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