There are steps involved when you plan to buy a franchise. First, make sure that this opportunity is right for you by conducting your own research into the business to figure out if this is your niche.
Purchase a franchise with these 7 steps:
1. Do your Homework
Know what you are getting in to by researching the business and the market that you are interested in. Make sure to learn all you can about the parent company, to make sure that it is the right partnership for you. This can take some time.
2. Complete the Application
It is worth the cost to hire an attorney to assist in the application process, as they can review documents and contracts for clarity.
3. Schedule a Meeting
The next step is typically a sit-down with the parent company behind the franchise. This is the perfect opportunity to ask questions so come prepared.
4. Look for Financing
Where is your financing coming from? Begin to evaluate lending options to find the funds that you need to make the franchise purchase. Some alternative lending options are tailored to franchisees.
5. Review your Paperwork
Again, have your attorney review the final paperwork and contracts to ensure they are what you expect them to be.
6. Find your Space
Do you have a space in place? This is the time to begin searching for a franchise-friendly operating quarters.
7. Begin your Training
There is a significant period of training expected with any new franchise. You will need support from the parent company to ensure you know the company’s protocols, practices, and standards before opening your door.
Still ready to move forward with a franchise? Talk to the money experts at Private Client Capital Partners about alternative lending options to purchase your franchise today!