If you have always dreamed of owning your own business but starting from scratch seems intimidating, owning a franchise might be a great alternative for you.
There are quite a few benefits to owning a franchise. To start, you own a business with a reputable brand name and you also start your business off with a proven system of operation. Those who own franchises avoid several mistakes that start-up entrepreneurs make because the franchisor has already mastered daily operations through trial and error.
There are a few basic steps to take when you first get started with franchising. We’re here to share those steps so you have an idea of how it all works.
1. Find A Franchise Model That Fits
Finding the right franchise for you is like finding a shoe that fits. There are more than 1,100 franchise businesses registered with the international franchise association, which means there are plenty of options to choose from. It’s important to explore as many opportunities as possible to find the right fit. At Hundred Acre Consulting, we are happy to take this first step with you to determine the best fit!
2. Submit Request For Consideration
It’s not a bad idea to find a couple of franchise concepts that you are interested in and apply to more than one franchise. Once you submit your request for consideration, a representative will reach out to you where you will learn more information about the franchise. You might find the perfect match the first time around, or you might have to go back and submit more requests. Don’t be afraid to explore all opportunities until you find that perfect match!
3. Explore Legal Documents
Once you have found the best fit, the Franchisor will provide you with their Franchise Disclosure Document. This document provides you with the franchise model, fees, commitment, and franchise agreement.
The franchise disclosure document can be quite lengthy (up to 200 pages) so its best you consult with a franchise expert, so you don’t miss any important details.
4. Get Into Training
Now the fun part begins! The greatest benefit of owning a franchise is, the franchise gives you all the training you need to be successful!
5. Franchise Disclosure Review
Then, it’s time to really dive into the franchise disclosure with your franchisor representative. At this point, any questions you have will be discussed in further detail.
6. Franchise Due Diligence
At this point, you should have a good understanding of the franchise. You should have already touched base with the team at the corporate office, but you might want to speak with other franchisees to get some more insight.
Don’t forget that while you are exploring the franchise, they are evaluating your profile to determine if you are a good candidate.
If all goes well, you can celebrate! If you and the Franchisor have come to a mutual agreement, you are ready to be awarded the franchise business!
Hundred Acre Consulting: Guiding You Through the Process
The franchise industry can be intimidating, but it doesn’t have to be. At Hundred Acre Consulting, we are here to help. From the moment you decide you want to explore the franchise industry to the moment you seal the deal, and every step between, our team is here to guide you through the process.
Ready to turn your dreams into a reality? Let’s talk!