How to Become a Franchise Owner: A Step-By-Step Guide

How to Become a Franchise Owner

Becoming a franchise owner is a process that takes planning, dedication, and due diligence. It involves a healthy dose of self-examination, research, asking good questions, and ultimately, making an informed decision that will give you the best chance at success and happiness.

While everyone’s journey to franchise ownership is different, those who find success in a business they enjoy typically follow a few basic steps, which we’ve broken down here one-by-one.

Whether you’re only just considering becoming a franchise owner or find yourself part-way through the process already, use this guide to ensure you’re checking all the boxes on the steps you need to take to make a truly informed decision about the franchise that’s right for you.

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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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3 Ways to Save Time Running Your At-Home Franchise without Cutting Corners

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There are plenty of reasons for deciding to start an at-home franchise business. Some new franchisees are looking for more free time to spend with their family while others don’t enjoy working in a “corporate” environment. Whatever the reason for starting, many new franchise owners discover that running an at-home business involves a lot more work than anticipated.

 

New franchisees often start out very enthusiastic about running their own business from home, especially after all of the research that goes into choosing the right franchise to buy into. Before long, however, almost all new owners discover that running a business, even with franchisor support, is a lot of work!

 

Managing the day-to-day operations of the business while trying to actively market yourself can quickly become overwhelming. What was originally intended as a way to free up more time can become burdensome, which can lead to cutting corners in order to “make” more time. Read more

4 Things To Do Before and After Buying a Home-Based Franchise

Home-based franchise

 

Buying a franchise you can run from home can save new business owners a lot of money they’d otherwise have to spend on rent, extra utilities, insurance and other costs.

 

It also awards you more freedom over how you decide to run your business day-to-day. But while the benefits of home-based franchising can be alluring, it’s important to realize that not all opportunities are the same.

 

[Read Also:] Buying a Franchise in 2016: 4 Ways to Prepare Today

 

Franchises are an investment. To make that investment pay off, it’s up to you to carefully research your options and make a well-informed decision.

 

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