Tweet

How to Purchase a Franchise that is Right for You

Written by: Sebastien Page

Article Overview: Before buying a franchise, there are some things you need to be fully aware of. Don’t throw yourself blindly at all the franchising opportunities you find online or at nearby bookstores.

How to Purchase a Franchise that is Right for You

Before buying a franchise, there are some things you need to be fully aware of. Don’t throw yourself blindly at all the franchising opportunities you find online or at nearby bookstores. You need to have a game plan. To begin with, determine what you’re most interested in getting involved in. You’d be surprised at how much more productive you are when you enjoy the franchise category you’re working in.

Also consider the fact that while certain franchise investments fail to show up as available opportunities through search engines and such, they are ever present on consumer radars who are keen on buying these franchise’s products or services. Keep this tidbit in mind for it will benefit you in more ways than one.

A good place to start searching for choices is the ‘Franchise Directory’ by Robert Bond. You can find it online as well as at reputable book outlets. After going through it and deciding on your top few choices, it’s time to start doing research on each candidate and start contacting the companies involved.

After that, narrow down your choices even further and avoid getting excited and filling up too many applications because that may result in your credit rate being drawn down. Finally, before making a final decision, request the company’s Uniform Franchise Offering Circular Online (UFOC) after doing the necessary research.

Related Articles
  Franchising with all its Success
  Why Use a Franchise Consultant?
  Taking Over an Existing Franchise
  Buying a Franchise – The Right Decision?
  Researching Franchises: The Importance of Interviewing Existing Franchisees

Article Tags: book outlets, bookstores, buying a franchise, choices, decision request, doing research, final decision, franchise category, franchise directory, franchising opportunities, game plan, investments, necessary research, radars, robert bond, search engines, tidbit, ufoc, uniform franchise



Related Forum Posts
Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers... - [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there. To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1] Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published. I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
how much for a franchise fee? - Dear Colleague There is no easy answer to this question. Things to consider: [list=] The sizeof the Franchise Clent base Expected Turnover Intellectual Property costs (recoup) Number of Franchises Number of employees Original Set up costs Franchise admin costs An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000. Hope that this gives you some idea Take care Ian[/list]
Re: Franchise Surveys - Another good tool to researching a franchise is to speak with their existing franchisees. This contact information is included in most Franchise Disclosure Documents. In order to get a Franchise Disclosure Document or FDD as it is often referred to, you will have to complete a basic franchise application. The franchisor will then usually provide you with the FDD at that time. Included in that book of information is a list of the existing franchisees, the contract, the investment information etc... This information is required by Federal Law to be disclosed to your prior to making a purchase. So be sure to do your research and start with the Franchise Documents to get the initial information.
Re: Info for would be franchisers... - [quote="Sebastien":2gam0klq][quote="BuzzAroundBooks":2gam0klq]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to.[/quote:2gam0klq][/quote:2gam0klq] That is really what I look for in any industry publication. We lead busy lives and when people fill their magazines with fluff, not only does it benefit no one, but it makes us truly appreciate those that don't. Thanks!


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Selling On Ebay The Good The Bad And The Ugly

Stay Employed In A Down Economy

Purchasing Real Estate using the SBA 504 Loan

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.