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What To Know When Buying A Franchise | DivaDance®

Believe it or Not, Right Now is the Best Time For Buying a Franchise

 

The coronavirus pandemic has sent businesses and stock markets into an unforeseen spiral that has made everyone rethink their assets and financial future. As the world begins to slowly reopen and goes through a rebuilding process, now is the time to look into safe and secure wealth-building strategies that can create a future for yourself and the ones that you love.

Throughout history, entrepreneurship has been at the center of progress and is a necessary catalyst in the evolution of liberty, economic growth, and equality. At DivaDance, we are honored to make the dream of franchise ownership attainable in an optimistic and positive way that is accessible to women regardless of their ethnicity, religion, or creed. The opportunity to own a successful franchise can be done in a simple and fluid manner just by following a few best practices when looking for franchises to invest in. Keeping this in mind will help to alleviate concerns and create a memorable buying experience that aligns with your goals. 

Buying A Franchise Starts With a Dream

This difficult time of social distancing and less activity opens the door to a unique opportunity to reflect and put together a plan around achieving financial success and becoming your own boss. Daring to dream big is the first step in buying a franchise, and the DivaDance franchise business model is the perfect structure to reference that will provide insight into what’s needed to venture into your own franchised business. 

If you aren’t sure how to get started, it can be helpful to create a professional plan that lists your franchise goals, dreams, passions, and general thoughts about starting a business. A comprehensive professional plan should include:

  • A list of your leadership skills
  • Your core values
  • Work/life balance and time commitment preferences
  • References and professional mentors
  • Financial planning, competency, and investment goals
  • Potential risks or obstacles
  • Your rationale or why behind working for yourself
  • Interests, hobbies, and professional strengths
  • Note anything that you are curious about and any areas that you may want to increase your learning
  • Record a few professional skills that you would like to sharpen

Testimonials From Franchisees

Read the following testimonials from small business franchisees to understand their desire to buy a franchise and their love for adult hip hop classes.

Monica Headshot

 

 

 

 

Monica S.

Owner, DivaDance® Atlanta

“I danced my way through life in many talent shows, college dance teams, and as an NFL cheerleader for the Indianapolis Colts! I’ve always wanted to open my own dance studio to be able to continue dancing and to give an outlet for those that love to dance too! I brought DivaDance to Atlanta because of shared values and mission of dance fitness in a space that offers women of all shapes, sizes, shades, and dance/fitness levels a unique form of exercise.”

joy cherry divadance allen wylie

Joy C.

Owner, DivaDance® Allen/Wylie

“I want women, like myself, to be able to be free, gain confidence, and feel good about themselves. As a mom and wife, I found myself getting lost in these roles and needed an outlet that was just for me and where I could rediscover who Joy is. At my very first DivaDance class, I left feeling confident, sexy, and proud of myself for getting out of my comfort zone. My goal is to bring these feelings to people in my area because everyone needs self-care!”

Washington-DC-Rashaida

Rashaida M. 

Owner, DivaDance® DC

“I wanted to be a part of an inclusive dance community, one that is completely free of competition and welcomes everyone. I have danced since the age of 3 and I love being able to provide community for people with varying ranges of dance experience. As an adult, especially in DC, it is easy to get lost in professional (and personal) goals. At every class, we are able to offer ourselves and our clients a break from reality and an opportunity to invest in themselves.”

Beginning Your Search For A Franchise

Once you’ve gathered your thoughts together and compiled your professional goals, you are ready to begin researching franchise opportunities. Make sure to explore franchise opportunities that are well fitted to your goals and will help you get to where you want to be. If you feel that you may need more help with crafting a business plan or competitive analysis, make sure that you target franchises that will help you to be successful and provide you with an abundance of resources. Identifying opportunities for buying a franchise that will provide comprehensive support in more areas than just the brand name is the kind of franchise opportunities that will set you up for success. If you have the desire to buy a franchise, be sure to research all of your franchise opportunities before you start a new business venture.

When you’ve narrowed down preferred franchises, ask about discovery days and opportunities to gather information and visit the corporate office of your franchise of choice (many are even doing these virtually now!) Meeting leaders and witnessing the business in action is the best way to gauge each franchise opportunity and determine if you’re a good fit for franchise ownership. Keeping notes and asking questions about the franchise is highly recommended. You will need to gather information regarding: 

  • Initial investment and franchise fee
  • Location buying and leasing options
  • Time commitment
  • Overhead costs
  • Potential growth of your franchise
  • Training opportunities and resources for support
  • Marketing, operations and human resources support options
  • The franchise agreement

The franchisor may also have questions and a qualification process for you, the franchisee. Be sure to bring any requested information to meetings in order to leave a good impression. Make sure you understand the different franchise fees you need to pay for when you buy a franchise.

Buying a Franchise is Easier Than You Think

The prospect of starting a business may be overwhelming initially, but it’s actually far easier than many people think. Some franchises can even be managed part-time, and not all are necessarily a full-time commitment. For example, the DivaDance franchise can be either a full-time or part-time pursuit, and we offer in-house financing at an affordable rate. A business owner Owners can pay over time and do not have to go through a bank. Buying a franchise like DivaDance is like getting an MBA without the price tag because we teach you marketing, sales, business planning, and everything that you need to know in order to be successful. 

Conclusion For Buying Franchises 

When looking at buying a franchise, it’s essential to invest in a franchise that you can quickly get off the ground, and this is what many franchisees love about DivaDance. We are especially proud to empower so many women of color on their journey to financial freedom, fun, and financial security. Our turn-key business model and dedication to mentoring our diverse community of Boss Babe franchise owners was created to help people live the life that they’ve always wanted. Women are falling head-over-heels in love with DivaDance and are coming alive through connected franchise ownership and the pure joy and fulfillment in the freedom of doing what you love and owning your own franchise. If you are interested in becoming a dance studio franchise owner, be sure to reach out and request more franchise information.

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