In the world today, there are many opportunities for new and veteran entrepreneurs alike to venture into the business world. One of the most popular options though is buying into a franchise. Unlike starting your own small business, opening a franchise is a business opportunity that provides you with a unique set of resources and an established brand. Over 700,000 franchises operate in the U.S., giving you your pick of industries to own a business in.
As a first-time franchisee though, you may be overwhelmed by your options, as well as the process itself. If you are looking to open your first franchise, it is important to remember the following.
When choosing which franchise opportunity is right for you it is important to evaluate costs. Each franchise system comes with unique fees in order to get the business off the ground. This includes the franchise fee, real estate (whether you will be buying or renting space), and equipment and supplies.
Once you have selected the franchise system for you, you will need to ensure that you meet all the franchisor requirements. This varies from system to system, but generally you will need to meet certain requirements for net worth, available cash, and experience in the industry.
When considering any franchise, it is vital that they provide you with a franchise disclosure document (FDD). This document provides important information about the initial fees and investment. If a franchisor does not provide you with an FDD, it is best to look for other options.
After applying to be a franchisee, the franchisor will provide you with a franchise agreement that you should read closely.
From here, you will want to select a location for your business, train your staff, and prepare for opening day. With most franchise systems, their team will work with you closely to find success in each of these steps.
At Johnny’s Pizza House, we proudly offer fast casual pizza franchise business opportunities to communities throughout Texas, Arkansas, Louisiana, and Mississippi. If you are looking to purchase your first franchise, we are here to help. Contact our team today to learn more!