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How Long Should it Take to Buy a Franchise?

When working with clients, in addition to asking them there reasons for wanting to start a business and how much capital they are anticipating to invest. I ask them what is there anticipated time frame to starting a business. Some answer, “as soon as possible” and others answer, “oh, no rush, when ever I find the right one.” Unfortunately, both answers are not the best. One shows desperation and the other states complacency. The best answer is somewhere in between.

If you need to find a business to replace income from a lost job, and “right away” is your time frame, then you’re setting yourself up for potential failure. Selecting a business, especially franchises, takes conducting proper due-diligence and I recommend a minimum of at least 2 months (sometimes many more) to properly research a business. Also, developing a financing program along the way (loan approvals and business plan creation) will take time for proper development.

If you really don’t need to make a decision for a while, then your lack of urgency will hinder your due diligence process. Without solid time targets (usually under 6 months) you potentially won’t meet the milestones to get the project. If your current circumstances aren’t enough to push you to change direction, then you’ll probably won’t make the change. You’ll need to have a time target of under six months to propel you toward your goal.

By contacting one of our franchise consultants, you can determine if your time target is reasonable or “needs improvement.”

About the author

Rob Bennett

Rob had served in the corporate-world for 18 years filling various technical capacities, from structural design to project engineer. His experience lends to FranFinders strategic planning, systems design and optimization.

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