Key Research Steps for Franchise Buyers

In an excerpt from his book, The Franchisee Handbook: Everything You Need to Know About Buying a Franchise, which was published on Entrepreneur.com, iFranchise Group CEO Mark Siebert outlines the important steps that franchise buyers should take when evaluating franchise opportunities.

Siebert notes that when evaluating a franchise to buy, future franchisees can and should gather information from a variety of sources, which may include digital sources as well as the franchisor’s own documentation, including the Franchise Disclosure Document (FDD).

Siebert also states that as part of this information gathering process, prospective franchisees should research competitors, both franchised and independent brands, to gain an understanding of market dynamics, pricing, and other important factors. He recommends going beyond online research, by visiting existing franchised locations and attending industry and franchise events, to further the investigation into the appropriate franchise opportunity.

In addition, he notes that franchise brokers, often called franchise consultants, can help narrow down franchise opportunities that align with the franchise buyer’s budget, experience and goals.

For additional details and recommendations, the full version of Siebert’s book can be purchased at the following sites:  Amazon | Apple Books | IndieBound