How to go From Aspiring Entrepreneur to Successful Franchisee in 9 StepsReady to become a franchise owner? Use this checklist to get started.

年代tarting a business is no easy feat. It's probably why so many aspiring entrepreneurs lookfor opportunitiesto own a franchise.

Purchasing a franchise means you're buying into a provenbusiness model. In other words, you becomeimmediately associatedwith a recognized brand name, an established customer base and ongoing support and mentorship from the franchisor.

Here's the problem: Becoming afranchise ownerisn't as simple as walking into a branch of your favorite franchise and simplysigning up. There are a few important actions you need to take to go from aspiring entrepreneur to successful franchisee.

Not sure where to begin? We outlined nine steps below to get you started.

Related: Considering franchise ownership? Get started now and take this quiz to find yourpersonalized list of franchisesthat match your lifestyle, interests and budget.

1. What's your budget?

Franchises don'tcome cheap, especially when you factor in the necessary franchisee fees and ongoing expenses.

Franchise fees的范围可以从几千几百thousand dollars, depending on the brand and industry.Other expenses— such as rent, inventory, marketing and employee salaries — contribute to the initial and ongoing costs, so be sure to set your budget accordingly.

年代o how much money are you comfortably willing to spend? Consider yourpersonal financesand any loans or investments you may need to make before you get a franchise up and running.

Related:6 Questions to Ask Before You Begin Your Franchise Search.

2. What industry suits you best?

Once you've determined your budget range, it's time to start thinking about what type of franchise you'dlike to ownand operate.

Franchises are available in nearly every industry, fromfast foodto fitness totutoring services. What are your interests? Do you have experience or skills in a specific industry?

You'll want tochoose an industrythat both aligns with your passions and strengths and has a successful track record.

3. Research potential franchisors

You started broad — maybe you chose one or two industries to explore. Now it's time tonarrow your listto a few franchise options.

厕所k for established, reputable brands andconsider factorssuch as the franchisor's financial stability, the number of franchisees in the system and the level of ongoing support and training offered.

一个良好的开端你的在线研究。厕所k at company websites, review sites and recent news articles to get a better feel forthe franchiseyou're hoping to buy.

Related:Busting Franchising Myths and Choosing the Right Opportunity

4. Use Discovery Day to your advantage

Many franchisors hostin-person eventsto give potential franchisees a deeper look at their business model, operations and support structure.

Also known as "Discovery Day," you'll typically meet with franchisor representatives as well as tour locations and learn more about theday-to-dayoperations of the business.

Be sure to ask plenty of questions and takedetailed notesto see if you and the franchisor are a good fit for each other.

5. Don't be shy to speak with current franchisees

Don't be intimidated by other franchisees. In reality, other franchisees are anintegral resourcewhen deciding if a certain franchise is right for you.

Most franchisors will provide a reference list ofcurrent franchiseesfor you to speak with — or you can take it upon yourself to talk to other franchisees independently via online directories or local branches.

Whenspeaking withcurrent franchisees, be sure toask abouttheir experiences with the franchisor, the level of support they've received and any challenges they've faced.

You should also inquire about their financial performance and whether they believe they've received a good return on theirinvestment.

Related:Everything You Need to Know About Franchise Law.

6. Review the Franchise Disclosure Document (FDD)

Another useful resource for researching franchisors is theFranchise Disclosure Document (FDD).

The FDD is alegal documentthat franchisors are required to provide to potential franchisees. It includesdetailed informationabout the franchisor's history, financial performance, franchise fees and royalties and anyadditional informationyou may need to know about the franchise opportunity.

The franchise must share the FDD with you at least 14 days before any contracts are signed, giving you enough time toreview itwith professional and legal guidance.

7. Evaluate and analyze the franchise agreement

The franchhise agreement is alegal contractbetween you and the franchisor that outlines the terms and conditions of the franchise relationship. It's helpful to review this with a legal professional.

Pay close attention tokey provisions, such as fees and royalties, territorial rights and obligations for ongoing support and training. Should you have anyquestions or concernsabout the agreement, hold off on signing and address them with the franchisor.

Related:10 Tips to Go From Employee to Boss, From Franchisees Who Did It

8. Secure funding

Remember the budget you set? It's time to finalize your funding.Depending on your budgetand the franchise you've chosen, you may need to secure financing through a traditional loan, with investors ordirectlywith the franchisor.

9. Launch your franchise

Besides requiring money, franchising demands a significantamount of time,特别是在早期阶段。你需要hire and trainemployees, establish processes and procedures and manage day-to-day operations.

But if you've chosen a franchise concept you believe in, you'll likely want to spend as much time as needed ensuring it becomes anall-out success.

Related:Is Franchising Right For You? Ask Yourself These 9 Questions to Find Out.