Get All Access for $5/mo

How to Buy an Existing Franchise (60-Second Video) Here are three strategies for buying an existing franchise rather than starting from scratch.

By Diana Falzone

Opinions expressed by Entrepreneur contributors are their own.

Sometimes buying an existing franchise can be a fast track to making a profit. Here are three steps to take to effectively launch this strategy.

  1. Ask. Finding existing franchisees who are willing to sell is simply a matter of asking the parent company what's available. You can also check resources like Franchising.com which lists thousands of businesses for sale.
  2. Research. Since this is an existing business, you should have access to detailed financial information about its health. Ask for audited financial statements and review them with your CPA.
  3. Assess. If the franchise you're considering isn't doing well, try to ascertain if it is because the current owner isn't putting in the required effort or properly following the parent company's system. If you are sure that the problem is something you can fix, and that you'll be able to get the location up to speed fast, you could get an amazing deal.

Watch the next 3 Things to Know video

Diana Falzone

Journalist

Diana Falzone is a journalist. She is an anchor for Bold TV. Previously, she was a reporter for Fox News Channel and a talk show host for SiriusXM Radio.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Marketing

6 Steps to a Simple and Effective Content Strategy

Strategy can be an intimidating word, but it doesn't have to be. Follow these simple guidelines to make sure your next piece of content — and every one thereafter — rings true to your brand.

Business News

'I'm Shocked': Costco Customers Are Freaking Out About a Change to a Beloved Bakery Item

Costco customers are feeling burnt by a not-so-sweet switcheroo in the bakery department.

Growing a Business

5 Growth Hacks to Increase Your Revenue by 90% in 12 to 24 Months

Here are five innovative and proven strategies that can significantly boost your business's revenue within the next year or two. Whether you're looking to scale quickly or enhance operational efficiency, these growth hacks will provide actionable insights to help you achieve remarkable revenue growth.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Growing a Business

Stop Chasing Subscribers — Start Making Money With These Newsletter Hacks

Here's how operators profit from newsletters by turning acquisition costs into revenue and leveraging one audience to build multiple assets.

Growing a Business

How to Build, Grow and Make Money With Ecommerce

To grow your online business, you need to develop a strategy and invest your time wisely. These actionable tips can attract customers and increase online revenue.