It’s pretty simple, actually.
Yet, so many people I come into contact with complicate it.
I’ll make it easy for you.
How To Be A Franchise Owner
Start off by making a commitment to be your own boss. You really need to be all in. I’ve worked with people who were still spending an awful lot of time doing job searches-but who had told me that they were “serious about investigating franchise ownership.” These people ended up employed again. Ad, that’s fine; not everyone is cut out for business ownership.
If you can’t make a commitment to be the boss…or at least not yet, no problem. Maybe you do need to continue working for someone else. Maybe you need to be downsized again.
But, if you feel that you’re ready to take some control back in your life, and know in your heart that the only way to do it is by owning a business, franchise ownership is worth a look.
The steps you need on how to be a franchise owner are right below.
Find The Right Franchise
It shouldn’t be that difficult to find a franchise concept that fits you.
You just have to know where to start.
My recommendation; grab a notepad and make a list of your top professional skills. Then write down some of the traits that define you. For example, you may be outgoing. Or, you may be pretty introverted. Are you highly competitive? Are you good with details, or are you a big-picture person? Write down what best describes you.
Now you can start exploring franchises that will allow you to use your top skills-and at the same time exploit some of your unique personal traits.
Choose a few possible matches, and request information.
See how it goes. If you don’t feel that you’ve found a match, try again. Choose a few more.
Don’t give up.
Research The Franchise
Once you’ve found a franchise or two, start digging in.
Request information from the franchisor.
Once you’ve received the information, set up a call and ask the franchise development representative some questions.
If you like what you hear, dig in some more.
If you still like what you hear, arrange an in-person visit with one of them.
If you like the way the business feels, arrange a visit to franchise corporate headquarters.
Making an in-person visit will also enable you to see their operation in action; in addition, you’ll be able to meet the executive team and get a feel for the company.
Then you can start moving ahead with your decision on whether to buy the franchise or not.
The Franchise Model Is Simple
When you purchase a franchise, you’re buying the rights to use the following:
- Operations manuals
- Business systems
- Marketing plans
- Signage etc.
That’s really it.
Follow the system and use everything that you’ve paid for.
Go here for a simple, step-by-step way to work through the entire franchise exploration process.
(Unless you’d like to complicate it.)
Image courtesy of Chrismatos ♥Miss you much, Mr Ricky. RIP, on Flickr
Useful Franchise Articles...
This Is Why You're Frustrated With The Franchise Purchasing Process
This Is How Much Money You'll Need
The Hard Truth About Franchise "Coaches"