How To Buy A Photography Franchise
The decision to buy a franchise is both daunting and exciting.
Daunting, because you’ve probably never purchased a franchise.
And exciting, because of the promises that business ownership brings.
Like freedom, control, and ownership.
In addition to the 3 wonderful things I just mentioned, there’s something else you’ll have if you decide to become the owner of a Spoiled Rotten Photography franchise. Flexibility.
Sounds good, right?
The Pachyderm In The Room
Before I show you how to buy a photography franchise – in this case, a Spoiled Rotten Photography franchise, I need to share my thoughts about “the elephant in the room.”
The elephant I’m referring too?
The fact that buying a franchise is a big deal.
After all, you’re thinking of investing your own hard-earned money in something you’ve never done before.
In this case, it’s owning and operating a business of your own.
But you can do it.
In other words, you’re not alone. You’ll have a support team at the ready.
How To Buy A Photography Franchise
In my experience, there’s only one way to tackle something as big as buying a franchise. Step-by step.
That said, here are the steps you need to take to buy a franchise you can be proud of – like a Spoiled Rotten Photography Franchise!
- Try to envision yourself owning a photography franchise.
The easiest way to do that is by talking to the founder, Melissa Tash.
To do that, head over to this page and fill out the “Let’s start a conversation” form. Melissa will follow up with you and you’ll be able to ask her questions about the opportunity-including what your typical day as a franchisee would look like.
- Go over your financials.
While the investment for a Spoiled Rotten Photography franchise is on the low-end of the franchise investment scale, $31,500 to $48,300, and you probably won’t need a small business loan to become a franchisee, it’s still important to see where you stand.
One way to do that-the best way, actually, is to figure out your net worth. That way there will be no guessing as you’ll be able to see everything in black and white.
- Do research.
Here are the things you need to focus on as you’re researching a photography franchise:
(a.) Company and company executive background.
The best way to get information about a photography business like Spoiled Rotten Photography?
Search engines like Google, Bing, or Yahoo.
Simply type in the name of the franchise and click through a few of the results.
Next, type in the name of the founder, in this case, Melissa Tash. (You should do that now. Melissa’s background is both interesting and impressive.) Again, click a few of the results.
(b.) Before you can buy a franchise, you’ll be sent something called a Franchise Disclosure Document (FDD). This is usually sent after a few conversations with the founder or the franchise development representative.
Once you have the FDD in hand, it will be time to contact existing franchisees so you can ask them questions about the business and their experiences. Questions like:
- How did you learn about Spoiled Rotten Photography?
- Why did you decide to become a franchisee?
- Can you describe your typical day?
- How do you find clients?
- Are you happy about your decision to become the owner of a Spoiled Rotten Photography franchise?
Now, those are just a few of the questions you need to ask. You’ll come up with more as you talk to them.
- Discuss territory
When you own a franchise, you’ll have a specific geographic area where your business can operate. In franchise speak it’s known as your “territory.”
FYI: generally, franchise territories are determined by population, number of households, or zip codes. But how do you get a good territory?
The best way to get a good territory (good, being a territory that has more than enough potential customers to support your business), is to work hand-in-hand with your franchisor. Why?
Because the franchisor wants you to have the best territory possible. After all, the more business you do, the better it is for everybody.
- Talk to a franchise attorney.
If you get to the point where you really want to become the owner of a Spoiled Rotten Photography franchise, you’ll need to hire a franchise attorney. Why?
Because you’ve never done this before, and franchise agreements tend to include a lot of legal speak. Translation: a plethora of words that only lawyers understand. Now here comes the good part.
Once you’ve sat down with a franchise lawyer and feel like you understand the legalities involved with owning a franchise, and specifically, a Spoiled Rotten Photography franchise, it will be decision time.
A decision to keep doing what you’re doing, or a decision to finally take control of your life and actually own something.
Like a photography franchise business.
(This was written by The Franchise King®, Joel Libava. He’s the author of two franchise books, is a Franchise Ownership Advisor, and helps emerging franchises get the word out about their exciting businesses.)