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