9 Steps to Research and Select a Franchise

Having researched various franchise concepts and satisfied your criteria, you now focus on the issue of the specific franchises you are interested in, and how YOU will fit in.

These are the research steps you will want to do to accomplish this:

1)      Review the franchisor’s basic brochure and video.

2)      Create a list of general questions.

3)      Fill out the questionnaire.

4)      Arrange to receive the Franchise Disclosure Document (FDD).

5)      From the FDD, make a list of key information.

6)      Use the list of franchisees in the FDD and plan to call 10 to 20 franchisees.

7)      Plan to visit 3 to 5 franchisees in person after you have completed your telephone survey.

8)      Plan to visit the franchisor’s home office.  Make sure the people there have the necessary management skills to help you succeed.

9)      Use the services of professional advisors:  including an attorney and an accountant experienced with franchising.

The process may seem arduous and long, but it is really not that bad.  The key is not to settle on a business that you don’t fit well with, or that is not of the quality that you need.  Researching each business carefully, and not only analyzing  them, but also comparing several to each other, should be the key to doing a good job on making a good decision for yourself.