Welbaum Guernsey
Bring Clarity to Your LegalProblems. Call Us At:

I am thinking of buying a franchise – how do I start?

If you are considering buying a franchise in Florida, it is an exciting time for you. The first thing you will need to do once you have a particular business in mind, is to contact the franchisor to start your investigation.

According to Franchising.com, you will want to evaluate the franchisor’s behavior towards you at every turn. Often the response to your initial outreach is indicative of how that franchisor will treat you once you are in its program.

After your first contact, the franchisor will typically ask you for your basic background, relative to the issue of starting a franchise business. Such information, designed to eliminate people who are not financially able to be successful as a franchisee, will often include the following:

  • Your management experience
  • Your history in the industry related to the franchise
  • Your net worth
  • Your level of liquidity
  • The location you are interested in

Fill out application request for information properly

The information you provide is not very personal. But, if filling out an application or an online form, following the directions is important. Some franchisors will not consider an application if the applicant did not properly fill out the form on the theory that they have a decent chance of not being willing or able to follow the instructions of the franchise program itself.

If you initiated contact via the franchisor’s website, you can expect to receive a follow up from the franchisor by email, often automated. There will likely be more vetting of you and your qualifications, while at the same time providing you with more information about the franchise opportunity.

Use this time to consider the franchise’s qualifications

So, while the franchisor is qualifying you for the next steps in the vetting process, you will also want to be doing your own vetting of the potential business. There are over 3400 franchises to consider. You want to be sure that you are moving forward with a company that has similar values and financial goals as you do. At this point in the game, while working through website and emails, some things to consider are:

  • Does the website answer most of your top questions?
  • Is the site easy to use and find information?
  • Do other franchisees provide knowledgeable endorsements?

Consider your answers to these and similar questions as you decide whether you want to continue to invest your time into this franchise investigation or move on to another one.

No Comments

Leave a comment
Comment Information

2151 S. Le Jeune Road, Suite 200
Coral Gables, FL 33134

Toll Free: 800-509-4946
Fax: 305-441-2255
Map & Directions