Posted on:February 27, 2023
If you've ever dreamed of running a franchise, you're not alone. Franchising might be the perfect fit for you if you’re searching for a proven process that you can implement within your business.
Franchising is among the fastest-growing industries, and it provides many benefits. Not to mention, it can be an amazing way to invest in yourself and grow your business.
Choosing the right franchise is important because it needs to fit your values and lifestyle. However, before jumping into a franchise agreement, you must consider the many steps needed to get there.
Here are a few steps to ensure that becoming a franchisee is right for your wallet and career.
How to Become a Franchisee: 6 Things You Need to Do
Before you make the exciting leap to becoming a franchisee, here are six steps you need to take:
1. Research the Franchise
According to Grand View Research, the global online tutoring market is in high demand and is expected to grow by 16.1% by 2027.
It's essential to do your homework before investing in a franchise. Franchises provide the framework and tools to grow your business, but they require careful consideration to ensure that it is the right fit for you and the franchisor.
You want to ensure that the company you’re partnering with is reputable and trustworthy. At Tutor Doctor, we have a high satisfaction rate with over 3,000 Google reviews, with a 4.9/5 rating. Our reviews show that we are having a positive impact on the families that we serve!
You'll also want to look at the expansion of the franchise. We have opened more than 700 units in 16 countries and we are expanding rapidly.
2. Speak With Other Franchisees
Talking to other franchisees helps you better understand what it's like to be a part of the system from the perspective of someone who has been in your shoes.
It will help you learn about the brand, the company, and the franchisee-franchisor relationship.
You can even ask about the more challenging aspects of being a franchisee. These include who will be responsible for payroll, taxes, and other administrative responsibilities.
As part of the process, we give you the opportunity to speak with some of our current franchisees. This allows you to ask any questions and learn more about this exciting opportunity.
3. Understand the Legal Terms
There are a lot of legal terms in franchising, and not all of them are straightforward. You need to know their meanings and how they relate to your operation. Many franchises have a Franchise Disclosure Document (FDD).
This document outlines the terms and conditions of the franchise system. You should review it to ensure you understand how it works and how it affects your business.
The agreement should cover everything from financial obligations to delivery obligations. Also, it should include such things as penalties for breach of contract.
Reviewing the agreement helps you to further evaluate the opportunity and if it is the right fit for you. You'll also need to sign and return copies of the agreements before you can open your franchise.
4. Consider the Territory That You’ll Operate In
The location of your franchise is important to consider. You need to be clear on the area that you can service and where your clients are within your territory. You should also consider the competition in your area and the demand for your service.
As mentioned before, tutoring services are in high demand. There are many children who may need our services to help change the trajectory of their lives.
You’ll be able to reach them through your marketing efforts, and with a local business, community marketing will be one of the strongest efforts to make as a franchisee.
5. Sign the Franchise Agreement
After passing the application process and being approved, you'll sign a franchise agreement. The franchise agreement is the contract between you and your franchisor. It lays out terms and conditions that govern your relationship.
The main things to look at in a franchise agreement include the use of trademarks, terms of the franchise, and franchise fees. Other things to look out for are the franchisor's obligations, duties, and the renewal, termination, and transfer of the franchise agreement.
6. Training and Support
In a typical business model, the owner must create processes and tools and figure out what works with the market. In a franchise model, the franchisor has done much of the research and provides you with the tools and processes to utilize and apply to your business.
We share our strategies, training, and marketing programs with all of our franchisees. Going through the training that we provide you is one of the big steps that need to be taken to run your business effectively. Later, you’ll take advantage of our coaching to help you throughout your first year in business.
Take the First Step Today!
As franchises become more prevalent, there are more ways to become a franchisee owner.
Most businesses that are independently owned have a higher chance of failure. But franchises experience greater success thanks to the stability and support from the franchisor.
At Tutor Doctor, we are here to provide our services and industry expertise to help you build your business. We help entrepreneurs looking to invest in a successful franchise and change the trajectory of students' lives.
If you’re interested in taking the first step to becoming a Tutor Doctor franchisee, please contact us today!