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Step 1: What is Franchising?
When hearing the term “franchising,” folks might immediately think of McDonald’s or the major sports leagues. Franchising is the broad concept of licensing or selling a brand name to multiple business operators who then retain some profits from those operators, in exchange ...
Step 2: Researching Franchises to Own
Deciding to buy a franchise could be one of the biggest decisions a person faces when taking the next step in their lives. With such a large commitment, the only constant in the business is you. Finding the right franchise is like anything in life, finding a place where your ...
Step 3: What Will Be Required of Me If I Buy a Franchise?
Buying a franchise can come with huge benefits in the long run, but it is important to consider the requirements that will be placed on you at the start of the business. Before considering the financial duties that are needed to buy a franchise you should think about if you ...
Step 4: Introductory Calls & Meetings with Potential Franchise Markets
Franchisors do not award ownership of a franchise to everyone. You must be able to qualify first. Franchisors will be searching for someone who shares their passion for the business and is financially ready to take that next step. As we talked about in Step 3, you must have ...
Step 5: The Franchise Disclosure Document (FDD)
The most important document that is a part of your franchising journey is the Franchise Disclosure Document (FDD). The FDD was put in place by the Federal Trade Commission Rule. The FTC Rule states that all franchisors must develop an FDD and provide it to all potential ...
Step 6: What Is Being a Franchise Owner Like?
A key step in owning a franchise is getting feedback from other franchisees. They know the ins and outs of the business and how it is to work with your franchisor, and advice they found helpful when they first purchased their franchise. This information will come from a ...
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