We’re getting ready to start a new year. Have you set your goals and intentions? If opening your own branch of a franchise is on the horizon, you’re in the right place. Read on to learn how to join a franchise in 2025.
Research the Types of Franchises
What you know about franchising is that with an upfront investment, you can gain access to a business model and product or service. Did you know that franchises can follow different structures that will impact your daily operations?
On one end of the spectrum, you have job franchises. These are low-investment businesses that allow franchisees to sell a service or product without opening up a storefront or hiring staff. On the other end of the spectrum, you have investment franchises. These franchises cost hundreds of thousands (or even millions) to get started, with examples like Hilton Hotels. What most people are looking for is a business format franchise, which provides the training, branding, and equipment to launch a brick-and-mortar business.
Assess Your Financing Options
With the exception of investment franchises, you’re almost always looking at lower startup costs when launching a franchise rather than starting a business from scratch. For example, you don’t need to perform a ton of expensive market research to prove to investors that the business idea in question is salient.
However, most franchises will charge startup fees, and you may also need to cover the cost of a new commercial lease, business insurance, and more. To narrow down your options, assess your current financial state and the financing options you could tap into. It’s not uncommon for franchisees to use a combination of personal savings, crowdfunding, and small business loans to get started.
Consider Your Work Experience
Joining a franchise is a great way to create your own work opportunities and explore an industry that you’re passionate about. However, it’s useful to consider your own work experience in addition to your interests. What are you already bringing to the table that will contribute to your success?
For example, having past managerial experience can make the process of opening a business format franchise a little smoother. That background in hiring, scheduling, delegating, and conflict management will prepare you for some of the challenges of owning your own business.
Learn From Your Local Market
Having chosen a business model, you’ll still have hundreds of franchises to choose from. It’s time to start taking a closer look at the products or services different franchises sell while also considering your local market. What industries are under-represented? What customer base could you tap into that isn’t currently being served or doesn’t have a ton of options? What commercial properties are in your price range and what kind of car or foot traffic would they bring in?
All Dogs Unleashed is the perfect business format franchise for entrepreneurs and dog lovers. Bring training, boarding, and grooming to your community in 2025, all under one roof.