4 Things to Determine Before You Buy a Franchise | VetCor

Making the decision to own a franchise is one of the most exciting moments in anyone’s career. You are finally taking steps to be your own boss and become a small business owner, while also entering into a new community of support and collaboration.

With this big career decision, it is normal to be nervous, even if you are sure this is what you want. By making sure you do your due diligence every step of the way, you can be certain that you are making a decision you will be confident in and joining a franchise you love.

Here are the four must-do things before you sign on to be a franchisee:

Things to Consider Before Franchising

1. Have an Honest Chat With Yourself. The most important step on your franchise purchasing journey is determining what works best for you. While veterans generally make great franchisees, it is important to consider what you want out of the opportunity, how hard you are willing to work and what you can do to ensure your success in the venture before you begin.

2. Figure Out Your Financials. Being honest with yourself about your budget, how much collateral you are willing to put up and what loan structures you are open to is the next step. Determine your budget, and be sure to take into account all of the financial resources for veterans who are interested in opening their own franchise.

3. Talk With Other Franchisees. Chatting with other franchisees in the system you are interested in is a great way to learn more about the opportunity from a more neutral party than your franchisor. In a franchise system where most owners are happy, they will be thrilled to discuss the opportunity with you and tell you everything you need to know to get started.

4. Consider an Expert Legal Opinion. Though your franchisor should make the process as easy as possible for you, deciphering everything outlined in the Franchise Disclosure Document can still be overwhelming. Consider seeking a franchise lawyer who can help you review this contract and make sure you fully understand the terms and conditions before you sign.

Are you ready to take the leap and own a franchise you love? We’d love to hear from you!