Become a franchise owner in 5 easy steps

Everyone has different ambitions in life. If your early in your career, early to mid 20’s there is no better time to start than now. This is the time when you have all the energy and not much to lose. I remember my early 20’s, where I would work from 7 am to 4 pm at my full-time job, go to my franchise business after work until dinner around 9 pm and then to my restaurant for dinner and wind down with my chefs until 11 pm.

After this life phase, the next common phase for becoming a franchise owner is in your late 50’s. The experience gained is next to none and can set you up for success.

If you are considering a franchise as your next step, here are 5 easy steps:

1. Desktop research on Google and the various online franchise portals

Start with picking a category, such as “B2B”,” Food”, “Trades” etc and then spend time researching all the franchises available in that category. You will find two websites in most cases, one being promoting the product or service and the other being franchise specific. There are pros and cons with both new and mature franchise systems. While the new ones will usually have great opportunity, the mature ones will provide historical comfort, which isn’t necessarily an indication of how your business may do.

2. Attend franchise expo’s

Franchise Expo’s are a great way to meet people representing the franchise. You will also be surprised with the types of franchise opportunities, so go with an open mind and spend time with franchisors. It’s easy to get mixed up, so walk the show a couple of times and setup follow-up meetings with those that catch your attention.

3. Make an enquiry or buy from an existing franchise you are considering

If your considering a retail franchise, go to a location and make a purchase. If your considering a service based franchise, make an enquiry online or over the phone. This will give you first-hand experience and ideas on how you may potentially operate the franchise if you were to proceed.

4. Put yourself in the franchisees brand and see if you are passionate about the product or service they offer

This is a very important factor. You need to be passionate about the product or service, in order to succeed.

5. Make an enquiry with the franchisor and take the leap

Finally, make a formal enquiry with the franchisor to take the next steps. In most cases, Franchisor’s will also want to validate you. So, be well-prepared and give it your best.