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