Things You'll Need:
- Internet access
- Computers
- Spiral notebooks
- Business loans
- Applications
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Step 1
Determine what type of business you want to own: food, business service or products.
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Step 2
Study the available franchises in that category.
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Step 3
Contact the franchise headquarters of the companies you are interested in owning. Ask for a franchisee information packet.
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Step 4
See what the requirements are for purchasing a franchise.
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Step 5
Talk to owners of franchises that you are interested in. Ask them what sort of problems they have had with the franchisors and with the franchise agreement; what should a new franchisee be aware of; and what would they change if they could do it over again?
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Step 6
Review the franchisee/franchisor agreement. The agreement should protect both parties and still allow them to conduct their businesses in a manner that will be profitable.
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Step 7
Fill out the franchisee application.
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Step 1
The franchise agreement should state the term of the franchise.
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Step 2
It should also state the terms under which the agreement can be extended, revoked, terminated, sold or transferred.
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Step 3
The franchise agreement should discuss the delineation of fees and other considerations to be paid by the franchisee and for how long.
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Step 4
It should have information regarding training and territory (is it specific and exclusive?).
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Step 5
The agreement should state whether the franchisor supplies goods, stock, equipment and staff.
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Step 6
The initial fee and continuing payments should be stated.
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Step 7
The franchise agreement should also have information on performance requirements, including how long are they are enforced and what happens if they are not met.
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Step 8
The agreement should state whether prices are set by the franchisor.
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Step 9
And it should say what happens if the franchisee dies or becomes incapacitated.
