Franchise Business Research Checklist

Posted by digiadmin on August 16, 2022

Today is the day. You set a goal to become your own boss and you’re ready to put a plan into action to become an entrepreneur. Franchising offers opportunities in dozens of industries as well as a tried and true roadmap to kick off your business. Despite the competition and the challenges that lay ahead, you can succeed. You know it will take more than confidence. Knowledge is the key. You don’t know what you don’t know.  We’re here to provide a checklist of what you need to know about franchising before you start your journey.  This checklist also assumes that you have narrowed your search and you have a pretty good idea of the kind of business you want to open, the capital you need,  the lifestyle you want to have, how hands-on you want to be, and the income you need to get from the business.  

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Organization 

Take detailed notes with each call you have with the development team of franchises you’re exploring. Write down the pros and cons of each one you visit using your ‘must have’ criteria and ask as many questions as you possibly can. Being informed is the first step to success. 

Understand Every Available Option 

Don’t go with the first opportunity that comes your way. As you search for a potential business, leave no stone unturned and explore every option available. Keep looking even when you’ve found the one that suits you best. There might be a better opportunity that’s undiscovered. 

Do Market Research 

The number one rule of real estate is “location.” When choosing the right business, this is just as important. Do research on where the business you want to operate is located in. Think of the demographic and ask yourself, “Will the products and services I’m offering be useful? Who will my competition consist of?” If you’re looking at a coffee shop that has several competitors nearby, you might want to consider a different option. 

Get to Know The Franchise CEO and Supporting Staff

First impressions are always the most important. When you meet the CEO and their staff, take the opportunity to ask every question you can think of. Ask about essential things such as success rate, mission statement, and what training they will offer you if they award you a franchise. Remember, you have to meet their criteria as well. Franchises are awarded, not just purchased. Pay attention to your gut. If a deal feels wrong, the deal is wrong. 

Your Opportunity Awaits 

The business world can be intimidating. The path to success is littered with those who have come up short. At FranSave, we’ll help you make the right choices and help you get on the fast track to getting ahead. Every journey begins with two things; an opportunity and a single step. The first step toward the opportunity waiting for you begins at fransave.com.

Ready to Get Started? Contact Us

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.

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