How to set Goals to Own a New Franchise Business in 2022
Let’s talk about the steps to owning a franchise. In past articles, we’ve discussed things like:
- How much does it cost to buy a franchise?
- 5 Things you need to be aware of when purchasing a franchise.
Today we are going to break down the steps to becoming a franchisee! Like all goals and projects, franchise ownership is a process. Rome wasn’t built in a day, and becoming a franchisee doesn’t happen overnight either!
If you are interested in becoming a franchise owner, we’ve created a helpful timeline for you to review to start you on your path to own a franchise in 2022!
Interest in Franchise Ownership
If you’ve found yourself asking the following questions:
You’ve already started the process!
The day you start thinking about owning a franchise is Day 1!
This is an exciting journey, but where do you start, what business do you choose, and how much does it cost to buy a franchise in general?
As exciting as it is, it can be overwhelming. But that’s why I’m here! At MVision Franchising, I have created a process that helps you become a franchise owner with ease!
The Process to Own a New Franchise Business in 2022
The process to own a new franchise business in 2022 can take between 3-6 months.
We work diligently to help you find a franchise that matches your budget, interests, values, and overall business goals. We investigate the area in which you’d like to have your business, the current market, and if there are any competitors in the area.
After you’ve found a franchise/franchises that you believe are a good match for you, these are the next steps:
Submit Application for Consideration
Think of this application like a job application. This application helps the franchisors decide whether or not you’d be a good fit to own one of their franchises.
Request the Franchise Disclosure Document
After receiving approval from your consideration application, you can request the Franchise Disclosure Document (FDD). This document is required by the Federal Trade Commission to help you understand everything about the business including, it’s operations, rules, guidelines, training, and financial information.
You’ll learn more about what training and support you’ll be given upon entering franchise ownership. In addition, you’ll get an inside look into the franchise and be able to ask questions that help you make the right decision.
Attend a Discovery Day
This is such a great day for business owners and potential franchisees. At this point, you’ve done your due diligence, and now you get to become a franchise owner!
During this day, you’ll meet with the owners, executives, department heads, and training supervisors that will guide you through successful franchise ownership.
If all works out on this discovery day, you’ll sign the Franchise Agreement and become an official franchise!
Let MVision Franchise Be Your Guide
We’ve made the above process seem simple because, with us, it is. Here at MVision Franchising, I work with you every step of the way from day one and beyond. Even after becoming a franchise owner, my team and I are still here to help you by offering support, guidance, and wisdom.
If franchise ownership is something you’ve been considering, contact me today to set up your consultation and use my helpful funding calculator to see what you’re able to invest in!