T.G.I. Franchise

T.G.I. Franchise

Look before you leap when buying a franchise.

With opportunities on every corner, it’s no surprise that franchises are a great way to make money! However, it’s not a decision to be taken lightly. There are a lot of factors to consider before and during the franchising process to ensure that you can make the most of your investment!

 
Decide how much you’re willing to invest
It is important to determine how much money you want to invest in a company right from the beginning. This will keep you focused on franchises within your price range and help select the right market for you. While some franchises only advertise their initial investment requirement, don’t be surprised to find out that there are annual fees and training costs that you are expected to pay. Make sure you find out all of these costs from the start so you don’t go over budget!
 
Research, research, research
After you’ve explored your options and selected a few potential franchise candidates, it’s time to start digging! You don’t want to join a company that leaves you to your own devices – look for franchises that provide annual training and sales plans to help you get started and succeed. Is the company’s operating system intuitive and helpful? Will you receive new marketing material on a regular basis? These factors and others are important to consider so you can ensure your potential franchise grows with the company!
 
Visit other franchisees to see what they say
As you continue to narrow down your options, you should reach out to franchisees affiliated with companies that you are heavily considering. People who already own a franchise are a priceless resource, as they can tell you the good and the bad of their experience with a company. Find someone who is willing to speak candidly with you about the company so you are adequately prepared for the application and start up process.
 
Contact the franchisor and fill out an application
Once you’ve found a company that meets your budget and market interests, signing up with the franchisor is just the first step of many in the application process. Expect to be interviewed several times over by a franchisor as they determine whether you are a good fit for their company. Just as you’ve done plenty of research on them, a franchisor must also consider all of your qualifications before they embrace you as a franchise owner.
 
Review the company’s Franchise Disclosure Document
The Franchise Disclosure Document, or FDD, is a an extremely important resource to peruse before you purchase a franchise. It includes 23 items and will give details on the franchisor, describe the expected fees and explain franchisee responsibilities. Use the included list of franchisees to reach out to more owners and make sure that the franchisor delivers on his promise.
 
When you've satisfied all these considerations, you'll be well on your way to launching and sustaining a successful franchise.

 

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