Steps on the Road to Franchise Ownership; Infographic
- Find a Franchise Concept that Fits
- Focus on an industry you have some knowledge of or are interested in, and then research franchises in these areas
- Figure Out Funding
- Determine your net worth and what you can afford to use as collateral or liquid funds. Look for lenders who work with franchises and check to see if the franchisor offers financing assistance
- Submit Your Application Packet
- Submit the application paperwork and work with company representatives to review, finalize and validate the application.
- Obtain Final and Sign the Agreement
- After you are approved to be a franchisor, you will sign the agreement. At this time, you will most likely pay the initial franchise fees.
- Business Set-Up & Grand Opening
- Now that you are officially part of the team, training and set-up will begin! You’ll be provided with classes, training, and other types of support you need to get your new business of to a successful start.
