Today, one out of every 12 companies has a franchise business model for entrepreneurs to invest in. Franchising has been growing steadily for years, thanks in part to more opportunities and an increasingly attractive path to business ownership.
With training, systems, and support already baked into the franchise package, it’s easy to see why new business owners are turning to franchisors rather than going it alone. Still, despite the success among franchisees, the process of actually buying a franchise isn’t something most first-time buyers are familiar with.
To help buyers through this, The Federal Trade Commission (FTC) has an excellent guide to buying a franchise you can find here. As a supplement, we’ve created our own step-by-step guide here. We suggest checking both of these resources out first and then using the checklist below to make sure you’re covering the important points throughout the process.
Get real-life advice for buying a franchise from those who’ve done it themselves. Grab our free guide: What it’s Like to be a Groutsmith: a Q&A with 8 franchise owners.