The Basic Steps to Owning a Franchise
Sep 10, 2020 09:40 am | Franchising
With the advancement of technology, aspiring entrepreneurs have the tools to apply, own, and manage a franchise in the quickest ways possible. However, one of the most frequently asked questions is still, “What’s the first step to owning a successful franchise?” In this article, we outline 5 simple steps that’ll take you through canvassing, applying for, and owning a franchise.
1. Determine what your deciding factors are
Whether it be budget, ROI, interests, brand image, or others, it’s important to note which of these factors are the most important to you or take precedence over the others.
Some factors to consider, regardless of brand or industry, are:
- Your personal budget
- The salability franchise’s products and services
- The franchise’s franchise development process
- The franchise package’s inclusions
2. Narrow down the list of franchises
Narrow down the list of franchises using your chosen list of deciding factors. Normally, the first filters are budget and industry followed by the filters which are more specific to your preference such as franchise package inclusions, brand image, and others.
Using Match Me: a franchise matching algorithm, helps accomplish the first filter in only a few seconds.
3. Apply for your dream franchise (the easy way)
Once you’ve chosen the franchise you want to own, the next step is to, finally, apply to own it! Like all the other steps, it’s best to apply for a franchise in the easiest way possible: online. Through www.EasyFranchise.com, you can apply for a franchise just by clicking the franchise brand’s profile and filling out the form–all through your phone or laptop.
4. Find a location for your franchise
Location is a large determinant of your franchise’s success and even if the franchise brand will accept your application in the first place.
The quickest way to find a good location is to choose from a list of pre-approved ones decided on by the franchise brand and other third party franchise platforms. Click here to inquire about our Location Assistance service.
5. Finding the right management
Even this, which seems to be the hardest step, can be simplified! If you’re confident enough to manage the franchise itself, then this step will be a breeze. If not, you can have an entire team of franchise professionals manage your franchise for you from day-to-day operations to employee management. Click here to inquire about our Franchise Management service.