Basics of a Candlewood Suites Franchise
If you’re thinking about buying a Candlewood Suites franchise, there are many things to consider before signing on the dotted line. Becoming a Candlewood Suites franchisee is not a guarantee of success, but rather a blueprint that can assist you in achieving success. Given the correct market conditions, skills and dedication, being a Candlewood Suites franchisee might be financially rewarding.
Owning a Candlewood Suites franchise is a serious commitment and works best when you make a thoughtful, educated decision.
- Just because you love Candlewood Suites’s products or services doesn’t mean that you will be able to successfully operate a Candlewood Suites franchise.
- Being emotionally attached to the idea of becoming a Candlewood Suites franchisee is not a state of mind in which you can effectively evaluate an opportunity.
- Your positive experience as a customer of Candlewood Suites should not form the basis for deciding to become a franchisee.
As an example, just because you love Big Macs doesn’t mean that you should become a McDonald’s franchisee.
Are you looking for some free resources to help you determine if a Candlewood Suites franchise is for you?
Candlewood Suites Due Diligence
You must conduct smart due diligence and determine from a business perspective whether owning a Candlewood Suites franchise is right for you.
If you truly want own a Candlewood Suites franchise, get all the information you can from Candlewood Suites and secure a qualified advisor who has experience helping people like you purchase franchises.
You may also want find that gaining a better understanding of the terms related to franchising would be helpful. If so, you may want to visit A Glossary of Franchise Terms.
Make sure that owning a Candlewood Suites franchise fits in with both your skills and life style objectives. If you don’t want to work evening and weekends, don’t purchase an ice cream shop. If you’re an introvert, don’t buy a franchisee that requires you to be extroverted.
Are you interested in more questions to ask Candlewood Suites franchisor, Candlewood Suites franchisee, or even yourself? Get to know the terms.
Candlewood Suites Franchise Disclosure Document
Carefully read the Candlewood Suites Franchise DisclosureDocument (Also known as an FDD). They can be intimidating.
As you are reviewing Candlewood Suites’s Franchise Disclosure Document you will have a number of calls with Candlewood Suites’s franchise team before you will be allowed to call Candlewood Suites franchisees.
When you are allowed to call Candlewood Suites franchisees make sure you speak to at least five to eight franchisees. You will find that most Candlewood Suites franchisees will be honest and unbiased about Candlewood Suites. If you would like more information on how to dissect a Candlewood Suites FDD consider the following resources:
Does a Candlewood Suites Franchise Make Money?
A critical part of your due diligence is to build an estimated P&L (profit and loss statement) and see what the numbers might look like if you become a Candlewood Suites franchisee. Reading Chapter 13 of The Educated Franchise teaches you the secrets of this key step.
The decision making tools in Chapter 15 of The Educated Franchise and in Step 13 of The Franchisee Workbook shows you how to honestly evaluate whether or not buying a Candlewood Suites franchise is the right move for you.
If you’re serious about becoming a Candlewood Suites all franchisee and want to explore owning a Candlewood Suites franchise, take the best first step you can and grab your copy of The Educated Franchise today!