How To Own a Franchise

Entrepreneurs usually choose to open a business in an industry they’re passionate about or have experience with. The startup process can be intimidating, and many owners aren’t prepared to deal with tasks they might be less familiar with, such as marketing, inventory, payroll, and more.

Here are some challenges that many solopreneurs face:

• Creating a well-developed business plan
• Establishing a customer base from scratch
• Building a recurring customer base
• Achieving work-life balance
• Managing the business reputation
• Finding and retaining good employees
• Maintaining a strong digital presence
• Doing it all alone (marketing, sales, business systems, etc.)

These struggles are some of the key reasons that so many people choose the path of small business franchise conversion. An established franchise company like Neighborly can take the weight off your shoulders when you convert your business to a Neighborly brand.

When you consider how you’ll grow your business and advance your professional development, notice which challenges are holding you back and which you’ve already mastered. Then, get honest and take an assessment of where your business is right now. You might ask yourself:

• Is my business delivering to my expectations?
• What is my business worth?
• Am I generating the income to support a quality lifestyle?
• What does a quality lifestyle look like for me?
• Am I creating long-term wealth for myself, my family, and my employees?
• Am I able to pay down debt?
• What’s my roadmap to success?

When you choose to roll your business into a Neighborly franchise, you benefit from our support network. It’s still your business, but you’re using franchising as a business growth strategy and a path to a better work-life balance.

We offer established systems, such as training programs, marketing and advertising strategies, leading technologies, and equipment discounts. Choosing an established franchisor means you keep the momentum you’ve built and leave much of the operational guesswork behind. Our resources and proven systems simplify your day-to-day so you can devote your energy to the parts of the business that inspire you most.

Converting to a franchise with a nationally recognized brand offers a major advantage: customers are more likely to trust locally owned businesses from the start. That brand recognition can help you overcome barriers that may have kept you from achieving your original business goals.

• Identify compatible franchise brands.
• Carefully evaluate franchise opportunities.
• Interview your franchisor. Ask questions about all key changes required during the small business franchise conversion, as well as the pros and cons of converting to a franchise.
• Prepare your business for conversion.
• Work with a franchise attorney to review your Franchise Disclosure Document and Franchise Agreement.
• Finance your franchise.
• Participate in training and networking; learn the franchise’s brand guidelines and established systems. Quality franchisors at Neighborly offer orientation, conferences, and ongoing business training and coaching.
• Run your business as you enjoy more freedom and quality of life!

That’s the concise explanation of how to make your business a franchise. However, the process will depend on the franchisor, so keep this in mind as you’re doing research. Some companies don’t offer franchise conversions because they’re only looking to create new locations or sell existing units (when a current franchise owner retires or decides to sell).

Do you currently run a business in the home service industry? Consider converting your business to a Neighborly home service franchise. These are the most common Neighborly brands that current business owners transition to:

Neighborly offers proven business models, trusted brand recognition, comprehensive training, and ongoing support to help you start and grow your own business. For more information about the benefits we offer franchise owners, download our Franchise Ownership Guide

Have you dreamed of owning your own business? Are you an entrepreneur looking to expand? If so, consider buying an existing franchise business location.

Whether you’re searching for franchises for sale near you or you’re open to relocating, here’s what you need to know about franchise resales.

Franchising comes with many myths and misconceptions, like thinking it’s unaffordable, requires industry experience, or leaves no room for flexibility or creativity. In reality, franchise owners often enjoy robust support, time freedom, and a proven system that reduces many of the risks of starting from scratch.

Another common misunderstanding? That if a franchise is for resale, it must have failed. In fact, many resales happen for positive life transitions, like relocation, retirement, pursuing a new opportunity, or simply cashing out after years of success.

When searching for a franchise for sale, you may discover more benefits than you expect. Building a business from scratch can be difficult, time-consuming, and risky, but buying into an existing franchise location may mitigate those pain points.

Benefits of existing franchise location sales:

• The business may already have a positive cash flow
• A customer base is likely already established
• The business may already have trained employees
• The brand may already have a great reputation

So, you’re ready to buy an existing franchise location. Here’s how to navigate the process of purchasing a resale or previously owned franchise:

• Understand the current franchisee’s decision to sell the business.
• Get to know the current owner for the transfer process, as well as the franchisor facilitating it.
• Find out the financial requirements and what you can afford.
• Understand the franchise agreement.
• Seek franchise funding with these tips.