For many aspiring entrepreneurs, buying a franchise seems like a guaranteed way to owning a successful business. This can easily be the case, but you need to do your homework first. In this post, we list 8 things you need to do before buying an iphone repair franchise.
1. Understand the Requirements for Buying an iPhone Repair Franchise
In a franchise, there are certain financial requirements that must be met. For example, you will likely need to pay an Initial Franchise Fee regardless of what type of franchise you buy. There may be ongoing royalty fees, marketing fees, and other costs that must be paid to keep the doors open. For example, the iDropped franchise has certain financial requirements, and you can learn more about them from our brochure.
2. Review the Earnings Potential
You wouldn’t want to jump head-first into an unsuccessful iphone repair franchise, so it’s important that you look at a detailed earnings potential to get an idea of what to expect if you were to own the franchise. Look at the data from other franchise locations, investigate what made the franchise successful, and consider the likelihood that you can achieve the same results.
3. Check the System
Every franchise will have certain protocols that must be followed. You want to ensure that the system that they have in place is a good one, and that it is something you can rely upon once you buy the franchise. Ideally, the most important aspects of the business should be systematized: from payroll, marketing, client services, etc.
4. Consult with Other iPhone Repair Franchise Owners
Try to find some franchisees that are willing to sit down with you and discuss their experience as a franchise owner. You should never expect perfection from any business model, but you will want to know that they treat their franchisees right, and that they’re making a profit.
5. Consult with Professional Help
If you have no idea how to negotiate legal contracts, how to look at a balance sheet, or you’re just unsure of the intricate details of running a business, we recommend hiring outside help to ease the process for you. A lawyer, accountant, or a business consultant/advisor can often be of help.
6. Read the Financial Disclosure Document (FDD)
The FDD is a document that the FTC requires franchisors to make available to potential franchisees. A franchise’s FDD can be long-winded and confusing, but you shouldn’t let it intimidate you. It will give details on crucial financial information like bankruptcy filings, your earnings potential (as we mentioned earlier), costs that are required by the franchise, and much more. If you’re unsure how to analyze the document, there are many guides online that can help.
7. Learn the Culture
Every franchise has its own culture and spirit, and it’s something you will want to get familiar with before you become a franchisee. Learn the company’s history, its values, and what makes the culture tick. This may seem insignificant, but it will help you when it’s time to run the business.
8. Know Yourself
Franchises tend to have certain guidelines and regulations. Some people aren’t a great fit to own a franchise because of their unwillingness to follow these guidelines and regulations. Before you make the jump into becoming an owner of a franchise, you must honestly ask yourself if it’s the right opportunity for you. If you believe you will be a great fit, and you follow the tips listed in this post, you will likely be a successful franchisee.
If you would like more information about buying a franchise and whether or not owning an iDropped location is right for you, check out our FAQ now!