{"id":2386,"date":"2022-06-03T15:18:19","date_gmt":"2022-06-03T15:18:19","guid":{"rendered":"https:\/\/www.franchiseopportunities.com\/blog\/?p=2386"},"modified":"2023-05-03T18:29:33","modified_gmt":"2023-05-03T18:29:33","slug":"steps-owning-franchise","status":"publish","type":"post","link":"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise","title":{"rendered":"What Are the Steps to Owning a Franchise?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Owning a franchise can be a dream come true, but it\u2019s also a calling reserved for those willing to invest themselves in the business. This article unpacks the <\/span><a href=\"https:\/\/www.franchiseopportunities.com\/info\/steps-developing-franchise-plan\"><span style=\"font-weight: 400;\">steps in developing a franchise plan<\/span><\/a><span style=\"font-weight: 400;\">, so you can learn more about <\/span><a href=\"https:\/\/www.franchiseopportunities.com\/info\/how-start-franchise\"><span style=\"font-weight: 400;\">how to start a franchise<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><b>Consider Your \u201cWhy\u201d<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Why do you want to own a franchise? Owning a franchise offers significant benefits compared to launching your own company, but owning any business will require a great deal of investment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consider your motivations and whether you\u2019re willing to put in the work to achieve the rewards that franchising has to offer. If you have a family, talk this decision over with them before you make a decision that impacts all of you.<\/span><\/p>\n<h2><b>Perform Careful Research<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you already have a franchise in mind, great. But if you need to learn more about how to start a franchise, you might think about the specific type of business or industry you want to pursue.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Think about such factors as:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The company\u2019s track record and financial history<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The current market for their product\/service<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Local competition<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Opportunities for growth<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The company culture<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Social or ethical commitments made by the company\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This research is one of the most important steps in developing a franchise plan, so expect to devote several weeks of careful research before making your final decision.<\/span><\/p>\n<h2><b>Apply to Become a Franchisee<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Once you land on a franchise, you can start the application process. The process will look different for every franchise, and you can also expect to see some variation between industries. Generally, though, franchisors will look at criteria such as:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your personal finances<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your occupational background, work history, and skillset<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your desired timeline<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your specific reasons for wanting to invest in that franchise<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In other words, think of this step as a job interview. There\u2019s no guarantee that you\u2019ll receive approval, so prepare well. If you\u2019re rejected, you may gain insight into how you might have a better chance in the future.<\/span><\/p>\n<h2><b>Arrange a \u201cDiscovery Day\u201d Meeting<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">At some point in the process, you\u2019ll have a \u201cdiscovery day.\u201d This day is simply a meeting in which you and the franchise owner will have the chance to get to know each other better, evaluate whether you\u2019re the right fit for the franchise, and discover if the franchise is the right fit for you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A discovery day can occur before or after the other steps in developing a franchise plan. Your discovery day can be before your interview. In some cases, some companies prefer to provide you with a tour of the franchise after initially assessing your commitment level.<\/span><\/p>\n<h2><b>Apply for Financing<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">One of the most crucial steps in starting a franchise is the financing phase. You won\u2019t be able to start a franchise if you cannot cover the franchise fees and related expenses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The good news is that financing can generally be obtained more easily for franchises than for starting your own business. For example, SBA loans can have strict eligibility requirements for startups. Still, the U.S. Small Business Administration has a separate division for franchises, and these SBA loans are typically easier to obtain.<\/span><\/p>\n<h2><b>Complete Your Franchising Paperwork<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Once you secure funding, you\u2019ll want to carefully fill out, review, and return your franchising paperwork. Some of these contracts can be lengthy and contain a lot of fine print. It may help to have a legal expert review these contracts to ensure you understand the terms of the franchising agreement.<\/span><\/p>\n<h2><b>Establish a Franchise Location<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Even if you already know the community where you want to launch a franchise, you\u2019ll still need to select the exact location. This selection typically means you\u2019ll build, rent, or renovate a commercial space.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your franchisor may provide input on location and building design, but you\u2019ll still be expected to facilitate the creation of your franchise location.<\/span><\/p>\n<h2><b>Gain Access to Ongoing Support<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Knowing how to start a franchise is a bit different than actually running its day-to-day operations. The franchisor may provide assistance in the form of:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Training<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Marketing materials and branding<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Access to supplies and equipment (often at a discount)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Guidance on hiring your own staff\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In some cases, your franchisor will expect you to invest some of your operating budget to cover these expenses (especially for things like equipment and materials). However, this will be cheaper than if you were a solo entrepreneur.<\/span><\/p>\n<h2><b>Launch Your Dream<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you\u2019re looking to <a href=\"https:\/\/www.franchiseopportunities.com\/great-franchises-c?\">become your own boss<\/a>, a franchise might be right for you. FranchiseOpportunities.com would love to make that dream a reality. Contact us today, or fill out our online information request form.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Owning a franchise can be a dream come true, but it\u2019s also a calling reserved for those willing to invest themselves in the business. This article unpacks the steps in developing a franchise plan, so you can learn more about how to start a franchise. Consider Your \u201cWhy\u201d Why do you want to own a <a href=\"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  What Are the Steps to Owning a Franchise?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":2387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-franchise-information"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Are the Steps to Owning a Franchise? - FranchiseOpportunities.Com Blog<\/title>\n<meta name=\"description\" content=\"Owning a franchise can be a dream come true, but you may not know how to start. Learn more about the steps in developing a franchise plan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Are the Steps to Owning a Franchise? - FranchiseOpportunities.Com Blog\" \/>\n<meta property=\"og:description\" content=\"Owning a franchise can be a dream come true, but you may not know how to start. Learn more about the steps in developing a franchise plan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise\" \/>\n<meta property=\"og:site_name\" content=\"FranchiseOpportunities.Com Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-03T15:18:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-03T18:29:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.franchiseopportunities.com\/blog\/wp-content\/uploads\/2022\/05\/iStock-918352990-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"724\" \/>\n\t<meta property=\"og:image:height\" content=\"483\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What Are the Steps to Owning a Franchise? - FranchiseOpportunities.Com Blog","description":"Owning a franchise can be a dream come true, but you may not know how to start. Learn more about the steps in developing a franchise plan.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise","og_locale":"en_US","og_type":"article","og_title":"What Are the Steps to Owning a Franchise? - FranchiseOpportunities.Com Blog","og_description":"Owning a franchise can be a dream come true, but you may not know how to start. Learn more about the steps in developing a franchise plan.","og_url":"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise","og_site_name":"FranchiseOpportunities.Com Blog","article_published_time":"2022-06-03T15:18:19+00:00","article_modified_time":"2023-05-03T18:29:33+00:00","og_image":[{"width":724,"height":483,"url":"https:\/\/www.franchiseopportunities.com\/blog\/wp-content\/uploads\/2022\/05\/iStock-918352990-2.jpg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise","url":"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise","name":"What Are the Steps to Owning a Franchise? - FranchiseOpportunities.Com Blog","isPartOf":{"@id":"https:\/\/www.franchiseopportunities.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise#primaryimage"},"image":{"@id":"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise#primaryimage"},"thumbnailUrl":"https:\/\/www.franchiseopportunities.com\/blog\/wp-content\/uploads\/2022\/05\/iStock-918352990-2.jpg","datePublished":"2022-06-03T15:18:19+00:00","dateModified":"2023-05-03T18:29:33+00:00","author":{"@id":"https:\/\/www.franchiseopportunities.com\/blog\/#\/schema\/person\/c75ef6070876d4d8f62140382fd3f597"},"description":"Owning a franchise can be a dream come true, but you may not know how to start. Learn more about the steps in developing a franchise plan.","breadcrumb":{"@id":"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise#primaryimage","url":"https:\/\/www.franchiseopportunities.com\/blog\/wp-content\/uploads\/2022\/05\/iStock-918352990-2.jpg","contentUrl":"https:\/\/www.franchiseopportunities.com\/blog\/wp-content\/uploads\/2022\/05\/iStock-918352990-2.jpg","width":724,"height":483,"caption":"Franchise Ownership Steps"},{"@type":"BreadcrumbList","@id":"https:\/\/www.franchiseopportunities.com\/blog\/general-franchise-information\/steps-owning-franchise#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.franchiseopportunities.com\/blog"},{"@type":"ListItem","position":2,"name":"What Are the Steps to Owning a Franchise?"}]},{"@type":"WebSite","@id":"https:\/\/www.franchiseopportunities.com\/blog\/#website","url":"https:\/\/www.franchiseopportunities.com\/blog\/","name":"FranchiseOpportunities.Com Blog","description":"FranchiseOpportunities.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.franchiseopportunities.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.franchiseopportunities.com\/blog\/#\/schema\/person\/c75ef6070876d4d8f62140382fd3f597","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.franchiseopportunities.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/632e7a710ecea382aa610bef7b3ac8ffa568a25593e3ae420d5ff65d189000c0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/632e7a710ecea382aa610bef7b3ac8ffa568a25593e3ae420d5ff65d189000c0?s=96&d=mm&r=g","caption":"admin"},"sameAs":["http:\/\/34.230.57.160\/blog"],"url":"https:\/\/www.franchiseopportunities.com\/blog\/author\/admin"}]}},"_links":{"self":[{"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/posts\/2386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/comments?post=2386"}],"version-history":[{"count":3,"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/posts\/2386\/revisions"}],"predecessor-version":[{"id":2503,"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/posts\/2386\/revisions\/2503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/media\/2387"}],"wp:attachment":[{"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/media?parent=2386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/categories?post=2386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.franchiseopportunities.com\/blog\/wp-json\/wp\/v2\/tags?post=2386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}