So how do you know if franchising is right for you? As a franchise coach, I have spoken with hundreds of people around the United States and beyond. Without a doubt, the most important question I hear is "Do I have what it takes to be successful?" Although, no one can tell with 100% certainty if you will be successful as a franchisee or for that matter as a business owner, the following information should help you evaluate the question.
Know yourself - Invest 10-15 minutes to complete our free Core Value Index Assessment that will provide key information about you to help you understand the qualities inherent in you that will impact your ability to run a business.
Know why you want to go into business for yourself. Also, have a full understanding of what your definition of success is and what your exit strategy will be.
Be diligent in your investigation so you will make your decision with your eyes wide open. By working with us through the franchise discovery process you will have all the right information to make an informed decision.
Once you have decided that you are interested in speaking with a franchise and their franchise development team, they will provide you with a Federal Disclosure Document (FDD), a pre-sale disclosure document that is required by law. The FDD is a legal document that must be filed in the state where the franchise is being offered and presented to each potential franchisee in that state. Depending on the State, this document must be presented to the candidate 10 - 14 days prior to the signing of the franchise agreement. Many consider this to be the most important document that you will receive.
The document will typically run 200+ pages and will contain a cover page, table of contents, 23 Items, the franchise agreement and various items that will bring more clarity to the franchise opportunity that you are considering. This is where the advice and counsel of a Franchise Attorney can be of greatest value to you.