7 Questions to Ask Before Buying a Franchise with Your Spouse

Questions to Ask Before Buying a Franchise

 

Thinking about buying a franchise with your significant other? Ask yourself seven important questions to determine if you and your spouse would make good business partners.

 

Couples are going into business together more than ever before. About 1.2 million Americans run a business with alongside their spouse. Companies like EventBrite, Modcloth, Panda Express and Gap were all built into major brands by married couples who found success both personally and professionally.

 

If you and your spouse share a goal of owning a business, the next step is, well, figuring out if you’re the type of couple that would likely work well as business partners.

 

The key to figuring that out is asking the right questions. Here’s seven of the most important, according to our very own spousal franchise owners. 

 

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Couples Working Together: Franchising With Your Spouse

Couples Working Together

 

About 1.2 million Americans run a business with their spouse according to a study from National Federation of Independent Businesses.

 

Obviously, spouses can and do make successful businesses partners. But if you and your significant other are thinking about becoming business partners yourselves, just about every successful business couple will tell you the same thing: it’s all about balance.

 

When you can strike this balance in your personal and professional relationship, you and your spouse can rightfully claim the ultimate title of power couple. But getting there takes diligence and some old-fashioned hard work.

 

As you might already know, there’s a lot of articles floating around warning couples against working together (usually written by those who haven’t made it work themselves). But our own franchise system and many other businesses prove these people wrong.

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4 Ways to Advertise Your New Franchise

How to Advertise a Franchise

One of the biggest challenges of opening a new business is getting in front of potential customers.

 

Since most people in your area likely haven’t heard of you, a few well-placed ads can generate immediate interest in your business, especially among those who are in need of what you offer but haven’t had an opportunity to buy from a local vendor or service provider until now. 

 

Whether you’re looking for more traffic to your website or simply want the phone to ring, advertising a franchise locally can be done without costing an arm and a leg. When done well, it will pay for itself and then some. Read more

5 Key Items in the Franchise Disclosure Document Explained

Franchise Disclosure Document

 

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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How Does Franchising Actually Work? A Quick-Guide

How does franchising work?

 

Franchising has been one of the most important sectors of the global economy for decades, so it’s no wonder why so many Americans choose to go down that road in order to free themselves from the shackles of their nine-to-five job. According to the International Franchise Association’s 2018 report, strong economic fundamentals and a boost from the tax reform and favorable regulatory environment support above-trend expected growth in 2018.

 

via IFA’s Franchise Business Economic Outlook for 2018

 

Franchising is an enticing option for many potential entrepreneurs who want to own a business but don’t have the resources or know-how to start from scratch.

 

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