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Purchasing a Franchise Guidelines

Before you can start the process of buying a franchise, there are many factors to take into consideration. There are several steps involved and can seem long and complicated at times, and many people inadvertently overlook key factors. The following five steps can give you a better understanding of the procedures involved when purchasing a franchise.

1. Selecting the Right Franchise
The selection is one of the more important steps involved in the purchase of a franchise. With thousands of franchise businesses to choose from, you should incorporate these thoughts into your decision. What type of business do you have an interest in and do you have past experience with this type of business. You should also consider if the franchise fits you financially, remember, this is a major step in your life and you will want take time to consider all your options.

2. Affordability of the Franchise
You will need to gather all pertinent financial information available. You will want to know exactly what the total invest will be, such as initial investment and any additional ongoing investments. If the franchisor is asking for an initial investment of $50,000, this usually indicates only a down payment and further investment may be required. There are also other costs involved that are not included in the initial investment such as legal fees, franchise fees, supplies, working capital, and build-out costs. Make sure you request a complete disclosure of all up-front costs involved with the franchise. This will give you a better understanding of the financial obligations and help you decide if this is a franchise you will be satisfied with.

3. Procedures to Follow After Choosing a Franchise
Once you determine the right franchise to fit your budget and lifestyle, you will want to investigate the company. Buying a franchise is not just buying a business you will be forming a long-term relationship with the company, and you make sure it is a relationship that will work for you. Do a thorough investigation, taking into consideration the executives running the company, how long the company has been in business, and contact other franchises and ask questions to ascertain the viability of the business.

4. Hire an Attorney
Hiring an experienced attorney when purchasing a franchise is necessary to make sure you have a complete understanding of the terms of the agreement and what is expected of you and the franchisor. Your attorney will review all legal documentation with you to give you a better understanding of the agreement up front. It is imperative that you understand all aspects of the agreement and should question any parts you don’t understand or are not comfortable with.

5. Preparing a Business Plan
Business plans are required especially if you are financing your franchise. A business plan will give you a guideline and goals to follow to ensure you achieve success with your business. A good business plan should contain well researched information as well as a complete outline of the business structure and goals.

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