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How to Buy a Franchise: Setting Your Franchise Business Up for Success

How to Buy a Franchise: Setting Your Franchise Business Up for Success

Learn about these key points that will lead you to franchise ownership success.

As with any other business, new franchise owners take on some risks. Those risks can be mitigated to a degree by the franchise system the owner buys into, but risks and failures do still occur. If you’re interested in learning how to buy a franchise, here are a few tips to help you set your business up for success.

Choose the right business for you and your market.

An entrepreneur needs to ensure their skills are a good match for the business they intend to run. It can be difficult enough just learning how to start your own franchise, there’s no reason to compound that by getting into an unfamiliar industry. As a prospective franchise owner, you probably shouldn’t look to open a McDonald’s if you’re not familiar with food service, just as you probably shouldn’t look into a gym franchise if you’ve never even been to one!

You’ll want to keep in mind not only the primary product or service of the business but what running a franchise will require of you overall. If you like building relationships with people, a postal or printing franchise might be right for you. If you love a challenge and the restaurant industry, a table service franchise may be just the thing you’re looking for.

Keep in mind that your business needs to have consumers in your market. Avoid systems that have hit their saturation point in your area or that just aren’t a good fit overall. A new fast food restaurant where there are three others on the same block may not be a good idea, and neither is a giant hotel in a town of only 2,000 people.

Follow the system—it’s already proven successful.

You’re buying into a franchise because it’s a proven, reliable system. Use that system to your advantage by making the most of your initial training, reading the manuals that are offered to you, and leveraging every resource you need to.

Many franchisors, like The UPS Store, provide training, public relations support and more to guide and assist you. A few even offer financing options directly through the company so you aren’t faced with high interest rates through credit card companies or local banks. These resources benefit both the national business and you by setting you up to do as well as possible when you open your location. Make sure you check into what is available to you beyond just the initial cost or revenue projections.

Improve your general business skills.

Before finding out how to buy a franchise, make sure you’ve developed the skills necessary to succeed. No matter what franchise system you buy into, you’ll need to have some basic skills to manage the day-to-day needs of running a business. These include accounting basics, how to handle financial documents, general marketing and human resources skills. If you’re a bit rusty in any of these areas, you’ll want to check out classes or seminars either online or at your local college to increase your knowledge and get started on the right foot.

Learn your vertical.

In any field, knowledge is power. Arm yourself with as much relevant industry knowledge as possible, from the very beginning. What are common marketing returns in your industry? What is the average turnover rate for employees in your business? How long can you expect it to take for your business to start seeing profits? You should ask and answer all these questions as soon as possible. They’ll help to set realistic expectations for you and your investment.

Above all, understand that—especially in the beginning—a new business of any kind is going to take a lot of time, money and effort. Even a franchise. But, in the end, it can pay off and bring the returns you’re looking for.

Interested in learning more about how to buy a franchise? Contact The UPS Store today!

2023 Entrepreneur's Franchise 500 Top Rated for Veterans badge

We Proudly Support Our Veterans

Participating partners with the VetFran program, The UPS Store offers qualifying veterans $15,000 off their franchise fee to start their new business. To learn more, contact The UPS Store Franchise Development Team.

Entrepreneur's Franchise 500 Ranked #4 in 2023 badge

Ranked for over 30 Consecutive Years

The UPS Store has been ranked #1 in the postal and business services category for over 30 years and remains in the top 5 overall for the seventh consecutive year according to the Franchise 500 list.

Kristin Howard

Franchisee, Michigan

The reason my husband and I decided to go into franchising and specifically with The UPS Store, is the different opportunities we're given with the business. The UPS Store has name recognition as well as opportunities to expand.

Debbie Adams

Franchisee, Kentucky

What I enjoy most about being a The UPS Store owner is working with my customers. We are the solution specialists for our customers.

Jim George

Franchisee, Illinios

My favorite part about The UPS Store network is the camaraderie with other franchisees. Everybody loves to help everybody else. You’re really part of a family.

Greg Murray

Franchisee, Florida

The interesting thing about The UPS Store is that when a customer walks through the door there's an extremely high probability that they're coming there to do something that is important to them. So at the end of the day, what we do for customers is very important and they are trusting that we are going to do it well.

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Mariana Huberman

Franchisee, Washington, D.C.

One of the things that I love about The UPS Store franchise system is that you're not ever in this by yourself. The franchisees of The UPS Store network are great.

Heidi Morris

Franchisee, Colorado

The thing I enjoy most about being a The UPS Store franchisee is I get to get up, go to work and know that I'm helping other business owners succeed in what they're doing.

Bob Brown

Franchisee, Tennessee

Owning a The UPS Store franchise has changed my life because it's finally given me the opportunity to engage my customers and my staff and be able to take real pride in what I do. As a franchisee, we get faced with solving peoples' problems every day and we do everything we possibly can to try to help.

Marie Jensen

Franchisee, Oregon

My favorite thing about The UPS Store is the variety. I love the variety of customers, I love the variety of services; getting to know the customers, meeting their needs, finding out how we can help them accomplish what they need to accomplish and seeing how happy they are. That makes me ecstatic.

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Tad Mollnhauer

Franchisee, Florida

With the products and services that The UPS Store provides we can make a difference in people's lives and that is the best reason for being a The UPS Store owner.

Joy Batchelor

Franchisee, Idaho

What makes being a The UPS Store franchisee worthwhile at the end of the day is the customers. The customers treat us like we're family.

Paul Erchinger

Franchisee, Texas

One nice benefit of owning a The UPS Store franchise for me has been that it gives me the opportunity to be more involved in the community. As I make relationships with others it seems like no matter what the environment is, in one way or another business comes out of that and that's not my objective—it's been a secondary benefit to being involved in the community.

Chris Reminder

Franchisee, Ohio

There are several things that I really enjoy about being a The UPS Store franchisee. First and foremost it allows me to get to know the people in the local community and that is a lot of fun. We get to see people on a regular basis. We get to know their life stories. That's a lot of fun.

Bruce Jones

Franchisee, Kentucky

Since we have joined The UPS Store, our life has changed by just having more time to spend together as a family. We've been very fortunate with the stores that we have and we have a great staff that looks out for our best interest and we look out for theirs.

Lonnie Williams

Franchisee, Oklahoma

What makes The UPS Store so successful is it gives each individual an opportunity to grow with the network and just meet the challenges that are brought to them on a daily basis. Every day gives us a new opportunity to help another person, to help another small business, to answer a question and to solve a problem.

Jeff Graham

Franchisee, Alabama

I love my customers. I love my employees. I love every person, every face that comes into my store. I enjoy every day going into work and I can't see doing anything else for the rest of my life.

Stacie Stigar

Franchisee, Alaska

I think that this franchise is so successful because of all of the resources that are available to us as center owners—we have marketing materials, we have so many different opportunities for help from the home office, and it just really makes for a great franchise.

Don Pollard

Franchisee, New Jersey

I think the thing that makes this franchise successful is a number of things. First of all we have an outstanding system, we have a great product, a great brand, and we're able to attract dynamic people to run these centers and run the business. So I think when you put all that together it really provides for a winning combination.

Mary Ellen Nichols

Franchisee, Tennessee

The thing I love about the franchise is that you have the UPS name backing you but yet you also have the autonomy to make your own decisions to promote.

Laura Griffin

Franchisee, Florida

In the eight short months I've owned my The UPS Store it has really changed my life. I've gone from being an employee of someone else to being an employer of my associates. It's a big responsibility but it's exciting every day.

Sandy Scandrett

Franchisee, Wisconsin

Being a The UPS Store franchisee has improved every aspect of my life. It's very rewarding financially, professionally, and emotionally. I have a large number of regular customers who are really, really appreciative of everything we do.

Kristie Robison

Franchisee, Alabama

I would say owning a The UPS Store location has changed my life to where I have more time and flexibility. In owning your own business you get your store up and running and you get employees that you can trust that are going to help keep your store running. This allows me to attend my two boys' ball games and also travel and do things with them so it has really changed my life for the better.