Pursuing entrepreneurship can be daunting. Don’t let the challenges of starting a franchise business stand in the way of achieving your dreams. Check out We Sell Restaurants’ guide to buying a franchise to gain insights and streamline your efforts.
There are thousands of different franchise brands in the United States, spanning countless industries, including foodservice, healthcare, and personal services, to name just a few. Investing in a franchise can start as low as $10,000 for a home-based brand and reach as high as $50 million for a business in a prime, high-traffic location. Finding the sweet spot that meets your goals and helps create a legacy for your family is attainable.
We Sell Restaurants, one of the nation’s largest restaurant brokerage franchises, has some tips and tricks for a hassle-free journey to franchise ownership. Take a look at our guide to buying a franchise to help understand your potential costs, the franchise application process, and other requirements.
1. Determine Your Goals. Before you get started shopping for a franchise, sit down and put your pencil to paper and iron out your goals. Having a long-range plan for your future will put you on the path to success. Here are a few questions to ask as you sharpen your vision.
● Do I want to be an owner-operator or hire employees?
● Do you want an established brand or an emerging option?
● Do you want to be an absentee owner or be part of day-to-day operations?
● What are your income expectations for your venture?
Once you lay out your goals, it will help narrow down your choices and make your decision simpler.
2. Establish Your Budget. After setting some goals, it’s time to look at the startup costs. Determine how much you want to invest in your franchise business and pay special attention. There are many different options for funding, including using your retirement savings as collateral or applying for an unsecured loan from the U.S. Small Business Administration.
3. Make a Choice. Conduct careful research on the industries you are considering. Learn how businesses perform during lean economic times and analyze how they weathered the pandemic. Once you find the right industry, select a franchise. During the selection process, pay close attention to the company’s franchise disclosure document to determine financial projections, talk to existing franchisees in the system and meet with corporate staff to understand the culture.
4. Discovery Day. After spending time selecting a franchise, it’s time to schedule a Discovery Day. The Discovery Day is when you pay a trip to the company’s corporate headquarters for a tour to learn more about the business, meet the company’s leaders in person, and get to know the company’s mission and values. It typically includes a visit to an existing location and is a time when the franchisor can determine if you meet their expectations as a potential partner. Discovery Day is the time to get all of your remaining questions answered.
5. Review Franchise Agreement and Secure Funding. After you’ve picked your franchise, it’s time to double down and review the franchise agreement and secure the funding you need for your new venture.
After you sign your franchise deal and obtain funding, the fun begins. You will need to find a location unless you opted for a home-based franchise. You will also attend training and prep for your grand opening.
We Sell Restaurants Helps Guide Entrepreneurs
We Sell Restaurants provides a business opportunity for people interested in helping potential business owners buy and sell restaurants. The company’s brokers are a valuable and in-demand resource. Business brokerage industry revenue is forecasted to increase 3.4% to 1.3 billion this year.
Our franchise brokers specialize in the hospitality industry to provide top-quality service to clients. We Sell Restaurants is an established business brokerage brand with a proven operating system already in place. All you need to get your business brokerage franchise started is a home office with a strong internet connection. Pursuing entrepreneurship with We Sell Restaurants requires a low investment starting at $60,875, and our brokers can expect to generate a gross commission income of $209,292.
Learn More About We Sell Restaurants Franchise Opportunities
If our guide to buying a franchise sparks a passion to help others discover a new future, We Sell Restaurants wants you to join our team. Request info to learn more about our brand.
Robin Gagnon, Certified Restaurant Broker®, MBA, CBI, CFE is the co-founder of We Sell Restaurants and industry expert in restaurant sales and valuation. Named by Nation’s Restaurant News as one of the “Most Influential Suppliers and Vendors” to the restaurant industry, her articles and expertise appear nationwide in QSR Magazine, Franchising World, Forbes, Yahoo Finance, and BizBuySell. She is the co-author of Appetite for Acquisition, an award-winning book on buying restaurants.