How to Buy a Franchise

When it comes to buying a franchise, you have a variety of options. With more than 4,000 available franchise opportunities, you can choose anything from a small, home-based business to a large, multi-location operation.

As with any major decision, you’ll want to do your homework before you buy a franchise. Take your time, and ask yourself the following questions about any franchise you’re considering:

1. Does it have a strong track record of profitability? It’s highly advisable to choose a franchise that already has a solid track record of sales growth.

2. Is the market growing? You’ll also want to consider the specific market. If there are no signs of it growing, you’d be wise to look elsewhere.

3. What is the competitive landscape? A small amount of competition can be positive. However, if the area is already saturated with competitors, your chance of making sales is greatly diminished.

4. What are the opportunities for repeat business? Franchises that generate repeat business can provide a significant opportunity to grow profitability quickly.

5. What are the franchise fees? You’ll want to clearly understand the franchise fees and what you’ll get for them. Carefully consider the type of marketing and support you will receive from the franchisor.

6. What is it like to own this franchise? Ask to speak with current franchise owners to hear about their experience. If possible, see if you shadow a franchise owner to get a real-life sense of the business and if it’s something you want to do.

At the Franchise Academy, we’re here to help you buy a franchise that’s right for you. Schedule a FREE franchise consultation now - 100% free of charge, no obligation.