For folks looking to be in business for themselves but not by themselves, purchasing a franchise comes with many benefits such as ongoing support from the franchisor. The franchisor will help new franchisees find the best location for their new business. Franchisors also provide initial training, lead generation, and national and regional advertising campaigns. You’ll be operating under a known brand with established selling power and lower costs due to group purchasing rates that would otherwise not be an option for a small business owner.

Franchises also have an 8% higher success rate than independent businesses ( Franchine Lafontaine , Journal of Economics & Management Strategy). You would be working with an already established business model and depending on the franchise, this model may have been perfected over many years for optimum success. You can lean on the network of fellow franchisees within your chosen brand for advice and assistance. There are also franchise associations and annual conferences all focusing on your success as a franchisee. Some franchisors even assist with securing funding for your initial fee and start-up costs.

Getting started is much simpler with the help of a franchisor. Franchises have a much shorter time to open than brand new ventures, according to Dun & Bradstreet. For an even shorter time to get started, you may also consider purchasing an existing franchise.

The main benefit of buying an existing franchise as opposed to opening a new one is it comes with an already established customer base. The business is already up and running, making it a low effort opportunity for an entrepreneur. You will be provided with fully trained employees, an existing business plan, and defined operating expenses. Browse our business for sale directory to find existing franchises.

The very first step to choosing a franchise is to ask yourself if you prefer structure and rules over complete independence. With a franchise, you are given strict guidelines by the brand that you will be contractually obligated to follow. Many entrepreneurs and small business owners prefer to make their own decisions and might find it difficult to fall in line and follow the rules outlined by a franchisor. If this is the case for you, it may be better to consider a business opportunity or purchase an existing business for sale.

If you’ve done the introspection and decided that you want to enter the versatile and rewarding industry of franchising, you’ll need to figure out your financial capacity. Buying into a franchise will require different amounts of fixed capital depending on the franchise system. It’s important to know where you stand in advance so you can narrow your options and be more efficient in your search. BizBuySe ll franchise listings clearly indicate the cash required for each franchise opportunity. When you have requested more info from the franchisor, turn to Item 7 in the Franchise Disclosure Document (FDD) to find an itemized list of expenses for that particular franchise.

When choosing a franchise, it would be beneficial to research the markets you are interested in and find a franchise within that market. If the choice is made based on the brand alone, you could end up making a poor business decision for yourself. You’ll want to ensure that there is opportunity available within your chosen market, in your chosen area before looking at potential brands. Once you’ve settled on your market and know how much capital you have to invest, the next step is opening a dialogue with franchisors.

Request more information from the franchises that interest you through BizBuySell. You can request information for multiple franchises at a time. A franchise agreement is a major commitment, so you’ll want to look at more than one brand before making your final selection. Interview the franchisors thoroughly until your questions have been answered. Be sure the people you are speaking with are not simply answering from well-rehearsed script but are genuinely concerned about your success within their franchise system.

Buying a franchise is a life-changing venture that should not be entered into lightly. We want to help you gain the information you need to make the best choices for you. With multiple industries and different investment range options to choose from, the franchising model is an excellent choice for building wealth and becoming a small business owner yourself.