1851

Opening a business is something that not everyone has the courage to do. That is why, when a prospective franchisee decides to move forward with the process, there is a lot of research and vetting involved. After all, would you put your life savings into something you didn&rsquo;t feel absolutely sure about?

To make things easier on prospective franchisees who are trying to find the perfect franchise, 1851 Franchise Magazine connected with FranNet Franchise Consultants Mike Steiner and Heather Rosen, both who work with prospective franchisees to find the franchise that is the best fit, to hear more about the steps a prospective franchisee should go through before signing on the dotted line.

Lay out an ideal business plan

There are a number of reasons that people decide to become a franchisee, but one heard more often than not, is the proven system. Before it is possible to know if said proven system will help a prospective franchisee achieve their own personal goals, it&rsquo;s important for each prospective franchisee to lay out a business plan identifying exactly what they want to get out of business ownership.

&ldquo;This integrates their personal, professional, and financial needs,&rdquo; said Steiner. &ldquo;By going through this self-assessment, the client can make a determination if joining a particular franchise system is a good fit for them. They can ask themselves questions like, &lsquo;do I fit in the culture of this business?&rsquo; or &lsquo;Will I be passionate in this role?&rsquo;&rdquo;

Once those questions are answered and the personal goals align with the proven system, the franchisee should move on to additional vetting of the different concepts.

Do diligent research of different franchise options

With hundreds of thousands of franchise options to choose from, there may be more than one system that fits a prospective franchisee&rsquo;s business ownership goals.

&ldquo;I suggest having an initial search strategy,&rdquo; said Rosen. &ldquo;Don&rsquo;t start with a bunch of businesses that are in the same industry. Start more broadly &ndash; for example, businesses that require the owner to take a more active versus a more passive role in selling the product or service. Or, businesses that are younger with less rules versus older with more rules. Some people will be happier with a franchise that gives them more choices, more creative control.&rdquo;

Each prospective franchisee has different wants and desires when it comes to the business ownership. Once those specifics are narrowed down, and the prospective franchisee has a better idea of the type of industry they would like to move forward with, then it&rsquo;s time for more specific research within the remaining franchises in the running.

&ldquo;The two most important steps within the research phase, and the next step for a prospective franchisee that has decided on an industry, is to look at the Franchise Disclosure Document (FDD) and speak to existing franchisees,&rdquo; said Rosen.

Be cautious with the use of internet research

As a prospective franchisee dives deep into vetting out different franchise concepts, Steiner has noticed a hiccup along the way.

&ldquo;The internet is a double-edged sword,&rdquo; explained Steiner. &ldquo;People will do &lsquo;research&rsquo; by finding articles or reviews about a business online and make decisions that may not align to whether or not that is the right business for them. It&rsquo;s important to remember that every business has its strengths, weaknesses, opportunities and threats. If all of these are not analyzed, it may result in a poor decision to buy/not buy.&rdquo;

Because franchises have multiple locations, sometimes hundreds or more, the internet can provide a skewed version of what business ownership would actually be like with the review of just one location. As hard as it is, it is sometimes easier to steer clear of this type of research and stick to the people that are more familiar with the ownership side of the franchise.

Look into nearby availability

One of the final steps in selecting a franchise, especially for those who are first time franchisees, is to see if there is availability nearby.

&ldquo;Start close to home &ndash; don&rsquo;t open your business too far away from the place you spend most your day,&rdquo; said Rosen. &ldquo;Your next location may be in the next state over, but your first location should be an easy commute from your house.&rdquo;

Because business ownership often requires more hands-on time, having a location close to home eliminates time wasted commuting and allows franchisees to get to the location when assistance is immediately needed.

When making one of the biggest decisions in a lifetime, it&rsquo;s important that each prospective franchisee takes the time to do diligent research before taking the leap into small business ownership. The process of selecting a franchise is different for each prospective franchisee, but by following the steps that Steiner and Rosen laid out, the prospective franchisee can feel more comfortable about the end decision.

Selecting a Franchise: Setting Goals to Signing on the Dotted Line, and Everything in Between

1851 Franchise

FranNet Consultants Heather Rosen and Marc Steiner lay out everything a prospective franchisee needs to know before making one of the biggest decisions of a lifetime.

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

selecting-a-franchise-setting-goals-to-signing-on-the-dotted-line-and-everything-in-between

Woodhouse Spas

Why Franchise Owners Continue To Invest in Woodhouse Spas

why-franchise-owners-continue-to-invest-in-woodhouse-spas

Sylvan Learning

Clay Today: Sylvan Learning of Orange Park Celebrates 40 Years of Education and Growth

clay-today-sylvan-learning-of-orange-park-celebrates-40-years-of-education-and-growth

Layne's Chicken Fingers

FOX Business: Layne’s Chicken Fingers CEO Expresses Optimism for Small Business Growth

fox-business-laynes-chicken-fingers-ceo-expresses-optimism-for-small-business-growth

Sylvan Learning - Empowering Women in Education - Susan Valverde - Denise Tompkins - Jessica Rollins

Empowering Women in Education: How Sylvan Learning’s Female Leaders Are Making an Impact

sylvan-learning-empowering-women-in-education

Shuckin' Shack

Photo of Shuckin' Shack team gathered in a room for the brand's State of the Union

Shuckin' Shack Oyster Bar Franchise Partners Unite for Annual Conference Focused on Innovation, Growth, and Giving Back

shuckin-shack-franchisees-unite-for-annual-conference

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 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 hundred dollar bill and orange "recession" banner across the middle

ABC News: Recession Risks Are Rising, Economists Say. Here’s What to Know.

recession-risks-impact-economy-franchise-world

NRA: Restaurants Focus On Enhancing In-Store Experiences To Attract Diners in 2025

nra-restaurants-focus-on-enhancing-in-store-experiences-to-attract-diners-in-2025

The Joint Chiropractic - Dr. Anthony Tran - IFA Franchisee of the Year - 1851 Franchise

The Joint Chiropractic’s Dr. Anthony Tran Named Franchisee of the Year by the IFA

joint-chiropractic-dr-anthony-tran-ifa

TruGolf - Hybrid Golf Franchise - Nexus Golf - 1851 Franchise

TruGolf Links Unveils Revolutionary Hybrid Golf Franchise Concept

trugolf-links-unveils-revolutionary-hybrid-golf-franchise-concept

Photo of a basket of chicken wings with dipping sauce and celery

RestaurantNews: Franchisees File Comprehensive Legal Complaint Against Hurricane AMT

restaurantnews-franchisees-file-comprehensive-legal-complaint-against-hurricane-amt

Paris Baguette Ranks Among Top Franchises on Entrepreneur’s Franchise 500® for 2025 - 1851 Franchise

Paris Baguette Ranks Among Top Franchises on Entrepreneur’s Franchise 500® for 2025

paris-baguette-ranks-among-top-franchises-on-entrepreneurs-franchise-500-for-2025

DOJ FTC Antitrust Guidelines - Franchise News - 1851 Franchise

DOJ and FTC Issue New Antitrust Guidelines with Implications for Franchising

doj-and-ftc-issue-new-antitrust-guidelines-with-implications-for-franchising

Taco Bell Joins the Beverage Boom With New Live Más Café Concept

taco-bell-joins-the-beverage-boom-with-new-live-mas-cafe-concept

Franchisee spotlight featuring Ian and Dick Rydholm with gradient blue background and Sylvan logo

Ian and Dick Rydholm Celebrate 30 Years of Transforming Lives Through Sylvan Learning in El Paso, Texas

ian-and-dick-rydholm-celebrate-30-years-of-transforming-lives-through-sylvan

Florida Franchisee Reflects on Success and Growth with Sylvan Learning

florida-franchisee-reflects-on-success-and-growth-with-sylvan-learning

Domonique Downing - Big Frog Franchise - Fayetteville, GA - 1851 Franchise

Coca-Cola Scientist Finds Path to Autonomy with Big Frog Franchise in Fayetteville, Georgia

big-frog-franchise-fayetteville-georgia

Franchisee spotlight image with Randy and Sandy Craft, Children's Lighthouse logo on blue background

The Crafts’ Successful Journey from New Parents to Children’s Lighthouse Franchisees

the-crafts-successful-journey-from-new-parents-to-childrens-lighthouse-franchisees

Tiam Behdarvandan’s Let’s Get Moving Offers a Franchise Opportunity Rooted in Growth and Support

tiam-behdarvandans-lets-get-moving-offers-a-franchise-opportunity-rooted-in-growth-and-support

Selecting a Franchise: Setting Goals to Signing on the Dotted Line, and Everything in Between

MORE STORIES LIKE THIS