What to Expect in The Franchise Ownership Journey
With low start-up and operating costs, franchise ownership may be the most straightforward path to owning a business that you are passionate about. You have the ability to execute your vision and reap the rewards using a proven business model that can be launched relatively quickly for a low investment.
While providing the independence of being a small business owner, franchise ownership also comes with the support and infrastructure of a large corporation. Along with an established name, you’re buying the background and reputation of the business, as well as their relationships with vendors, media contacts, and more.
Whether you are an experienced executive, a prior business owner, a retired military professional, or anyone who has the necessary leadership skills and desire to succeed, franchising could be a good option for you. But what, exactly, should you expect throughout the journey to franchise ownership?
Time dedicated to researching the right opportunity for you
After completing a general search to identify franchises that may be of interest to you, it is time to dig in to learn everything you can about each one. Among the things to consider are your skills, experience, budget, and location. You have to evaluate each franchise on two levels – whether it’s a viable business model in the current market, and whether it’s right for you.
Some resources to consider for your research include:
- The franchise website - In addition to providing general information, you can contact the franchise to let them know you’re interested. They might send you an informational packet or brochure or set up a call with you to tell you more about their opportunity. That way, they’ll be able to directly answer any questions you might have.
- Reputable business magazines and websites - Check for recent write-ups about the company or industry in The Wall Street Journal, Inc., Fortune, Business Insider, and Entrepreneur. Also, take a look at franchise-specific sources like Multi-Unit Franchisee Magazine, Franchise Times, or the International Franchise Association website for any new information related to your chosen franchise or industry.
- Current franchise owners - Those who have gone through the process themselves will have some of the best information for you. Arrange a meeting with a current franchisee and don’t be afraid to ask questions. You can get contact information for current (and sometimes former) franchisees from the franchisor and this information is often included in the FDD. And now more on that...
An in-depth look into the FDD
Once you have had the opportunity to discuss the opportunity with the franchisor and you’ve both decided it seems like a mutually beneficial partnership, you’ll fill out an official franchise application or request for communication (RFC). In response, they’ll send you a copy of their Franchise Disclosure Document (FDD), which is packed with information on every facet of the opportunity – which can make it a little overwhelming. You may choose to look it over with an experienced franchise lawyer and a franchise accountant to make sure you’re clear on the details.
Making the decision to invest in a franchise
Most franchises provide an outline of what costs are expected so you know exactly what you are getting into and have an idea of how much it will cost. While some franchises require large inventory, high overhead, and big investment fees, Caring Transitions offers an opportunity to own a home-based, low investment, low overhead business.
Moreover, investing in a franchise provides the opportunity to jumpstart your business by utilizing the franchisor’s infrastructure or roadmap to hit the ground running and scale your business quickly. As a Caring Transitions franchise owner, you can enjoy the best of both worlds: the independence and fulfillment of owning your own business along with the support, knowledge, and tools of a national company.
Launching your business
Once you make the decision to invest in a franchise, it is time to get started. Initial and ongoing training is provided when you become a franchise owner, so you just need leadership skills, a commitment to success, and a willingness to trust the guidance of the franchisor. Owning a franchise allows you to go into business for yourself, but not by yourself.
Rather, franchise ownership provides new entrepreneurs the opportunity to jumpstart their businesses by utilizing the franchisor’s established roadmap. In addition to ongoing operational and marketing support, owning a franchise provides the opportunity to collaborate and network with other franchise owners.
Becoming a Caring Transitions Franchise owner
By providing older adults and their families with trusted and comprehensive downsizing, right-sizing, estate sales, online auctions, and move management solutions, Caring Transitions has become the nation’s leading provider of senior relocation and transition services.
Along with the launch of the updated release of CTBIDS, the brand’s wildly popular and successful national online estate sale auction platform in 2021, it was ranked in the 2021 Top 400 Franchise List, was named to the Franchise 500® while being recognized as the Fastest Growing Franchise and a Top Franchise for Veterans by Entrepreneur.
Owning a Caring Transitions franchise has never been easier and you can be up and running in just a few months. Once you request information, our franchise director will answer all your questions and help you to learn more about the business so that you can decide if it is the best fit for you to meet your goals. We make the Steps to Ownership simple and straightforward so that you are comfortable making the right decision for your future.