What Do I Need To Purchase a Restoration Franchise?
Restoration companies provide property repair services to home and business owners following damage from events like floods, fires, or windstorms. Buying a restoration franchise can be an exciting business move and career goal for renovators. By purchasing a restoration franchise rather than starting one, business owners can benefit from the existing company infrastructure, brand recognition, and corporate framework. Here are the basic steps and necessities for purchasing a restoration franchise.
Define a Goal
A defined goal can help individuals make important business decisions about franchise type, location, price, and timeline. One helpful way to create a business goal when purchasing a restoration franchise is to consider personal skills and interests, management experience, and industry experience. For example, a buyer with experience in mold restoration, a professional interest in apartment complex restoration, and a personal goal of owning a franchise in the southern United States can use this information to target franchise opportunities that match their vision.
Create a Budget
Budgets are key to making financially sound business decisions. To create a budget, a franchise buyer can begin by considering their personal financial constraints and qualifications, including net worth, credit score, and income. Another important consideration is the total investment required, including the purchase fee, employee expenses, equipment costs and ongoing costs of operation. Finally, consider the financing options to help get the business off the ground. These options include loans, investors, and equipment financing. Consider including a timeline to add specificity to your budget.
Future franchisees can do research to find opportunities and prepare themselves for buying and operating a franchise. Researching a franchise opportunity online by visiting its website and reading reviews can be a helpful way to begin the opportunity identification process. Individuals might look for opportunities that match their goals and strengths. It’s also important to consider what makes an ideal location, including the region, city, surroundings, and accessibility for customers.
Research Franchise Specifics
After identifying a few exciting restoration franchise options, contact one to three top franchises to learn more. A phone call can be a useful way to get to know the current franchise owner and learn specific details about the franchise. Consider asking questions like:
- How long has this franchise been in operation?
- What is the initial purchasing fee?
- In what regions does this franchise operate?
- How many units does this franchise currently include?
- What are the growth goals and plans for this franchise?
- Are there financing options available?
- What sort of regional competition exists for this franchise?
After a successful phone conversation, it can be useful to set up a site visit or attend a franchise “discovery day,” where the franchise owners invite potential buyers to the company headquarters for presentations and Q&A opportunities. From there, interested buyers can complete an application and sign a franchise agreement to complete the purchase.
For individuals ready to take their restoration careers to the next level, purchasing a franchise might be an exciting opportunity. To learn more about how to buy a franchise, contact Steamatic to make an appointment.