The Franchise Buying Process
Buying a Franchise in 7 Steps
Complete your Entrepreneur Readiness Profile to find the businesses best suited to you, then follow the seven steps from first look to signed agreement. You don’t have to do it alone; a FranNet consultant guides you the whole way, at no cost.
Understand Franchising
Complete your Entrepreneur Readiness Profile to determine which types of businesses are best suited for you. This process includes a personality analysis and an investment range determination. From here, our algorithm can help determine what franchise options in your local market may be best able to meet your goals.
Determine Your Style
Once you understand your options and find that franchising is a good match, you may want to think about the business model that will best meet your ownership goals. You’ll want to research or speak with someone to gain insight into which franchise opportunities may be the best fit for your experience, goals, skillset, lifestyle, and more.
Explore Franchise Options
After determining any must-haves for your business ownership lifestyle, you’ll want to research local franchise options that can best meet all your goals to enhance your success. It may be advantageous to work with a franchise consultant with insider knowledge who can match you with many options and potentially make an introduction at your franchise of choice.
Speak With Franchise Companies
To know if a franchise will fit your lifestyle, it’s best to go straight to the source. You may want to work with someone who can facilitate introductions at companies and coach you on the due diligence process, providing guidance on questions to ask, Franchise Disclosure Documents, and how to rank the franchise opportunities for yourself.
Speak With Local Franchise Owners
Once you learn more about each franchise company that you’re interested in, you will be able to speak with active franchisees in their respective organizations. This will allow you to validate the business, support, and success of each while getting up close and personal with owners to see how their model will match your needs.
Discovery Day
Prior to making a formal commitment to an opportunity, you will attend a Discovery Day, usually on-site at the corporate headquarters of the franchise you’re interested in. This is a great opportunity for you to meet the top management team, see their operational facility, and learn more about the day-to-day life of owning a business under their brand.
Decision Time
After you return from Discovery Day, you’ll be ready to decide if that franchise is the right fit for you. If it is, you may also want to research and access any necessary referrals for franchise attorneys, accountants, and funding partners to help complete your due diligence. From there, it is your choice to sign the final franchise agreement and become a franchisee.
So… do you have to do this alone? Nope. That’s what we’re here for.
There are many resources available to help you along the way to owning a franchise. Instead of going from place to place, you can get all of this information in one place. FranNet consultants save you time and money in several ways: by educating you about franchising, helping you research your business, identifying the right structure and strategic mix of the businesses you’re interested in, and introducing you to the franchisors that fit your model.
We encourage you to thoroughly research any franchise you’re investigating, and we’ll even help you find franchise attorneys and other advisors so you can gain more information before you buy. We believe that the more you know, the better the odds that the choice you make will be a success.
Questions about working with a FranNet consultant
Who are FranNet Franchise Consultants?
A FranNet franchise consultant is a franchise expert who advises you on franchise and business opportunities. Within our group, we have past and present franchisors, franchise executives, franchisees, regional and area developers, and other business professionals.
How Much Does a Franchise Consultant Cost?
Zero. Working with FranNet is absolutely free. How is that possible? Similar to real estate agents that receive a commission from the seller, we receive our broker fee directly from the franchise that you may buy.
Will I End Up Paying More For a Franchise If I Work With a FranNet Franchise Consultant?
No. Unlike buying a home or a car, franchise sales and fees are federally regulated and the cost cannot be changed regardless of whether a franchise consultant broker is involved. You get expert franchise guidance, consulting, and introductions, without any risk of a price mark-up.
How Do FranNet Franchise Consultants Reduce Risk?
We reduce risk by pre-qualifying prospective franchisees so no qualification time is wasted; by educating you on the eventual purchase and operation of a franchise, which sets better expectations; by providing an instant North American network present in all major markets; and by offering a primarily post-pay service. Instead of generating qualified candidates on your own, you join a proven, effective, and efficient referral network.
The FranNet Organization
In addition to being a five-time Fortune 5000 company, FranNet has helped hundreds of people acquire a franchise and become their own boss. FranNet provides education and support to individuals exploring self-employment through franchised business ownership. After all, franchising is more than just food and retail stores. Our role is to help people find the right business for their goals. Our services are 100% free.
Ready to work together?
Get expert, no-cost guidance through every one of the seven steps. Book a free consultation or find the consultant nearest you.