Buying a franchise is similar to buying a house - both are monumental decisions that require you to go through a process that happens in stages. These stages take time and necessitate that you do certain things before you can ‘move in’.
The 1st stage involves shopping for a franchise that meets your business needs. Some of things you need to consider include: financial concerns and whether you want to buy into a fast-growth or slow-growth franchise system. Obtain a copy of the franchisor’s UFOC and examine it thoroughly at this stage.
Once you have selected a franchise and signed the initial paperwork, assemble your business plan, arrange for financing, and begin looking for a possible business site. Financing is the key element because without it you can’t advance to the next stage. Even with bad credit or no credit, you still have options.
After you sign the final paperwork and pay all or part of your franchise fees, you have essentially bought your franchise and are ready to begin the final stage of the process.
The questions that most arise at this point are:
* What steps do I need to take before I can open for business?
* How long will these steps take?
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