How to get a business franchise?

Do you plan to start your own business? Are you thinking of buying a franchise, but not sure how to buy a franchise? Buying a franchise will help you to achieve all your business ownership dreams but no matter how intimidating that may sound it is definitely not a cakewalk!

In a franchise, one business (called the franchisee) pays another (the franchisor) to use the franchisor’s brand name, business model and trademarks. The franchisor offers various kinds of assistance to the franchisee, such as training, support services, and advertising. Today in the Indian market, there are franchisees available for almost every kind of industry. From travel agencies, business service providers, courier services, convenience stores to educational franchisees, health and fitness establishments, interior designs, entertainment franchisees, real estate professionals etc are all successfully established in the world of business franchisees.

Franchises differ not only by industry but also by the specific framework they provide for a new business. Each offers a unique take on how to start and build a successful enterprise. In short, you have options when buying a franchise. With this background in mind, let’s turn to what you came here for—learning how to get a business franchise.

• The first and the most important step towards getting a franchise is doing an initial research. You should choose a franchise that suits your personality, qualifications, skills, budget and aligns with your business goals. Get proper research done about what kind of franchise is best suited for your business location. Also make sure that you are eligible for getting the franchise of your choice. You can also connect with Franchise Bazar (www.franchisebazar.com) which offers young entrepreneurs the required information, help and support one needs before getting into a franchise business.

• Once you are done with your research, search for franchisees available and best suited for your location. You should expand your research by contacting the franchisors that peak your interest. Try to create a list of the franchisees of your interest and get basic information about their business model, brand name, success rate, ROI and shortlist accordingly.

• There are a few conditions for eligibility from the franchisor’s side too. This is because the performance of your franchisee will directly affect their name, brand image and business. Things which are generally taken into consideration are your previous business experience, market conditions of your location, net worth, cash in hand and your management skills etc. Therefore it is important for you to make sure that you are eligible for the franchise of your choice.

• After you complete your research and analysis, pick companies which suit your interest and contact them individually. Each franchisor will provide you with their Franchise Disclosure Document (FDD). Among that information are contact details for current franchisees and franchisees that left the franchise system during the past year. You should use those details to contact the past and current franchisees and inquire about their experience with the franchise. Review this data very carefully before moving to the next step.

• One you finalize with the desired franchise, you will be provided with a disclosure document. Besides that you will be given a disclosure period of 14 days where you cannot sign the the franchisee agreement during this time span. This is a mandatory period where the franchisee is expected to research, review and make a well informed and firm decision on whether to be a part of that franchise or not.

• One of the best ways to utilize the mandatory disclosure period is to enhance your research by visiting the already running franchisees of the brand. In this way you will get to know how the franchisees are running and how well is the franchisor associated with his franchisees. Enquire and get answers to all your questions before you invest in any franchise.

• Once you have gone through all the above steps and made a decision to get your franchisee, it is time to make your final call by signing the franchisee agreement. The franchisee agreement is a binding contract between you and your franchisor. You should also consider to hire a legal professional to review the agreement before you sign it. Make sure you understand the exact terms and conditions of the contract, including all your rights and obligations under the agreement.

• After you sign the agreement, it is time to open your franchise for the public. Your franchisor will guide you and help you throughout the process of opening your new franchise.

Like you, many bright and young entrepreneurs dream of owning their own franchise business. Buying and establishing a franchise has helped thousands of young entrepreneurs to achieve that dream. So what are you waiting for?

Get connected and make it happen through Franchise Bazar (www.franchisebazar.com) which is India’s leading franchise market. Here you can find the best suited franchise for you and your location keeping all your interests in mind. Not only this, we will also provide you with the best help and support throughout your journey of getting a franchise! Right now Franchise Bazar has hundreds of verified franchise options for you. Some of the best Franchise options available in India are listed below

Food Franchise opportunities: Moti Mahal, Jumboking, NutsnFlakes, BOCS pizza, Kouzina, Patel’s Chhappan Bhog, Mr & Mrs Idly.

Educational Franchise opportunities: Debugsbunny, Juniors Den, British youth international college, Bambino International, COSMO centre for education and training.

Fitness Franchise opportunities: SNAP fitness, Energie fitness, Playmore.

Retail Franchise opportunities: Indian health mall, Liberty, Cotton culture, Precious paws- Pet spa.