When most people think about buying a franchise, they imagine opening a brand new one: new location, new staff, new everything. But if you want to be a franchisee, don't forget that you can also buy an existing franchise location from a franchisee who's looking to sell-and it might end up being a better deal.
When you start a franchise from scratch, there are lots of unknowns. Will the concept resonate? Will you find a good location? You must hire and train an entire team. The whole process can take up to three years to ramp up. But with a resale, you can tour an existing site or territory. You can assess existing marketing campaigns and spending and revenue. You can review multiple years of business results. You can even "mystery shop" and potentially meet the staff.
This can be a lot-but it can also improve your chances of success. And if your goal is to own many units, don't forget that a resale franchise unit has existing cash flow. That can help you either acquire more units or build out new ones much faster than if you had started from scratch.
This story is from the Startups - Summer 2023 edition of Entrepreneur US.
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This story is from the Startups - Summer 2023 edition of Entrepreneur US.
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