If you have ever dreamed of owning your own business but don’t know how to get started or are wary about the risk involved, a franchise may be the solution to your problem. Buying a franchise offers many benefits such as support during the start-up phase of the business, and sometimes long after, and immediate name recognition. However, it’s not as simple as picking a brand and opening up shop.
The business brokers at Crowne Atlantic Properties have years of experience identifying franchise opportunities, evaluating their merits, and matching buyers with appropriate franchise opportunities.
Types Of Franchise Opportunities
The first thing to know about franchises is that there are two different types of business models: Product or Trade Name Franchising and Business Format Franchising. It’s important to know ahead of time which type you are buying so you know what kind of resources and support will be available to you and what you’ll need to handle on your own.
Product Franchising means you buy rights to the product/name of the franchise and you are left to your own devices to run the business.
Business Format Franchising provides you (the buyer/franchisee) with all the service, support, products, and training you need to get the franchise up and running. The relationship is ongoing and can include help with site selection, marketing, and even financing.
Getting Help With Your Franchise Business Search
Finding a suitable franchise is tough to do on your own. At Crowne Atlantic, we help would-be franchisees identify suitable opportunities, research the franchise, and make sure they are provided with all of the information they need to make a decision. We can provide insider insights into the local market and whether or not it can support your chosen franchise. We can even help negotiate pricing and terms and make sure you understand the contract details before you sign on the dotted line. If you need help obtaining financing or legal or accounting advice, we can help you obtain those resources as well.
Common Questions for Buying a Franchise
As a business broker, franchise FAQs are some of the most common questions received at our office. Here we have complied a few of the most asked questions to provide a basic understanding of franchising.
Franchising is a way to sell or distribute products or services from more than one location. Rather than simply opening up additional stores to expand, the original owner (franchisor) lends the franchise name/brand and/or business system to a buyer (franchisee). The franchisee pays the franchisor an initial fee and usually royalties for as long as they operate the franchise, but beyond those amounts, the franchisee keeps the profits and runs the business as his or her own, within guidelines set forth under the contract.
This is our most common franchise FAQ. It comes down to a combination of personal preference and abilities, franchise availability, budget restraints, and market demands. What do you want, what can you afford, and what will succeed?
Franchises vary widely in cost, from a few thousand dollars to millions. Cost is determined by the type of franchise, the industry, the location, overhead requirements, the state of the business when you buy it, and the physical location needs.
You can find a franchise in several different ways. You can conduct an internet search of franchise directories, you can identify a company you want to franchise with and contact them directly, or you can work with a business broker. A business broker will provide you with the most comprehensive service, helping you with research and answering all of your questions.
How To Buy A Franchise
Buying a franchise with assistance from a business broker is a great way to get your business started off on the right foot. A business broker franchise search will save you time and effort and provide you with expert knowledge and advice when the time comes to evaluate franchise opportunities and make a decision.
Process For Buying Franchises For Sale In Orlando
Our goal is to match you with the right business. To make that match, we use this process to help buyers find franchises for sale in Orlando:
- Initial Meeting. This is the time to gather information about you and your business interests. We use this data to focus our search on franchises that would be a good match for you.
- Evaluation. We will provide you with a list of suitable franchises for sale in Orlando. We will help you evaluate them and narrow your list down to those you want to pursue.
- Contact the Franchisor. We will arrange for phone or face-to-face interviews with the franchisor and help you fill out the official franchise application.
- Review the Franchise Disclosure Document (FDD). This document contains detailed financial and background information on the franchise and is extremely important to review and understand.
- Prep For Discovery Day. If you’ve met the criteria set by the franchisor you’ll be invited to a Discovery Day event at headquarters. This is a sign that you are a clear frontrunner for the franchise. You may even come home with a contract for your attorney to review!
- Make a Decision. After your research, meetings, and legal reviews, it’s time to make a decision. Your Crowne Atlantic business broker will be at your side to answer any lingering questions so you can make the right decision.
- Sign the Franchise Agreement and Become Your Own Boss!
Buyers Guide to Buying a Franchise in Florida
Opening a franchise is a great way to start your own business with less of the risk that comes with going it alone. Finding established franchises for sale is the first step. That’s where Crowne Atlantic Properties comes in. We can help you narrow your franchise business search down to a manageable number that matches your business objectives and meets your criteria.
Why You Won’t Find A Franchise For Sale Using An Online Search
Most would-be franchisees will start their search online. It’s fast, it’s easy, and you can do it at your leisure. But it’s also extremely time-consuming and doesn’t provide the kind of details you need to make a decision. You’ll spend hours upon hours searching through bulletin board type listings instead of delving into the specifics of a franchise opportunity that is something you’d actually like to do.
Finding A Franchise For Sale With Help From A Business Broker
When you work with a business broker, this weeding out process is handled by us, right away, before you even take a look at all of the franchises for sale. We’ll meet with you to discuss your specific interests, goals, and budget and then we’ll get to work finding local Orlando franchises that meet that criteria.
What you are looking for is full information on the specific franchise opportunities in your area and the requirements of purchasing a franchise so you can determine if it meets your business goals and objectives. We help you find this information and analyze it so you can make an informed decision.
To learn more about franchising, for help conducting a franchise business search in Florida or finding a business broker franchise for sale contact Crowne Atlantic Properties at 407-478-4101.