Latest on Entrepreneur. Franchise Players This Franchise Is Going to the Dogs, and That's Absolutely Fine. Franchise Players This Franchisee Started a Business That's Got Wheels on It. Franchise Players How This Man's High School Job Evolved Into a Food-Franchise Career. Franchise Players For These Franchisees, 'Care' and 'Assistance' Have Been Personal Priorities for 40 Years. Franchise Players Father's Day at Golden Corral: A Franchisee Carries on His Dad's Tradition.

Buying a Franchise: Pros and Cons

, time: 4:03

Society of Certified Senior Advisors: Do Your Homework before Buying a Franchise

Apr 24,  · Do Your Homework Before You Open a Franchise Business -- or, in This Case, FiveAuthor: Joan Oleck Mar 04,  · Do your homework before buying a franchise. By Steve Wright. March 5, — am. Save. Log in, register or subscribe to save articles for Do Your Homework Before Buying a Franchise Understand the Different Types of Franchises. There are two types of franchises, as explained by the U.S. Small Business Think About Your Goals and Strategy. Keep in mind that owning your own business and being your own boss are Estimated Reading Time: 9 mins