For couples seeking time freedom and flexibility, buying a franchise business may be the perfect opportunity. Purchasing a franchise allows buyers to own and run their own business while having the assistance of the franchisor in many aspects. The International Franchise Professionals Group (IFPG) provides their members with the guidance to successfully identify and purchase a franchise business. With more than 1,3000 franchisors and consultants, starting a franchise business can be made simpler. Before jumping in, couples should consider the frequently asked questions when investing in a franchise business.
What is a Franchise?
A franchise is a type of business. It is licensed from the franchisor, or the company that created and owns the product or service. The licensee, also known as the franchisee, can open and operate the business under the franchise name. The partnership between the franchisor and the franchisee allows the franchisee to use the franchisor’s brand and materials while operating their own business.
Do I Need to Start From Scratch?
No, a franchise includes use of the franchisor’s brand, marketing tools, products, supplies, training, and more. Most franchisors provide a business plan and operational guidelines, as well as other resources to assist with the daily operations of the business. Franchisors often provide assistance throughout the life of the business; some will even provide ongoing support or additional resources as the business grows and evolves.
What are the Benefits of Buying a Franchise?
The benefits of buying a franchise are numerous. First, franchisors offer buyers the opportunity to take part in a well-established and profitable business model with a proven track record of success. Franchisees also have access to well-known brand names and established marketing strategies. Additionally, franchisors provide a comprehensive training program that provides knowledge and experience in business and customer service. This knowledge is invaluable and can help franchisees get off to a great start.
What Should I Look For in a Franchise?
When considering which franchise to purchase, couples should evaluate their needs and desires. First, couples should make sure the franchise is in line with their desired lifestyle. Factors to consider include the amount of time they are willing to invest in the business, the level of support and training required from the franchisor, and the types of services or products that the franchise offers. Additionally, couples should consider the location and the potential customer base.
How Can I Get Started?
The first step to owning a franchise is the research process. Buyers should research the industry to gain an understanding of the current market. Additionally, buyers should consider any potential competitors and the strengths and weaknesses of those competitors. This research will help buyers evaluate which type of franchisor may be the best fit for their needs.
Once buyers have narrowed down their selection of franchisors, they should contact their local International Franchise Professionals Group (IFPG) member to receive guidance and assistance throughout the franchise purchase process. Franchise brokers are knowledgeable in the area of franchising and can provide important insight and assistance in the findings, evaluating, and executing of the franchise purchase.