Buying a Franchise/Business
Created at : Jun 3, 2022
So you have decided to invest in a franchise. After 15 years in the business, it's clear to me that most people have difficulty finding a good business opportunity and then evaluating whether it is the right one for them. It can be a very time consuming task. Either you have no clue where to start or you have started the process but are now frustrated with information overload. There is a process to finding the right business opportunity to meet the unique skill sets of the potential investor. Matchmaking is Franchise Sales Connections expertise. We use our process to guide our clients to what franchisors are looking for in a candidate, how to investigate a franchise, what questions to ask a franchisee, how to finance or fund the investment, and much more.
One step is to determine which franchise sectors interest you. Another step is understanding your own personal strengths to determine if you like being a hands on operator/manager, an absentee owner/requiring an operating manager, or an investor only. Do you lean more toward the operations or the business and marketing side of the business model? Analyzing the advantages of purchasing an established franchise vs. a new franchise with initial start up costs is another step. Did you know that, aside from financial qualifications, you have to be approved to purchase a franchise by meeting the franchisor standards, and that those standards are different for every franchisor? These are just a few of the steps and considerations involved in finding the right franchise opportunity. For additional help please contact us.
Jim Werling, Franchise Sales Connection Consultant