6 Steps to Franchising: Closing the Deal

Make 2015 the year you become your own boss. Here’s everything you need to make your due diligence culminate in a franchise.


6 Steps to Franchising: Closing the Deal

1. Visit the franchisor in person.

Meet the officers and the people who will be directly responsible for supporting your efforts, and make sure you feel completely comfortable with each one of them. Take your spouse or an advisor along to get a second opinion if you have any doubts at all.

2. Review all your notes.

Make sure all your final questions are answered and that no outstanding matters need to be addressed before you’re ready to make a decision. Conduct a credit check on the company to assess its financial track record.

3. It’s time to do one last double-check of what’s more important to you in making a good decision.

Take a final look at the narrative you created in step 8 and ask yourself, “Seriously, does this business provide everything I need to reach my goals?”

4. If the answer to step 47 is yes, then buy the franchise immediately.

Though it’s possible to hunt forever and perhaps find something that’s even better for you than this one, it’s unlikely. If it has everything you need, get on-board and get going so you can start enjoying the fruits of success as soon as possible.

5. Don’t forget that you have a cooling off period of ten days after signing your franchise agreement.

If there’s something inside you that’s bothering you about the opportunity, go to the franchisor and existing franchisees to talk it out. Once your ten-day period is over, it will be expensive and difficult to get out of your agreement.

6. Work hand-in-hand with your franchisor.

With demographic analyses, location selection, new-store marketing, training, staff selection, shop outfitting, and initial stock requirements. And enjoy the ride!

 

Jeff Elgin
About the Author
Jeff Elgin has developed a consulting system that matches pre-screened, high-quality prospective franchisees with the franchise opportunities that best fit their personal profile.

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