Powerful 10-Step Checklist To Use Before You Buy The Franchise Of Your Dreams

Powerful 10-Step Checklist To Use Before You Buy The Franchise Of Your Dreams

Investing in a franchise is not a quick dash work. There are  lots of anxieties and pressure. Here is a checklist that will help you determine if you’ve done everything you need to do before you invest.

A checklist that will help you lower your risk.

  1. Have you learned all you can about the franchise concept?
  2. Do you feel that all of your questions were answered by corporate?
  3. Did you get enough insights from the franchisees?
  4. Did you attend a in-person or virtual Discovery Day at franchise headquarters?
  5. Did your Discovery Day provide you with enough information on the company, its culture, and its support structure? Do you trust the executives?
  6. Have you looked at a couple of different financing alternatives?
  7. Did you seek out and meet with a franchise attorney?
  8. Do you have money in place to live on* (household expenses) for 6-12 months-during the lean times of your franchise business start-up period?
  9. Have you thought about a worst-case scenario? What if your business fails? How much money will you lose? Can you recover?
  10. Are you ready to put in the hours necessary to be successful?

Have a franchise attorney to help you look over the documents so you have a complete understanding of the terms of the agreement, including what the franchisor is responsible for and what you are-as a franchisee.  Plus, do you really want to pour over pages and pages of legal terms, some of which only a lawyer can understand?