Ask the right questions of franchisees and franchisors, review credible resources, and learn how to make the most of Discovery Days.
Knowledge equates to confidence in your franchise journey – the more you know the better and more informed decision you will make. The research step will help qualify your thinking and to help keep track of your progress.
In this step, you should look at FBR’s independent franchise reviews and understand how a company rates in franchisee satisfaction. You also want to make sure you are prepared to speak with franchise company representatives and franchisees. We will arm you with a list of important questions and help you understand the key areas to review in a Franchise Disclosure Document (FDD).
All franchise companies are required by law to provide serious prospective franchise candidates with a copy of their Franchise Disclosure Document or “FDD” before they can purchase a franchise. While these documents can be confusing to someone not familiar with franchising, we have two great articles to help break them down for you:
Hear from our expert panel of franchisees on the steps they took to grow a successful franchise business. Learn the keys that helped their business thrive, the challenges and pitfalls they faced along the way – and how to avoid them. If they had to do it over again, what would they do differently? How did they answer the question “How much money does a franchise business owner make?” What advice would they give to new franchisees?
This workbook will help you estimate both the startup costs of your new business, as well as the long-term potential return on investment (R.O.I.). You can use this workbook to evaluate the financial potential of any franchise business, and also compare multiple franchise investments opportunities.
The franchise agreement is a legally binding document. Know what you are signing, before you sign, with the franchise agreement 101. And take a look at a real sample from Wild Birds Unlimited.
In this free eBook, we’ve compiled comments from a number of franchisees across various industry segments, addressing several common questions and concerns among individuals interested in starting their own franchise business.
Discovery Day is an important step in the buying process, marking the end of the pre-sales journey for most franchise owners. The event allows you, the invited franchise candidate, to get a true feel for the franchise company you're interested in.