If you’re considering a franchise, it can be difficult to know where to start––especially when you’re handed documents you’re not familiar with.

When it comes to specific documents all prospective franchisees will work one way or another, The Franchise Disclosure Document (FDD) is one of the most important since it holds just about everything there is to know about the franchise.

In short, the better you understand what’s inside the FDD, the better prepared for everything that comes next. While no franchise can guarantee wild success, knowing what to look for in these documents allows to make a smarter, more complete assessment of the opportunity by using all the resources at your disposal.

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When planning to buy your own franchise, one of the biggest considerations is money. Franchisees will often review the franchise disclosure document provided by the franchise they are considering and look at all of the startup costs and fees. But, just like any major purchase like a home or vehicle, running a franchise means there are going to be ongoing costs to factor into your decision as well.

It’s important to plan out a budget ahead of purchasing your franchise to maximize the likelihood and speed at which you reach profitability and to ensure that your plan to purchase a franchise is financially sound in the long run.

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Any relationship between two parties is a two way street; that goes for franchisor-franchisee relationships as well. If you’re looking into buying a franchise, you probably have spent a lot of time evaluating whether franchising is right for you. But, as you get further down the road to ownership, you’ll find that franchisors are evaluating whether you would be a good franchisee as well.

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A business plan is just what it sounds like – a plan for your business. Of course, it’s more than that. Well-written business plans include many details on the goals you have for your business, what the market looks like, and the steps you’ll take to make your business succeed.

Business plans are used not only as a roadmap to success, but as proof that you’ve got a well-thought-out plan in place in the event you are looking to secure financing for your business.

Read on to learn some franchise-specific tips to crafting a business plan that works for your business.

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Anyone considering buying and running a franchise, asks themselves if they have what it takes to be successful. There are plenty of external factors that have an impact on success. These include things like the how well the franchise is doing as a whole and how the local market will respond. But there are also internal factors, like personality traits, that point to running a successful franchise. Read on 6 personality traits that most successful franchisees possess.

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