I’m becoming a franchisee
It’s true that franchises offer a quicker and lower-risk opportunity to get into business than starting a brand-new company. But it’s not easy. Follow these steps to make sure your franchise experience is a good one.
Top 5 considerations to make when becoming a franchisee:
- Follow your passion. Don’t forget the #1 rule of business: You’re only successful when you’re passionate about what you’re doing. This is no less true when becoming a franchisee.
- Find a franchise. Franchises are in the business of selling, just like everyone else. Some companies operate with integrity and transparency, and others will try to pull a fast one on you. Research your options carefully and choose a franchise that shares your vision.
- Select a location. You’re not going to be happy if your entire life has to change. It might not be worth it to sell your home, uproot your family, and make the kids change schools. Find a franchise with a territory that has potential and serves your lifestyle.
- Develop a business plan. Always do your homework, whether it’s by yourself or with Masterplans. Know the franchise’s products and services and their target customers. Gain insight into the market and industry in the available territory. Plan your financials and gain a thorough understanding of what it really takes to be successful. Does this sound overwhelming? A professional franchise business plan from Masterplans will help.
- Drink coffee. Just because you have the backing of a great franchise doesn’t mean it’s gonna be easy. Retirement comes after you build a well-oiled machine. Roll up your sleeves and get ready to work hard!
A comprehensive business plan is key to getting funding for your franchise. At Masterplans, we draw upon more than 14 years of experience to develop compelling financial forecasts, exclusive market & industry analysis, growth strategies, and more. With hundreds of successful franchisees to our credit, we know what you need.