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If you’re thinking about investing in an Experimac franchise opportunity, then you’ll want to know details of the process for becoming a franchisee. The following are the six steps you’ll need to take to become an Experimac franchise owner:
1. Research the Franchise Opportunity
Before diving into any franchise opportunity, you should do your research. Here at Experimac, we are upfront about our history, the team behind our franchise, the kind of support and training that we provide, and all the franchise costs that you can expect to pay. When it comes to investing in our Experimac franchises, we want you to be as informed as possible.
2. Request More Information
Once you’ve decided that you want to invest in an Experimac franchise, you’ll want to request more information from us. We will then send you our disclosure document. The disclosure document contains everything that we are legally obliged to inform you about our company, including its financial and legal history and the financial and legal histories of those who run the company. The last thing you want to do is to buy into a franchise that may be caught up in legal troubles or whose owner is going through bankruptcy.
3. Attend a Discovery Day
Every franchise offers potential investors the opportunity to meet face to face, typically at the headquarters of the franchise. This is known as a discovery day. By participating, you’ll get a better feel for the franchise’s corporate culture, its personalities, and its policies. It also works as a job interview of sorts since we will use this day to see if we think that you’re suitable to become a part of the Experimac family.
4. Read Over the Franchise Agreement
Following the discovery day, we will send you a franchise agreement if we decide we want you on board as a franchise owner. Keep in mind that we have to wait at least fourteen days after sending out the disclosure document before we can sign the franchise agreement. The franchise agreement is a formal contract that provides a list of rules and regulations based on pricing, protection of territory, training, transfer of ownership, royalty fees, and more. Before signing it, you’ll want to acquire financing.
5. Acquire Financing
Even though the costs of opening a new franchise store are typically much lower than starting a business from the ground up, odds are you’ll still need financing. There are a number of ways that you can acquire financing, including:
- Bank Loan: You may be able to acquire a traditional bank business loan. Banks generally turn down startups because of the risk involved, but they are more flexible when it comes to franchise investments—especially if they’ve previously provided loans for the franchise in which you’re investing.
- SBA Loan: Small Business Administration loans are guaranteed by the government, which means they have some of the lowest interest rates available. These types of loans can be hard for business owners to acquire. However, if you’re investing in an established franchise like Experimac, the risk for the bank is smaller, which means obtaining the loan may be easier.
- Franchisor Financing: Many franchisors offer financing directly to franchise owners or have a relationship with a third party that can provide financing.
6. Sign the Franchise Agreement
Once you’ve acquired financing, it’s time to sign the franchise agreement and get started on your training.
These are the six steps you’ll go through when investing in our franchise. For more information about investing in our franchise opportunity, contact us at Experimac today.