What to Know Before You Buy (Step 1 of 18)
Unless you have spent considerable time researching franchises or have worked within the franchising ecosystem in the past, chances are you don’t know too much about it. You may know the general idea of franchising- someone gives you a business model and support and you give them royalties- but there is much more to it than that. That’s why the first step of franchise research should be education. It is a base for the rest of your search so you can make better decisions about what is and isn’t a good franchise for you.
This education is more focused on franchising specifically so you can make a better decision about what franchise is right for you. It isn’t an MBA or even too in-depth about business ownership because every franchise starts with weeks/months of training before you open so you can successfully run the business. What you need to know now is what opportunities are out there, how to think about the right match, the basic tenets of successfully businesses in general, and a framework for thinking about the right fit.
By the end of 2025, Tracer Franchising will launch a 3 month course that will go into much more detail on all these things as well as business specific topics like finance and management. Thousands of people successfully invest in franchises without this level of education, but outcomes will almost certainly be better with this course. If you want to be notified about this course, email me at josh@tracerfranchising and I will put you on the waitlist.
What You Need to Know
The below is the minimum knowledge you need to find a good franchise and start the business with the right expectations.
What franchising is and the pros and cons of the model
The dozens of industries franchising touches
How to get funding
How to know if a franchise aligns with your skills and personality
Pros/cons of a home based vs office based vs brick and mortar franchise
How to outline your long term goals and ensure the franchise aligns with it
How to know if an industry has long term viability
The overview of the franchise research process and how much time you need to commit
These items require time and effort to figure out, so you should expect to spend a few hours reading and/or watching videos about franchising. Below we dive into the resources available to you to get this information as efficiently as possible
Educational Resources
Call with Tracer Franchising brokers. We are here to answer your questions and offer structured education for all potential franchise owners.
The free 90 minute “Franchising 101” course offered by Tracer Franchising. Click here to sign up.
The Tracer Franchising Blog- click here to visit it
The Tracer Franchising Podcast - click here for the Franchise Research Overview episode
The “Complete Guide to Selecting a Franchise” E-book: Click here to download
Top Books: “The Educated Franchisee” by Rick Bisio and “The Wealthy Franchisee” by Scott Greenberg
Most people get enough education to start the franchise research process by taking the Franchising 101 Course and having an hour long discussion with a Tracer Franchising broker. Once they are in the process, they continue reading and listening to the above resources.
