How to Become a Franchise Owner

How to become a franchise owner

Your Guide to Franchise Ownership

There is an estimated 775,000 franchise establishments in the U.S., and that number continues to grow. Why? Because the franchise model works! By leveraging a proven system, support and training, you can step right into a franchise business much more seamlessly than starting from scratch. But you have to do your due diligence... and that's where the IFPG Franchise Buyer's Guide comes in.

By arming yourself with knowledge and information, you can be well on the way to a new path as a franchise business owner. We have you covered every step of the way!

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Consider if Franchising is Right for You Before Investing in a Franchise

This is an exciting time! You may have decided to invest in a franchise business, but the process may not be as simple as it seems. There are many steps to take before deciding on a brand. So, where do you start? 

Is Franchising Right for Me? 

The first step in choosing a franchise is to do your research to determine if franchising is for you. A great way to meet franchisors is through trade shows and other industry events. There are also excellent franchise news sites that potential franchise owners can look at. Basic internet research about your market area is also beneficial because that will let you know if there is a consumer demand for the business you want to invest in.  

Talking to a franchise consultant is a huge help when deciding to invest in a franchise. Franchise consultants provide prospective franchise owners with information and expert advice to find the ideal franchise. Their guidance can make all the difference and potentially prevent you from making a costly mistake. Owning a small business is a family affair, so speak with immediate family members to discuss if they’re on board with taking the risk of owning a franchise. 

What Franchise is Best for Me?

Now that you’ve decided that franchising is for you, it’s time to pick a brand that you want to invest in and represent. There are thousands of franchises to choose from, so consider your budget, lifestyle, and interests in order to narrow your choices. You also need to think about:

  • The type of franchise you want to invest in. It all depends on the type of product or service you wish to offer. The types of franchises you can choose from include home services, education, senior care, childcare and more. In terms of business models, you can have a business that is brick-and-mortar, mobile, or home-based.  
  • What are your long-term goals? This will help you determine how long you'll be in business, whether to choose single or multiple-unit ownership, and how involved you want to be in the business. 
  • Do your market research and see what franchise has a demand in your area. Also, consider the choices that are available to you by looking at the Small Business Association’s (SBA) directory of franchises or use the International Franchise Association’s (IFA) interactive search tool.

Talking to a Franchisor

Franchising is great because it allows you to research and vet the business before you dive in. When you’re a potential franchise owner who is talking to a franchisor, there are several questions to ask:

  • What are the strengths of your franchise?
  • Where do you see this franchise system in five years, and what steps are being taken to reach that goal?
  • What competition is there in this field?
  • How are you viewed in the consumer marketplace?

This is an important aspect of the due diligence process to see if a brand is a good fit for you.

Questions to Ask Other Franchisees

Another important part of the research process is speaking with other franchisees who have experience with the brand you’re considering. Questions to ask include:

  • How long have you been in the franchise? 
  • How would you describe your adjustment to this franchise?
  • What is your business background? 
  • My business background is……. Is that a good fit for the company?
  • What do you feel is the primary function of the owner of this franchise business? Please describe a typical day.
  • Are you putting in a full-time effort?

The brand that you invest in should be a reflection of your skills and something that you are proud to represent.

Top 100 Franchises

SpeedPro Logo
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Start Your New Career Today
IFPG Members at Top Golf

Earn Money Selling Franchises

Do you love helping people? Does the idea of being your own boss appeal to you? A career as a Franchise Consultant lets you have it all: a flexible, home-based business with incredible earning potential. And here’s the best part—your work will make a difference! IFPG provides:

  • Over 150+ Hours of Continuing Education
  • 90 Days of Mentorship
  • Exclusive Agreements with Franchises
  • Over 450+ Franchise Members to Present to Clients
  • Access to Leads and CRM to Close Deals

IFPG also provides you with a CFC Certification that designates you as an expert in your field and grants you the recognition that you deserve.

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“IFPG’s mission is to serve the franchise industry with innovation, growth and opportunity. We do that by constantly improving and adding to the value we bring our members. Find out why more than 1,300 of the industry’s most respected professionals chose IFPG. Schedule a one-on-one virtual tour with a member of our team. Thank you for the opportunity to serve you.”

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