When you make the choice to purchase a business, there are many things to consider. If you decide to buy a franchise resale, the number of considerations increases, and the process is very different than buying a new franchise. When you buy an existing franchise, the owner will have more experience with day to day running of the business as well as the pros and cons of owning the franchise in question. They know what it takes to be successful as an entrepreneur in the chosen sector because they’ve done it before.
Buying any type of business can seem daunting at first glance – but that doesn’t mean that it isn’t worth your time! There are many benefits of taking this leap into entrepreneurship and purchasing one for yourself.
Do you market research
Whether you choose to buy a franchise resale or are starting from scratch you should know all about the industry you are entering. It might seem like a lot of work, but if you want to be successful in your new business it is worth the time spent. You can look for industry statistics, speak to other business owners in the sector or even speak to the franchisors. When buying a franchise resale, there are many more ways you can find out industry information. You can ask the franchisee or franchisor as well as others within the industry.
Assess whether or not you will require funding
You need to know whether you can afford the business you plan to buy. When starting a business from scratch you often need to make projections about the start-up costs. But with a franchise resale, you can use the previous owner’s information to make your projections. You may also want to consider whether or not you are able to get funding to help buy a business. When buying a franchise resale, banks are more likely to lend as a result of the financial information available.
It goes without saying, you will need a business plan to purchase a business. A business plan will help keep you on track for growth. It will also be required by your funding provider. They will want to see how you plan to take the business forward and repay any funding. The franchisor will also want to know what your plans for the business are. They will need to ensure you are right for their network and you have the capacity to grow the business your purchase.
Want to buy a franchise resale? Speak to the professionals
If you are thinking about buying a business and want to know how buying a franchise resale could be the perfect option for you then get in touch today. You can register for our digital buyers portal and access all of the information you need. Or you can speak to a member of our team.