Franchise opportunities can provide a great way to own your own business without having to lay the groundwork for something new—or taking your chances on buying an existing company with its own set of unforeseen problems.

But knowing how to buy a franchise—how and where to get started on your franchise ownership journey—can be a challenge, particularly for those new to running a business.

Below is a brief look at the key steps involved in buying a new franchise, as well as moving just a little closer to fulfilling your dream of small business ownership.

1.      Ask Yourself: Am I Ready to Own a Business?

Carefully evaluating your readiness and desire to own your own businessis a crucial first step in the franchise buying process. Being a franchise owner can be an immensely rewarding experience with significant career and profit potential—but it’s good to know you have the drive and determination needed to take on the challenge before moving forward.

Answering such vital questions as: ‘Is business ownership right for me?’, ‘Am I ready to move on the next phase of my career?’, and ‘do I enjoy managing teams and serving customers?’ can help you better understand if franchise ownership is a good fit.

2.      Research Franchise Opportunities

Once you know you’re ready to buy a franchise, it’s time to research and find opportunities that align with your unique interests, skillset and experience—and that offer solid ROI, growth and career potential. Read and compare franchise disclosure documents that are prepared by franchisors. As you sort through promising franchise opportunities, be sure to note any level of management or industry experience required by each franchisor, the level of support and training they offer franchisees and how much it will cost to make the initial investment.

Some franchisors offer competitive startup costs, while others focus primarily on proven marketing, training and support systems designed to enable franchisee success. Whichever opportunity you choose, be sure it works best for your budget, interests and lifestyle.

3.      Discover

Often times a franchisor will offer a Discovery Day, a golden opportunity for prospective franchisees to meet and speak with current franchise owners—and company executives—about their experience with the brand. Such events can provide invaluable insight into how that franchise system works and the quality of experience owners have had within that unique franchise ecosystem.

As your research gets more extensive, be sure to register for the company’s discovery event as quickly as possible. Doing so provides a personal perspective into franchise operation you likely won’t find anywhere else.

4.      Apply for Ownership

Your next step in how to buy a franchise is submitting your franchise ownership application—the form that shows you’re ready to “buy in” to the brand. Franchise applications generally include the required franchise fee and the desired region/location you’d like to open your franchise.

Once submitted, the company will review your application to determine if you’re a good match. And once you’re approved, you’ll likely need to undergo the company training process that will help prepare you for opening your new business.

5.      Open Your Franchise—And Get to Work!

Owning a franchise can be a great opportunity to work with the public, manage a team and to carve out your own career path and potential.

And when you start a franchise business with Liberty Tax®, you enjoy the best that owning a business has to offer. From low startup costs and comprehensive training to innovative marketing tools and the support of a proven franchise system—all within an in-demand industry with profit potential—you have the chance to achieve the lifestyle, career growth and success you’ve always wanted!

How to Buy a Franchise with Liberty Tax®

Learn more about the benefits of Liberty Tax® franchise ownership by calling  1-855-999-1864, or visit Liberty Tax® online today!

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