Basics of a Franchise Group Franchise
If you’re thinking about buying a Franchise Group franchise, there are many things to consider before signing on the dotted line. Becoming a Franchise Group 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 Franchise Group franchisee might be financially rewarding.
Owning a Franchise Group franchise is a serious commitment and works best when you make a thoughtful, educated decision.
- Just because you love Franchise Group’s products or services doesn’t mean that you will be able to successfully operate a Franchise Group franchise.
- Being emotionally attached to the idea of becoming a Franchise Group franchisee is not a state of mind in which you can effectively evaluate an opportunity.
- Your positive experience as a customer of Franchise Group 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 Franchise Group franchise is for you?
Franchise Group Due Diligence
You must conduct smart due diligence and determine from a business perspective whether owning a Franchise Group franchise is right for you.
If you truly want own a Franchise Group franchise, get all the information you can from Franchise Group 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 Franchise Group 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 Franchise Group franchisor, Franchise Group franchisee, or even yourself? Get to know the terms.
Franchise Group Franchise Disclosure Document
Carefully read the Franchise Group Franchise DisclosureDocument (Also known as an FDD). They can be intimidating.
As you are reviewing Franchise Group’s Franchise Disclosure Document you will have a number of calls with Franchise Group’s franchise team before you will be allowed to call Franchise Group franchisees.
When you are allowed to call Franchise Group franchisees make sure you speak to at least five to eight franchisees. You will find that most Franchise Group franchisees will be honest and unbiased about Franchise Group. If you would like more information on how to dissect a Franchise Group FDD consider the following resources:
- The Educated Franchisee Chapter 8 – ' Dissecting the Franchise Disclosure Document' - Click Here
- The FDD Exchange - Franchise Disclosure Document Checklist' - Click Here
- PodCast with Franchise Attorney Nancy Lanard – 'What to look for in a Franchise Disclosure Document' - Click Here
Does a Franchise Group 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 Franchise Group 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 Franchise Group franchise is the right move for you.
If you’re serious about becoming a Franchise Group all franchisee and want to explore owning a Franchise Group franchise, take the best first step you can and grab your copy of The Educated Franchise today!