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