Owning a franchise can be a fun and rewarding business opportunity and with so many franchise options, getting started is easier than ever. Review these steps to owning a franchise to see if this avenue is right for you.
1. Weigh Pros and Cons
Opening a franchise in your area can come with its own set of advantages and disadvantages, consider them all before making your decision to pursue franchise ownership.
Pros: Things like demand of product, prestige of franchisor, unique offerings, affordable startup, included training, strong branding, and a collaborative culture may exist for certain food franchises such as Bruges.
Cons: Be prepared to consider high initial startup costs from franchises. Possible challenges include zoning and code compliance issues, employee turnover, lower than expected profit margins, and long hour commitments that affect your quality of life.
2. Do Your Research
Once you’ve narrowed your search to 3 franchises you’re seriously interested in, contact the franchisor to request the Franchise Disclosure Document. This packet includes all information about the financial and legal history of the company, as well as all the rules, responsibilities, and fees you’ll face as a franchisee.
3. Attend Discovery Day
You will be invited to meet face-to-face with the franchisor at their corporate office in order for them to pitch you their franchise and also to size you up as a potential franchisee. Get to know the company’s style and culture to determine if their franchise is a good fit for you. They will also be evaluating your prospective partnership in terms of your commitment, enthusiasm, qualifications, and capital to invest.
4. Seek Feedback and Advice
Before accepting an offer from a franchisor, reach out to other franchisees. Having a supportive network of franchisees who are all satisfied and happy with their franchise and the services they receive from the company is a sign of a good investment. Seek advice from an attorney in regards to the franchise agreement. Make sure all franchisor promises from Discovery Day are clearly outlined in the contract.
5. Find A Location
Location of your franchise may be a deciding factor when considering a franchisor’s offer. Ask your franchisor for guidance on predicted successful locations and review all requirements concerning your location. Square footage, parking space, and proximity to other franchises may all limit your location options.
6. Secure Funding
Finances must be in order before you sign that agreement. Funding options can range from direct funding through the franchisor or franchisor partner to small business or traditional bank loans. Visit Bruges for questions regarding financing options of your waffles and frites franchise.
Once you have a location in mind and your financing is secured, sign the franchise agreement and begin creating your business. The franchisor will provide all necessary training to get you started and prepared for opening day.
If you are looking to open a franchise in a profitable and ever-growing industry, learn more about joining the Bruges Waffles and Frites family.