Buying a franchise involves several steps and requires significant time and effort. However, if you are well-organized and have thoroughly researched franchising, you can expedite the process. Here’s a detailed look at how long it might take to get your franchise up and running.
**Purchasing Steps:**
1. **The Search**
Initially, you’ll browse multiple franchise opportunity websites until you find a few franchises that pique your interest. You’ll need to focus on what makes each franchise appealing to you.
2. **Contacting a Franchisor**
This crucial step involves formally requesting information about the franchise you’re interested in. Expect a phone call from a franchise salesperson. It’s essential to prepare questions to ask during this call.
3. **Research**
During this phase, you’ll read the Franchise Disclosure Document (FDD), contact current franchisees for earnings information, and conduct market research. If you remain interested, you might get an invitation to visit the franchise headquarters for “Discovery Day,” where you can meet the team, ask questions, and observe the business in action.
4. **Financing**
Most people finance a portion of their initial franchise investment, often using an SBA loan. Exploring financing options early can help streamline the purchasing process.
5. **Legalities**
Buying a franchise involves various legal requirements, some straightforward and others more complex. You’ll need to hire a franchise attorney for specialized legal advice. It’s best to do this when you’re close to finalizing your choice of franchise.
6. **The Big Decision**
The final step is deciding whether to proceed with the purchase. Consider your research, budget, and the responsibilities of owning a franchise before making your decision.
**How Long to Open Your Doors?**
The entire process of purchasing a franchise, from the initial search to the final decision, typically takes three to four months. After that, it usually takes an additional two to six months to open your doors to customers. For home-based franchises, you might be able to start operating approximately two months after signing the franchise contract.
