Owning your own business is the American dream. But becoming an entrepreneur and starting your own business typically takes time, determination and money. There are no shortcuts – but there are smart decisions you can make to fast-track business ownership.
One of the fastest ways to own your own business is to buy an already existing business. A franchise is a business that allows an entrepreneur to start their own business by legally using someone else’s expertise, ideas, branding and processes.
Franchising is a contractual relationship between a licensor (franchisor) and a licensee (franchisee) that allows the business owner to use the licensor’s brand and method of doing business to distribute products or services to consumers.
– International Franchise Organization
Many stores you see every day are franchises. They look the same, offer the same products, and their operations are the same. But they are owned by individuals, not by a company. There are many different types of franchises available. Some of the top franchises today are in very different fields:
- McDonald’s
- 7-11
- Planet Fitness,
- Massage Envy
- GNC
- UPS Store
- Keller Williams
If you think franchising may be right for you, ask yourself some questions to determine if you would be a good fit to own and run a franchise business. I’ve compiled a list of questions to consider if you’re considering buying a franchise.
7 Questions To Ask Yourself If You’re Thinking Of Buying a Franchise
Free Download: Save a copy of this checklist I made:
7 Questions To Ask Yourself If You’re Thinking Of Buying a Franchise
If you still want to buy a franchise, start searching online for franchise opportunities. There are franchise portals to help you find franchises that are for sale. Type “franchise opportunities” or “franchises for sale” into your search engine, and start looking for franchises that meet your business criteria. Franchising is not for everyone. But for many, it is an opportunity to minimize the risk and own a successful business.
Learn More: 27 Tough Questions to Ask Before You Buy a Franchise
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