Buying a Franchise
If you’ve searched for “how to buy a franchise” or something similar, you’ve come to the right place. Many aspiring franchise owners seek advice on buying a franchise and want to know how buying a franchise works, along with the process that takes place between the initial idea to the successful purchase. Our goal at Franchise Accelerators is to provide you with a proven process to guide you through the various aspects of franchising to keep you ahead of the curve.
There are a few key points to remember when It comes to buying a franchise. Knowing where to find the right franchise financing to purchase your desired franchise is an important consideration to make as this will ultimately dictate which franchise you can purchase. After the purchase of a franchise and initial growth phase is complete, you will be led to consider franchise expansion which requires a whole new realm of expertise.
On this page, you will learn the steps behind buying a franchise, advice on buying a franchise, and much more. Assisting with your decision to buy a franchise and showing you just how it all works.
Is Buying a Franchise Worth It?
When it comes to buying a franchise, you may wonder whether it’s even worth it. As they say, there’s an opportunity cost to everything and when you pursue a franchise, you’ll give up the ability to sustain a reliable, stable job or go out on your own with a start-up.
Thankfully, franchising is often seen as less risky when compared to a start-up, it’s important to note that this doesn’t mean the process is easy. With a turnkey approach enabling you to buy into an established brand, set up and running with the ability to make sales your chances of success increase. However, the legal side of franchising can seem daunting making it vital you weigh up the pros and cons.
Do Your Research!
Like with every major decision, research is important. Going into the franchise world blindly can lead to all kinds of errors so knowing the fundamentals is key to keeping you safe.
Having a plan of action can also be beneficial to avoid the common traps and pitfalls of franchising. Buying a franchise can either be an expensive mess or a well-structured, affordable process. At Franchise Accelerators, we take pride in our ability to help aspiring franchisees make the transition to franchise business owners. We strongly encourage you to get in touch with our expert advisors who will be able to guide you on the best path to take.
Here are a few recommended areas to look into:
- Educate yourself about Franchising Surf the internet, read books, visit trade shows. Learn everything you can about the business model, success rate, other people’s journey and best practices. Our resources at Franchise Accelerators are a great place to start.
- Evaluate your Personality and Skills Buying and managing a franchise requires a variety of unique skills. Every successful franchisee possesses good management skills, technical skills, the ability to take risks and follow set procedures.
- Assess your Financial Situation Knowing your finances and the finance options available to you as a new franchisee is important. Financing a franchise is a large part of the franchise process and vital you understand.
- Know your Preferences There are many decisions you’ll have to make as a franchisee. For example, knowing your target market, the industry you wish to pursue, your level of commitment and income goals are all important. As they say, if you don’t know where you’re going, you’ll never know where you’ll end up.
- Seek advice from professionals Having professional advice to assist you with market research, franchise legal advice, negotiation and more can help you avoid the common mistakes franchisees face. Franchise Accelerators can help at each stage of the process. We encourage you to reach out to us so we can advise you on the best way to reach your franchise goals.
Why You Should Consider a Franchise
Franchising can be seen as a desirable opportunity when compared to the alternatives. When looking for a franchise to buy, knowing the benefits can be a great motivator. Some of the benefits of buying a franchise include:
A Proven Process for Doing Business with an Established Brand
Buying a franchise allows you to tap into a business establishment with a name already built up and consumer trust established. This lowers your chances of failure and requires far less work to build up the brand name.
Ongoing Training and Support Systems in Place
When buying a franchise, your franchisor will provide you with the needed support and training to get set up and selling successfully. Leveraging the knowledge of a successful franchisor can cut your learning curve and allow you the ability to seek help when needed.
Marketing and Advertising Programs
Your franchisor will allow you access into a proven process for marketing and advertising the franchise location. This saves you time and money, not having to figure it all out for yourself.
A Strong Network of Franchisees
Having a network to fall back on for advice can make a huge difference to your success as a franchisee. The ability to bounce ideas off other people and see what other successful franchisees are doing can lead you to better decisions and greater profitability.
Lower Costs from Suppliers
Being part of a franchise allows you access to a variety of products and services at lower prices that may not be available to solo, small businesses.
Is Buying a Franchise Right for You?
Now that you’re familiar with the benefits of franchising, you must consider whether buying a franchise is right for you. Buying a franchise isn’t for everyone so knowing whether or not it’s right for you can be a challenging question.
Consider some of the following ideas when making your decision:
- Can I picture myself doing this in 10 years?
- What is my end goal?
- How much time can I realistically dedicate each week?
- Am I willing to accept the fact that I may not make a profit?
Being able to communicate well with your franchisor is an important part of your decision. When first considering the purchase of a franchise, it’s important you ask a few key questions to get a good grasp of the company or brand you are buying into.
We advise becoming familiar with the franchisor's support and training, marketing, experience, network, financing, and the process for franchise expansion.
Once you’ve decided that buying a franchise is the right step for you, you may be wondering what your next steps are. There are many misconceptions about franchising, and you can be faced with a lot of misinformation. It’s important to consult with franchise experts who can offer guidance throughout the process.
Franchise Accelerators can be that resource for you. We encourage you to get in touch with us by calling us at (813)642-6840 or filling out the contact form below. We'll be in touch shortly and help you turn your franchise goals into a reality.
Our team of expert franchise advisors can assist you alongside your franchise journey. We leverage a proven, step by step system to ensure you’re both satisfied with our service and your franchise goals are met. We encourage you to fill out the contact form on our website where one of our friendly team members can get back in touch with you about your inquiry.