1851

Whether you are sick of your boss, tired of the commute, or just ready for a new challenge, 2018 could be the year to take the next step and become the owner of your own franchise. But before you run out and put your life savings into a new franchise opportunity, there are a few things you should keep in mind about the process.

We spoke with two new franchisees about what they experienced in their own franchise journey. Here now are their top tips to buying a franchise:

Jordan DeCaro, Franchisee with <a href="https://toppersfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=10-tips-from-franchisees-on-buying-a-franchise-2705134" target="_blank" rel="nofollow">Toppers Pizza</a> in Duluth, Minnesota:

1. Don&#39;t cut corners and make sure you do what you are told. I feel a lot of newcomers to the industry would try to cut corners and save money on certain costs. If you trust the process and follow your brand&rsquo;s lead you will ultimately reach your goal

2. Take time during your decision process. Whether it is real estate, or any general decision, always consider all options and utilize the franchise for advice.

3. Always ask questions. I have learned that no question is a dumb question. Brands typically want to make sure you understand every aspect of the business so you can succeed.

4. It is all about the details. As you go through the process, you will realize that you don&#39;t need to give an explanation for this one.

5. Have fun through the process! You are growing a business into a new market, and you are going to kill it!

Cassidi Brown, <a href="https://coolgreensfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=10-tips-from-franchisees-on-buying-a-franchise-2705134" target="_blank" rel="nofollow">Coolgreens</a> Franchisee in Dallas, Texas:

1. Check into what you are buying. Buying into a franchise means you are buying their system, their products and their name. Be sure to spend plenty of time watching their stores and systems. Building a franchise system is complex at the least. A successful franchise will have every last detail thought through.

2. Read the FDD. Actually read the Franchise Disclosure Documents at least 2 or 3 times. This will give you an outline of the systems and franchise itself. It can answer a lot of questions if well thought through by the franchisor. It should have all of the past, present and future details.

3. Compose a list of comprehensive and detailed questions. Since you are buying into their system, they should know every nook and cranny of every situation you could possibly go through. Direct questions are the best and as an investor, you should expect direct answers. If they squirm away from one, that is a red flag.

4. ROI - 3 years and Budgeting. The numbers and basic financials should be listed in the FDD. You should create a budget of all the expenses. If the numbers cannot support a return on investment within 3-4 years, you may have to begin weighing whether or not this endeavor is truly in your best interest and worth.

5. Equip yourself with people who are smarter than you in areas where you lack. Consult with a lawyer to make sure that you are not missing anything in the FDD and that you are covered where you need to be. Consult with an accountant over your budgeting numbers to make sure you are actually going to make money and hit your ROI. Speak with other franchisees about their experiences.

Clearly there is no one right way to approach the franchise buying process, but with these tips in mind, 2018 could be the year you take the next step and get into business for yourself.

10 Tips from Franchisees on Buying a Franchise

1851 Franchise

Is this the year you buy a franchise? Tips from franchisees on what they did when buying a franchise

This brand page has been paid for by 1851. Content within this page that is paid will showcase a Sponsored icon. This means the brand has engaged 1851 FRANCHISE to write the content. Content without the Sponsored Icon is aggregated media placements the brand earned. Questions can be sent to editorial@1851franchise.com

10-tips-from-franchisees-on-buying-a-franchise

Children's Lighthouse

How Children’s Lighthouse Stands Out Among Other Children’s Education, Childcare, and Daycare Franchises

how-childrens-lighthouse-stands-out-among-other-childrens-education-childcare-and-daycare-franchises

The Growth Coach

The Growth Coach Franchise Costs, Fees, Profit and Data for 2025

the-growth-coach-franchise-costs-fees-profit-and-data-for-2025

One Hour Heating and Air Conditioning

Why One Hour Heating & Air Conditioning Sees People as the Power Behind Franchise Growth

one-hour-heating-air-conditioning-franchise-growth

Lawn Doctor

Design with photo of John Perry and Lawn Doctor logo

How a 20-Year Industry Veteran Tripled His Sales With a Lawn Doctor Franchise

lawn-doctor-franchise-success-story-john-perry

Fitness Premier

The Secret to Fitness Franchise Success? It's Not Just the Workouts

fitness-premier-franchise-marketing-support

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Design with American and Federal Reserve flags against light blue background

Federal Reserve Expected To Cut Rates by Quarter Point, a Move That Could Boost Franchise Growth

fed-rate-cut-boosts-franchise-growth

Potbelly to be Acquired by RaceTrac in $566 Million Deal 

racetrac-acquires-potbelly-in-566-million-deal

Health Care Hiring Slowdown Highlights In-Home Care Franchise Opportunities - 1851 Franchise Agg

Health Care Hiring Slowdown Highlights In-Home Care Franchise Opportunities 

health-care-hiring-slowdown-in-home-care-franchise-opportunities

Caribou Coffee Names Scott Kennedy CEO, Eyes Continued Growth

caribou-coffee-names-scott-kennedy-ceo-eyes-continued-growth

McDonald’s Launches New Extra Value Meals as Consumer Demand for Value Continues to Climb

mcdonalds-launches-extra-value-meals

Hely and Hiral Patel Bring Their Longtime Dream to Life With The Brass Tap

brass-tap-franchise-pasadena-maryland-hely-hiral-patel

Franchisee spotlight graphic with photo of Ricki Oberoi and Layne's Chicken Fingers logo

Multi-Unit Wendy’s Operator Signs 12-Unit Deal With Layne’s Chicken Fingers

ricki-oberoi-laynes-chicken-fingers-growth

graphic image of an 1851 franchisee spotlight brayden and johnny steven of teriyaki madness

Father-and-Daughter Team Bring Teriyaki Madness to Wichita, Kansas, With Big Expansion Plans

johnny-brayden-steven-teriyaki-madness-wichita

photo-of-laynes-chicken-fingers-dalton-dennis-southern-oregon

23-Year-Old Entrepreneur Brings Soon to Be Famous Chicken™ to Southern Oregon With 3-Unit Layne’s Chicken Fingers Franchise Signing

laynes-chicken-fingers-dalton-dennis-southern-oregon

1851 Keyword - The Secret To Succeeding With a Part-Time Franchise Is Picking the Right Model

10 Tips from Franchisees on Buying a Franchise

MORE STORIES LIKE THIS