7 Essential Steps for Buying a Franchise

When buying a franchise, you are required to make a long-term investment decision based upon imperfect information. You cannot predict the future, and this means that you have no way of knowing whether you will ultimately succeed as a franchisee. However, what you can do is take steps to ensure that you are making as informed a decision as possible. Here are seven steps that will help you make an informed buying decision: 1. Submit a Franchise Application With most franchisors, the buying process starts when you submit a franchise application. While there is a good chance that your application will be approved, even this early stage in the process can tell you a lot about the franchisor. Did the application ask for relevant information? Did it appear to be a template, or was it custom-tailored to the franchise? How quickly and thoroughly did the franchisor respond to your questions and requests for additional information? Were you provided with a current copy of the Franchise…

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