Tip #1: Do Your Research!
First and foremost, ensure that you’re purchasing a franchise whose company mission and goals align with yours. If you’re an animal lover, a pet resort and spa franchise like All American Pet Resorts could be the perfect option for you! Additionally, you’ll want to make sure that you are familiar with the important details about the franchise company, litigation and bankruptcy history, as well as your initial fees, investment, and obligations. All of this information can be found in the Franchise Disclosure Document, or FDD. If you have any questions about anything you discover about the franchise company, make sure that those questions are properly addressed before you sign or commit to anything.
One of your best resources in navigating this process will be the existing franchisees. Make sure that you secure their contact information and ask for their honest answers to questions like, “If you could start all over, would you purchase this franchise again?” If the franchisor is hesitant to provide you with the contact information of established franchisees, that should be an immediate red flag!
Stay tuned for more tips on purchasing a franchise in our upcoming blogs!