If you’re a professional looking to invest in a franchise and become a franchise owner, it’s likely you’ve seen the significant success other franchise owners have achieved within their business careers. But success doesn’t come easily. It requires careful research and planning. In this article, we’ll provide you with our quick guide to becoming a franchise owner.
Choose Your Franchise Type
When considering the full range of franchise options, it’s important to select an industry in which you have experience. The franchisor will be examining your application for relevant experience, and the more experience you hold in the marketplace the better the chances your application will move forward.
Review Available Franchise Opportunities in the Marketplace
Once you’ve selected the industry of your preferred franchise, you’re then able to move forward in reviewing franchise opportunities within that marketplace.
Assess the Conditions for Owning the Franchise
After you’ve found that ideal franchise opportunity, you must now review the conditions involved in running a franchise for that franchisor. At this stage, it’s critical to assess the level of investment required to begin a franchise and the level of experience the franchisor expects. You should also assess the reputation of the franchise within the marketplace. If possible, speak with other franchise owners about their business.
Choose a Location
Now that you’ve selected your ideal franchise business, it’s time to select a location for the company. You’ll be required to review demographic data from the local marketplace and determine how best to position your franchise to ensure the ideal return for your investment. Conduct surveys within the community to determine the level of demand.
Submit an Enquiry
You can then move forward in contacting the franchisor about potential opportunities within their business. This initial inquiry should be just a note with your information. your level of capital and experience. In most cases, the franchisor will send you an application directly.
Complete the Application
Now that you’ve heard back from the franchisor, you’re ready to complete your franchise application. At the application phase, you’ll likely have to submit proof of your resources as well as your identity.
Finalize the Process
Once you’ve submitted the application with all the relevant information, you will then hear back from the company. If the company approves the application, they will detail their franchising process and guide you in setting up your business. The information within the finalization process should include business leasing requirements, funding data and training guidance.
A franchise business can be a fulfilling opportunity for many professionals! To discover more on how to successfully set up your own franchise business use the link below.
Laura Harvey is an entrepreneur herself as the owner of Ontario Business Central Inc. Her passion has always been about supporting the entrepreneurial spirit and advancement within Canada.
Laura authors in-depth blogs for Ontario Business Central assisting entrepreneurs and business owners to start, manage and grow their businesses. She has almost 30 years of expertise as a corporate specialist and 25 years of being an entrepreneur. Laura has the unique position of supporting a community that she also belongs to. She walks the walk right along with you.
You can find Laura on Linkedin and Twitter.