5 Checklist Items for the First-Time Franchise Buyer

Checklist items for first time franchisees

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.


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Low Cost High Profit Franchises: 5 Tips for Maximizing Revenue

Low cost high profit franchise


Thinking about buying a low cost franchise? Worried about the earning potential? Don’t worry –– it’s healthy to be skeptical. Many people looking to become business owners with a franchise assume that if an opportunity doesn’t cost much to start, it must mean there isn’t as much to make for one reason or another.


The truth is, many franchise owners turn a little into a lot every year. One of our very own franchise owners plans to do $1 million in sales in 2018 owning and managing his grout and tile franchise, The Groutsmith. Learn more about Mike Ketzner and his low cost high profit franchise here.


In general, turning a low cost franchise into a high profit business boils down to three essentials: doing your homework, learning and using the systems the franchisor lays out for you, and making smart investments in growth.


Mark Laughlin, a former owner of three low cost franchises (that he grew and sold for six-digit figures) says the key to low-cost franchise profitability is more about the franchise’s business model than the business itself. Specifically, he recommends new franchisees “find a business model that fits your life and your personality, not just your business goals.” Read more

How Important is Territory and Location When Buying a Franchise?

Franchise location and territory


“Location, location, location.”

We hear it all the time, but is location really the only thing you need to get right to be successful?


Of course not! We all know success doesn’t just come to those who pick a great spot for their store or office. Businesses succeed when they combine the right location with great products and service, a strong brand message, and quality customer service buyers truly appreciate.


Even with all of these in mind, location and more importantly territory are crucial factors in determining whether or not a franchise has growth potential in the long term––something that shouldn’t be overlooked as you search for the right opportunity. Read more