FRANSAVE is proud to partner with Guidant Financial to provide you with the tools you need to fund your new business. From exploring financing options to obtaining expert guidance, the services provided by Guidant Financial are designed to help aspiring business owners get established and—ultimately—thrive.
Guidant’s Complete Guide to Buying a Franchise outlines what it means to be a franchise owner. We have broken down the guide into segments to give prospecting franchise owners an understanding of hidden costs, important documents, and the overall journey to franchise ownership. This introduction to the Guide is the first step.
The journey to becoming a business owner is exciting…but can be overwhelming at the same time. There are a variety of options and opportunities available to you – the world is your proverbial business oyster. This guide is designed to familiarize you with what it means to own a franchise, help you decide if being part of a franchise suits your goals and personality and take you through the ins-and-outs of the journey to franchise ownership.
Why become a franchise owner?
The idea of being your own boss through business ownership is attractive to many, but the thought of all the steps required to get started - and to be successful - is paralyzing. Think about it: start-up business owners need to pick the right entity, find and build out a location, create a product offering, find suppliers, obtain equipment, market the business, build a loyal customer base...the list goes on.
Thankfully, a start-up isn't your only option. As a franchise owner, you are in business for yourself—not by yourself. You have a proven system in place and a team behind you to support your success.
What will be covered in this guide?
First, we’ll cover exactly what franchising is and how it differs from independent businesses. Once we have that solid foundation, the next step is to help identify which franchise brand might be the right one for you, and the resources available to you to help make that decision. And to be extra helpful, we’ve also included a chapter of top franchise brands by category – like most successful, best low-cost brands, best franchises for veterans, etc.
The type and amount of support you’ll receive from your franchisor can differ significantly by brand, and it’s hard to know what a “good” brand offers you. Chapter 4 covers what a standard level of support looks like, to give you some context as you’re researching deeper into any brands that caught your interest. And of course, money. It’s easy to find out the costs of different brands online, but what about the fees and costs that aren’t listed on their website? We’ll give you a solid understanding of the hidden costs associated with franchise ownership, so you know what to look out for during your research.
Some of those costs will be lined out in the Franchise Disclosure Document, which is a notoriously long and complex legal document all franchises are required to give to their potential franchisees. This guide includes a chapter dedicated solely to helping you understand and demystify the FDD, so you can approach this step in your journey with confidence.
Naturally, little of this matters if you’re unable to actually purchase the franchise you have your eye on. Toward the end of this guid,e we’ll take a look at the most common, efficient and user-friendly business funding options available to you. You’ll come away with a good general understanding of each of those financing solutions, and we’ll point you in the direction of in-depth guides for each option.
And last but not least, this guide runs through the different entity options you can set your business up as. We cover the definition of each major entity type, personal liability protection and the nuances, pros and cons associated with each entity.
Why should you read this guide?
Overall, our goal with this guide is to set you up for success in your journey to franchise ownership. We’ll take away the veil of confusion and mystery that can surround the franchise world, help you understand your options and point you toward more resources at your disposal.
This is an exciting time! Deciding to make the jump into business ownership is an adventure, one that has played a role in the American dream for centuries. We’re here to give you a solid, informed base from which to jump. Are you ready?
Upcoming blogs to watch for:
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your jurisdiction. Franchise offerings are made by Franchise Disclosure Document only.