3 Things To Consider When Purchasing A Franchise

10 November 2017
 Categories: Business, Blog


A great way to become a business owner is by purchasing a franchise. When you purchase a franchise, you purchase an established business model. It is different than starting a small business from scratch. When you purchase a franchise, you are purchasing a business that comes with established connections and procedures that will help your new business succeed. The key to purchasing a franchise is to find the right franchise opportunity that matches your personal interests as well your business interests.

#1 Talk To Existing Franchise Owners

The first thing you should do is reach out to existing franchise owners. Take the companies that you are interested in working with, and find business franchise owners in your area. Talk to those owners about what their experience being a franchise owner is actually like. Find out how much freedom they have as the owner of a franchise and how much their actions are dictated by the terms of their franchise agreement. Be sure to ask them what their day to day activities and life are like.

This is a great way to figure out if you like the type of activities you would need to do as a franchise owner. This is also a great way to figure out if the terms of a franchise agreement and the freedoms and restrictions that come with being a franchise owner will work for you. This is also a good way to figure out what type of franchise ownership opportunity will fit with your personality and life goals. 

#2 Learn About Financing Options

Second, you need to learn about financing options. Most individuals don't have the money to purchase a franchise in full up-front. You are more than likely going to need some financing help with starting a franchise. Some franchises offer you in-house financing options. With other franchises, you are going to need to get outside financing assistance. If you need to get outside financing assistance, you are going to want to evaluate your financing options and make sure that you can secure the loans and financing you need before moving forward with the franchise.

#3 Find An Ideal Location

If you are not purchasing an existing business, but are starting a new franchise location, you need to make sure that you have an ideal location in mind. You may want to work with a real estate attorney and a business real estate agent to find a few different locations. Bringing those locations to the franchise you are interested in purchasing may help improve your chances of purchasing the franchise that you are interested in.

Before moving forward with purchasing a franchise, talk to current franchise owners to get an idea of what the experience of being a franchise owner is actually like. Take some time to learn about financing options and look into locations before you move forward with the franchise process. Securing financing and a location should help strengthen your franchise application. 

Contact a company for more information on painting company franchise opportunities near you.