What to Expect in The Franchise Ownership Journey

Blog Details
  • May 11 2022

When you own a franchise, you drive your business to success because you own the business. You have the ability to execute your vision and reap the rewards using a proven business model that can be launched relatively quickly for a low investment. While providing the independence of being a small business owner, franchise ownership also comes with the support and infrastructure of a large corporation.

A franchise designed to be accessible to anyone with the desire to succeed, Fresh Coat Painters offers an opportunity to own a home-based, low investment, low overhead business in a high-growth industry. Becoming a Fresh Coat franchise owner does not require painting experience, rather owners focus on managing and growing their business and leave the painting to the painting professionals they employ.

But what, exactly, should you expect throughout the journey to franchise ownership? 

A Lot of Research

After completing a general search to identify franchises that may be of interest to you, it is time to dig in to learn everything you can about each one. Among the things to consider are your skills, experience, budget, and location. You have to evaluate each franchise on two levels – whether it’s a viable business model in the current market, and whether it’s right for you.

Some resources to consider for your research include:

  • The Franchise Website

  • In addition to providing general information, you can contact the franchise to let them know you’re interested. They might send you an informational packet or brochure or set up a call with you to tell you more about their opportunity. That way, they’ll be able to directly answer any questions you might have.

  • Reputable Business Magazines and Websites

  • Check for recent write-ups about the company or industry in The Wall Street Journal, Inc., Fortune, Business Insider, and Entrepreneur. Also take a look at franchise-specific sources like Multi-Unit Franchisee Magazine, Franchise Times, or the International Franchise Association website for any new information related to your chosen franchise or industry.

  • Current Franchise Owners

  • The people who’ll have some of the best info for you are those who’ve already gone through the process themselves. Arrange a meeting with a current franchisee and don’t be afraid to ask questions. You can get contact information for current (and sometimes former) franchisees from the franchisor – this info is often included in the FDD.
  • A Deep Review of the FDD
    Once you have had the opportunity to discuss the opportunity with the franchisor and you’ve both decided it seems like a mutually beneficial partnership, you’ll fill out an official franchise application or request for communication (RFC). In response, they’ll send you a copy of their Franchise Disclosure Document (FDD), which is packed with information on every facet of the opportunity – which can make it a little overwhelming. You may choose to look it over with an experienced franchise lawyer and a franchise accountant to make sure you’re clear on the details.

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