How Long Does It Take To Buy And Open A Franchise?

How Long Does It Take To Buy And Open A Franchise?

So, you have decided that you want to get into the franchise business. That’s GREAT! Now you’re probably wondering how long will it actually take to buy a franchise and open the doors? 

Most new franchisees are eager to open the doors of their new business so they can finally fulfill their dream of being their own boss. But, like anything else, great things take time. Unfortunately, you can’t open your restaurant in the blink of an eye. Opening a franchise takes a lot of hard work upfront. 

There is no exact time frame of when you buy and open a franchise, but we can give you an idea of what that time frame might look like.

Finding the Right Franchise 

Approximate time: All up to you!

Finding the right franchise can take quite a bit of time, depending on where you are in the process. If you have your mindset on a particular franchise, you will have a lot less work to do compared to someone just beginning to explore. But remember- you want to explore all your options!

Doing Research

Approximate time: 2 to 4 weeks

Once you have found the right franchise, you will have some work to do before buying it. You should spend a couple of weeks calling different franchise owners to get an idea of what it’s like being a franchisee. This is a part of the process that you don’t want to skip because it gives you a clear understanding of what to expect.

Obtaining Financing Documentation 

Approximate time: 2 to 4 weeks

Before meeting with a franchisor, you must gather all of your finances. Financing documentation can take anywhere from a few weeks to a couple of months depending on your situation. If you’re borrowing from a bank, this can take a bit more time but if you have your own savings or are borrowing from friends or family, the process will be faster. 

Working with an Attorney

Approximate time: 2 weeks 

Before signing anything, you will want an attorney to look over the paperwork to give you a thorough review of the Franchise Disclosure Document (FDD.) At this point, you will want to address any red flags you see in the document. 

Franchisor Negotiations 

Approximate time: 2 weeks

Once you have a clear understanding of the FDD, you might spend some time negotiating with the franchisor so you both are content with the final agreement.

Opening the Doors!

Approximate Time: Varies 

Every franchise is different when it comes to how long it takes to open the business. For instance, small restaurants will take less time than large senior care services. We can’t give you an exact number but typically, it takes 6 to 12 months to finish the building process. 

Hundred Acre Consulting- By your side every step of the way 

It might seem like getting started takes a long time but it’s really a small price to pay. While your franchise is getting ready to get up and going, work with our team at Hundred Acre Consulting so that we can put together a strategy for you to start out strong once those doors finally do open. 

The franchise industry can seem intimidating, but you don’t have to go through it alone. Call our team to learn more!

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