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