Buying a franchise is a great step on your journey to becoming a business owner. It has been described as being in business for yourself but not by yourself.

Let us break the process down into steps to give you an idea on what to expect when buying into a franchise brand.

DECIDING ON YOUR FRANCHISE OPPORTUNITY

First things first, you need to think about your own experiences, professional background and passions to decide what franchise opportunity is right for you. Also, consider your lifestyle and family commitments. Do you want to work from home or in an office? Do you enjoy being out on the road visiting people in their homes? Do you want to fulfil most of the work yourself or get a team you’ll manage to do the day-to-day? Do you want to work full-time or just part-time?

Perhaps you’ve already seen the company you like the look of on a Facebook advert or in a Google search.

There are a few franchise directories that will help you look for the sectors that appeal most, from social media management to gyms and everything in between.

Of course, a fitness franchise requires more in the way of an initial outlay than a virtual PA service or a window cleaning service, so consider what budget you’ve got available.

Then do a Google search for franchise opportunities in your preferred sector and check Facebook and LinkedIn for more ideas.

RESEARCH, RESEARCH, RESEARCH

Once you’ve got a list of about ten franchises you’re interested in, narrow the options to four, taking into consideration the above factors and seeing which ones match your personal values. Download their prospectuses and read their website information. Look for testimonials on their social media pages and on Google Reviews.

Once you’ve discovered a preference, sign up for a discovery call to get to know the people behind the company. Make sure you have a list of questions handy.

BEST FIT MEETING

If you get a good feeling about the company and the feeling’s mutual, they’ll invite you for a best-fit meeting. Then you’ll get to know even more about each other, your goals, your interests and passions. The company will see if you’ve got what it takes to run their franchise, and you’ll know if you want to work under their brand.

GETTING INTO THE DETAILS

They like you, and you like them. Let’s talk money. By now, they should be introducing you to the numbers and projection figures so you can work out if it’s a good investment and how long it will take you to turn your investment into profit.

INTENT TO PROCEED

Now it’s time to sign your Intent to Proceed and pay your franchise fee. You can choose your territory and you’ll receive your legal documents. You should take these along to your solicitor to make sure everything checks out. These documents will tell you what is expected of both parties and what happens in the event of a breach of the legal agreement.

ONBOARDING

Now you’re officially a franchisee-in-training. Enjoy this part and absorb all the information you can. In addition to learning the systems, do lots of territory research, write your business plan, perform your SWOT analysis and start searching for prospects. Your franchisor will explain everything you need to do for a successful launch.

LIFT-OFF

Training should now be complete, so it’s time to get out there. Don’t be shy – Market your service and find new customers. Start small so you don’t require lots of overheads and give yourself attainable goals each month.

Menu