Consider a Resale Franchise

for saleYou’re considering going into business for yourself. Perhaps you’re looking into a franchise, but you’re not sure you’re ready to start a brand new franchise outlet. Even with all the support and systems in place to aid new franchisees, the thought of tackling a brand new franchise outlet can be intimidating to some. An attractive option for those individuals may be a resale franchise opportunity.

Franchises all over the country will routinely be resold by the previous franchisee for a variety of reasons. These outlets may be a little more “ready-made” for an immediate business opportunity, but not all businesses are created equal. Also, you may not even know which franchises are for sale.  Many times, the franchisee must work back through their franchisor in a resale opportunity.  Having the right guidance in your corner could go a long way toward finding you the right fit.  Plus, you still need to make sure you’re doing your homework if you’re investigating buying a resale franchise. There’s no substitute for performing your proper due diligence throughout the business investigation process.

Here are a few things to consider about a franchise resale:

FINANCES
The franchisee who owns the outlet now should be able to provide you a historical track record for the finances of the business. Ask to see balance sheets, tax returns and profit-and-loss statements. Understand from the franchisor how these numbers stack up against their other franchisees’ numbers in similar markets. Also, make sure you’re able to properly value the company based on that historical data. You may enlist the help of a knowledgeable CPA who can help determine the value of the business.

LOCATION
Given the outlet is operating, you may be limited with the location of the business. But a good location is critical to the success of some businesses.  If road construction, for example, has caused this business to now be “off the beaten path,” you’ll want to investigate your options for moving the business closer to the heavier traffic patterns. You’ll also need to check with the franchisor about other franchisees in the area and understand your ability to move the business without encroaching on another franchisee’s territory.

EMPLOYEES
Spend some time with the current employees. This could be your workforce should you invest into this business. Are they happy? Do they like what they do? What is hindering them or the business from growing? You’ll find the employees could provide some really good insights into the functionality of the business.

THE FRANCHISE ITSELF
Most important, you’re going to want to spend time with the franchisor to get a feel for your ability to succeed in this franchise. Does your skill set match up with this particular franchise? Does your budget allow for you to invest in this franchise, set it on a course for success, and include enough working capital for yourself? Make sure frannet long termyou’re talking with other franchisees in the company to get their feedback – talk to ones who are doing well, others who are average, and some who are struggling. Who are you most like out of those three groups? Does the franchise have training programs in place for initial and ongoing training? These are just a few of the questions you should consider when investing into a franchise. As we’ve put in the blog before, an educated buyer is the best buyer.

Do you feel that you’re ready to get started? If this article has inspired you to investigate a franchise opportunity, perhaps it’s time for a free consultation with a qualified and experienced franchise consultant who can help you with all the issues raised in this topic.  As a franchise consultant company with a 27 year track record of assisting individuals on their path to business ownership, make arrangements to speak with one of our representatives today.

What do you want to be when you grow up?

From the time we were little kids, adults would routinely ask, “What do you want to be when you grow up?” Being kids, common answers usually included being a firefighter, policeman, nurse or maybe even as starbound as the President of the United States. In many cases, the answer might even reflect whatever our parents’ profession happened to be. All of the answers are plausible at that time to a child because children have no parameters which define their lives. As we grew older, the answer to that question sometime becomes much more simple – because the parameters defining our lives become much more complicated.

At FranNet when we pose the question of what our clients want to be, we hear exasperated but simple answers like, “I just want to be with my family more.” Or, “I want to be financially independent.” Or, “I want to be out of the corporate world.”

Regardless of whether you have enjoyed a successful 25-year career or are just out of college, it’s still a worthwhile inquiry to us. Perhaps for the first time in your life, you may have the opportunity to do what you’ve always wanted to do—and not just what you had to do. Perhaps it’s time to find that simple answer to what you want to be.

Determining your answer to this question is essential in starting you on the path to entrepreneurship. And the answers we receive run the gamut of possibilities. Regardless of your own answer, we’re confident we can match you up with a franchise which will meet your very own personal needs of what you want to be. And the fulfillment you’ll have from being successful in finally doing what you want to do is what keeps us motivated to help others every day.

Keep in mind, FranNet is not here to convince you that a franchise opportunity is the only option for you, but rather we pledge to put our 27 years of experience to work for you in helping you make the decisions that will answer this question for you.

Let’s get a little specific about this decision-making process. We have created a fact-filled e-book called “Find Your Perfect Franchise” (we also refer to it as the Roadmap to Success). Once you fill out this form as honestly as possible, we’ll be ready to dig in and help guide you to the right entrepreneurial option best suited to meet your personal needs. Then, you’ll fill out a Personal Franchise Assessment, which helps us uncover your strengths, weaknesses, budget, priorities, skillset and primary motivators, among many other criteria.  Next, you’ll make an appointment to meet with a local FranNet consultant in your area, and we take the time to get to know you.  Then, we’ll really start to build your ideal business model helping us identify the franchise that best fits your needs.

We at FranNet hope that when the time is right, you’ll be ready for a consultation to find out what we can do for you. All at no cost and no obligation. Just remember—when you walk through that door prepared to meet with one of our qualified local consultants, be prepared to answer the all-important question:

“So, what do you want to be when you grow up?”

Click here to read about some of our previous client’s answers.

Do you feel that you’re ready to get started? If this article has inspired you to investigate a franchise opportunity, perhaps it’s time for a free consultation with a qualified and experienced franchise consultant. As it turns out, FranNet is just the place! As a franchise consultant company with a great track record of assisting individuals on their path to business ownership, make arrangements to speak with one of our consultants today.