How to Be a Real Estate Agent: A Step-by-Step Guide

ByGoran Dautovic
April 21,2022

In this article, we take a look at how you can launch a successful career and join one of the three million real estate agents already active across the US.

Why Become A Real Estate Agent?

As with most industries, there are many reasons people get into real estate. The primary appeal is the fact that there are always new properties and clients to work with. Once you have a real estate license, you can often become your own boss within just a few years and decide when you work, which clients you take on, and how much commission you charge for your services.

The money can be good, too. The average real estate agent salary is $77,383 per year; if you move onto brokering, you could earn more than $89,000 per year, with top agents taking home pay packets of more than $200,000.

Getting into the field is relatively easy. You will need some qualifications, but not many – certainly not a college degree. And by the end of the process, you will have a salary that would take years to attain in other industries. You don’t have to work full time, either: A part-time real estate agent can still earn decent money.

Steps To Becoming A Successful Real Estate Agent

The path to becoming a real estate agent depends on the state you live in. However, here’s the general sequence in which you will need to do things.

Research Your State’s Licensing Requirements

The US does not have a national real estate license. Instead, such licenses, if they exist, are administered at the state level. You’ll want to begin the process by researching your state’s regulatory office website. You can either search for this directly on Google, or look for the relevant state via a directory.

States have specific requirements for agents concerning:

  • Age
  • Criminal record
  • Background checks and fingerprinting
  • Exams
  • Pre-licensing requirements
  • Educational requirements

In some states, you might need a high-school diploma to begin the process. If you do not have one of these, you may need to pass the GED first.

Some states allow you to earn your license in one state and use it in another. However, you will need to check the rules for your particular state to be on the safe side, particularly if you plan to rely on demand from a neighboring state for business.

Take a Prelicensing Course

Checking state requirements and doing research are generally free. However, once you begin the licensing process, you’ll need to pay some fees, as most states require you to complete an accredited prelicensing course. Real estate agent training prepares you for the job and reduces your likelihood of making a severe mistake that harms your clients.

The number of hours you need to rack up to become eligible for an exam depends on the state. In Texas, for example, students must complete more than 180 hours of coursework before becoming eligible for the test. In New York, the figure is only 75 hours, and in Florida, just 63.

How you complete these hours is largely up to you. For instance, you can take courses online, at community colleges, or a dedicated real estate school. It’s possible to become a real estate agent with no previous experience at all.

Don’t accept the first course you come across. Instead, think carefully about which environment would suit you best. Do you prefer learning by yourself in peace and quiet online? Or is it easier for you to absorb knowledge if you’re surrounded by other people? Remember, the type of interactions you have will impact how much information and knowledge you retain.

Real estate agent classes typically begin by teaching you the basic principles of facilitating property transactions. You’ll learn the meaning of terms such as “escrow” and “lien,” which don’t usually feature in everyday language. You’ll also get an education in the essential legal aspects of the business and your responsibilities as an agent. By the end of the course, you should be able to estimate the value of a property, understand all the steps involved in a transaction, and be in a position to offer clients guidance.

The cost of prelicensing courses is fairly reasonable. In most states, you’ll pay somewhere between $350 and $800, depending on the number of training hours required by the state. However, you may need to pay more if your state has particularly stringent prelicensing requirements.

After taking your prelicensing course, you have a fixed period to complete your exams. For example, in Florida, you’ll have two years. If you aren’t successful within that timeframe, you will need to retake the prelicensing course all over again.

Take Your Licensing Exam

To complete the exam for becoming a real estate agent, you’ll need to pay a fee, usually between $100 and $300.

Your course instructors will explain how to schedule the exam, but in general, you’ll first need to register with the appropriate board, schedule the exam date, and pay the fee for administration and invigilation. You can check your real estate agent eligibility requirements online or with your instructor to ensure you have completed enough course hours.

Most exams are completed online, in two parts:

  • A state-specific section covering your state laws 
  • A national-level section covering general real estate principles 

Exams are typically multiple-choice. The amount of time you have to complete the test varies by state, but you’ll typically get between 90 minutes and three hours to answer all the questions. Some states’ exams are more rigorous than others, posing anywhere between 60 and 100 questions. States break up each exam into smaller sections, and you’ll most likely have to attain a passing grade on each to qualify. If not, you may have to retake the exam.

States have varying rules for how many times you can retake the exams, and there’s usually a mandatory waiting period between retakes. The failure rate in some states is relatively high, too: For instance, in Florida, 50% of candidates fail to make the cut the first time around.

Activate Your Real Estate Agent License

To start engaging with real estate clients, you’ll need to send all the required documents, along with your application and fees, to the state’s licensing or regulatory board. Even if you pass your exams, you must not start work until the real estate commission officially releases your license. If you’re intent on joining a brokerage, you should tell them whether you’ve already received your license or are still waiting for official confirmation.

You’ll also need to sign up for a multiple listings service (MLS) membership. This is extremely important, because that will be your system for listing and disseminating properties among popular websites, such as Realtor.com and Zillow.

Activating your license through your state’s real estate commission carries a fee of somewhere between $200 and $400. They use this money to process your application and make your name searchable on their database so that clients can find you and check your credentials.

Become a Realtor

Real estate agents and realtors are not the same. A real estate agent is a professional with a license allowing them to facilitate the purchase and sale of properties in their area under the guidance of a broker. A realtor has the same qualifications, but they are also a member of the National Association of Realtors (NAR) and follow its code of ethics.

Joining the NAR provides real estate agents with a host of benefits. It increases your credibility, so you’re much more likely to get lucrative clients. Plus, you get access to vast real estate market statistics, a knowledge base, and host of business tools. For instance, members get access to Realtors Property Resource (RPR), a database with practically all the information you could ever want about permits, zoning, mortgage and lien data, foreclosures, and local schooling options.

The NAR is highly popular among real estate agents. The organization currently has more than 1.3 million members, and is growing all the time. Members operate in multiple roles: Appraisers, counselors, property managers, and salespeople. There are also ample educational opportunities and, occasionally, discount programs designed to help you further your career.

Join A Brokerage

The last step is to join a brokerage. There, you’ll work under the direction of a broker – a licensed professional with the legal authority to oversee real estate transactions.

Working for a brokerage typically costs you a monthly fee – anywhere from $25 to $500. However, in return, you will get legal protection, a monthly paycheck, and commission. In most cases, you won’t earn an hourly wage.

Arrangements between real estate agents and brokers differ considerably by brokerage. You may have to pay for:

  • Marketing materials
  • Real estate CRM subscriptions
  • Business cards
  • Desk fees
  • Technical assistance
  • License renewals
  • Continuing education
  • Use of lockboxes for keys
  • MLS access
  • Other costs of doing business

While the costs might seem high, the benefits are generally worth it. By being part of a brokerage, you can start earning a significant income from the get-go, instead of having to do further training and building up a client base. What’s more, you’ll receive a healthy commission for each sale you make - it’s not uncommon for agents to make thousands of dollars in a single transaction.

Real Estate Agent vs. Broker

Real estate agents and brokers are different. While both perform the same task types, a broker is a real estate agent who continues training and eventually obtains a state real estate broker license. Unlike regular agents, brokers can start their own brokerages, work independently, and hire other agents to work alongside them. However, both types of professionals spend most of their time matching buyers with sellers and ensuring everything goes through before the closing date. For instance, they can:

  • Help buyers find properties matching their criteria
  • Assist buyers with legal issues before the closing date
  • Help both buyers and sellers in their negotiations
  • Determine the value of client properties
  • List properties online, including luxury properties, if they are a luxury real estate agent
  • Help buyers make and communicate offers

Brokers can also take on different levels of responsibility. For instance, associate brokers typically work under the direction of another broker, while managing brokers oversee the entire transaction process, work for themselves, and ensure that agents perform well. A principal broker is a professional who ensures a brokerage complies with state and federal laws.

Becoming a broker can take a while. Most aspiring real estate professionals work in a brokerage for several years to fully understand the industry before taking the plunge and branching out by themselves.

Once you become a broker, you may be able to double or triple your pay. You’ll also have an opportunity to scale your business and begin earning incomes significantly above conventional pay brackets.

Conclusion

Becoming a real estate agent is a lucrative option for many people because it doesn’t require going through years of college and racking up large debts. Most people can learn how to be a real estate agent in a matter of months and spend less than $1,500 on training, examination, and licensing.

What’s more, even entry-level agents can earn a respectable salary. The average salary is over $89,000 a year, with top earners making hundreds of thousands of dollars annually.

Of course, there are downsides. For one, you won’t get paid an hourly or daily rate. Virtually all of your pay will come from the commission you would earn from each transaction. If you don’t make sales, you won’t earn any money. Second, you’ll need to pay a fee to work in a brokerage. The money goes to cover the expenses both you and your employer incur during your work.

If you’re not happy with the level of flexibility working under a conventional real estate broker offers, you can apply for a broker license. With these, you can set up your own brokerage, work for yourself, oversee the entire property transaction process independently, and hire agents to work for you. Becoming a broker in a specific field can also make you more desirable in certain sectors, such as commercial property, or property management.

In summary, learning how to be a real estate agent is relatively straightforward and an excellent option for anyone who doesn’t want to go through college, but needs to start earning as soon as possible.

Frequently Asked Questions
How long does it take to become a real estate agent?

How long it takes to become a real estate agent depends on the number of prelicensing course hours you need to complete in your state. Most trainees require between four and six months of education before they can take their real estate exams.

What do real estate agents do?

Real estate agents facilitate transactions between property buyers and sellers. Their work involves submitting property bids on behalf of buyers, valuing properties for sellers, listing homes and apartments on websites, and assisting with closing sales. Real estate agents can also conduct viewings of properties on behalf of owners for an additional fee.

What skills do you need to be a real estate agent?

Generally, you need a high-school diploma to become a real estate agent, but not a college degree. You also need to pass your state’s real estate licensing exams and receive a license before you can start practicing. General skills include understanding how property pricing and commission work, learning about liens and escrows, having practical knowledge of real estate transactions, and having a good professional manner with clients.

What kind of certificates do you need to be a real estate agent?

To become a real estate agent, you’ll need a certificate stating that you have passed your state licensing exams. You can then use this to apply for your license and access to a multiple listings service (MLS) online. You can only work legally if you have a real estate license.

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It’s also important to be mindful of the IRS eligibility requirements for shareholders, one of which doesn’t permit nonresidents.   The table below offers a more comprehensive look at the differences between S-corporations and C-corporations:   C-corp S-corp Formation process Default tax structure: formed through Articles of Incorporation Articles of Incorporation + IRS Form 2553 Taxes Double taxation: personal income tax + corporate tax Single taxation: personal income tax When are taxes filed? Every quarter Every year Number of shareholders  Unlimited Limited to 100 Types of shareholders Anyone who is eligible Individuals + eligible estates, trusts, and organizations that are tax-exempt Shareholder location Domestic and international Domestic only Stock class Multiple One class IRS scrutiny level Standard Above average Raising equity Easier More difficult S-Corp Pros and Cons Before deciding which business structure is most suitable for your company, it’s important to weigh the pros and cons. Below are the main advantages and disadvantages of an S-corp tax status.  S-corp advantages: The main advantage of S-corps is their adherence to the pass-through taxation system that allows shareholders to avoid double taxation and only pay a personal income tax.  In some cases, the company’s losses can be passed on to owners.  S-corporations only file tax returns once a year. Reduced taxable gains Limited liability for owners and employees S-corp disadvantages: S-corp shareholder limit of 100  There are stringent requirements for shareholders, who must be US residents and cannot be partnerships. Only one class of stock allowed It’s more difficult to raise equity because S-corps tend to be less appealing to investors, such as venture capitalists. More intense scrutiny from the IRS C-Corp Pros and Cons C-corp advantages: Limited liability for shareholders, employees, officers and directors No limit on number of shareholders  Shareholders can be either domestic or international. Easier to raise equity than with S-corporations More than one class of stock allowed Lower tax rate C-corp disadvantages: Double taxation system which includes a corporate income tax and a personal income tax for shareholders. Gains and losses cannot be passed to shareholders, which means that they cannot write off losses on their personal tax returns.  May be more time-consuming to manage due to the rigid structure of the corporation.  What Business Would Benefit From Being An S-Corporation? The outcome of the showdown between S-corp vs. C-corp ultimately comes down to your individual needs. Some corporations are better suited for the former. Here are some scenarios when the advantages of the S-corporation status may outweigh the disadvantages: You do not plan to have more than 100 shareholders or any investors that don’t meet the eligibility criteria. You don’t plan to issue preferred stock to shareholders. All your shareholders are based in the US. You plan to distribute income to shareholders. C-Corp vs. S-Corp Tax Advantages: When Is C-Corp the Best Option? You may wish to consider sticking with the default C-corp tax structure if the following circumstances apply to your business: C-corp taxes would be lower for your business than S-corp taxes. You plan to launch an IPO. You are looking for investors who may not be eligible for S-corporation investments. You have more than 100 shareholders, or some of your shareholders are from overseas. You want to make shares freely transferable. You plan to offer shareholders access to preferred stock. Exploring Other Options C-corps and S-corps offer a range of benefits for businesses, but they are not the only options for companies. There are other types of corporations and additional structures to consider.  Other types of corporations include: Benefit corporations: These are also known as B-Corps and public benefit corporations or PBCs. The designation is held by for-profit companies that balance their responsibilities to shareholders with social and environmental performance. This is a state and not a federal designation, and it’s available in most states. Most B-corps are also C-corps, but they can apply to become S-corps.  Nonprofits: These entities become corporations for reasons that are not linked to generating profits. Nonprofit corporations are eligible for federal and state tax benefits.  Alternative business structures to explore: Limited liability company or LLC: LLCs are often considered the middle ground between corporations and partnerships. LLCs can be taxed in the same way as C-corps or S-corps but are not governed by the same rules and regulations. LLCs are often easier to run for small business owners. Sole proprietorships: Sometimes known as sole traders, sole proprietorships are regarded as the simplest and most flexible option for small business owners. With a sole proprietorship, the owner is only taxed at a personal level. This structure does not have shareholders and doesn’t allow stocks to be sold.  Partnerships: This structure involves an agreement between two or more people who are also taxed on a personal level. Business owners may also want to consider limited liability partnerships or limited partnerships.  LLC vs. C-corp vs. S-corp When setting up a new business or exploring options for an existing one, it’s helpful to look at the different structures and how they impact companies. Here are some key takeaways from the S-corp vs. C-corp vs. LLC comparison: Formation Forming an LLC involves choosing a business name, assigning a registered agent, filing Articles of Organization, drawing up an operating agreement, and applying for an EIN, also known as a  federal ID number. Once you’ve completed these processes, you’ll need to submit business licenses and permits and open a bank account. To form a C-corp, you’ll need to file the Articles of Incorporation. To become an S-corp, there is an additional IRS form to complete.  Taxes LLCs can opt for S-corp taxation, in which case the businesses avoid double taxation. C-corporation status is effectively a double tax, which combines a corporate and personal income tax.  Management Setting up and running an LLC is often simpler than managing C-corps and S-corps. This is why small business owners are often advised to consider an LLC or a sole proprietorship.  Shareholders C-corporations can have unlimited shareholders both in the US and overseas. S-corporations are limited to 100 shareholders. Shareholders must be US citizens and must also satisfy strict eligibility criteria. LLCs have members rather than shareholders.  Profits One major difference between an LLC and a corporation is that the former can be a pass-through business, while S-corporations are not. That means that all profits and losses are passed through to individual LLC owners, whereas S-corp profits are held by the corporation.   LLC vs. Sole Proprietorship A sole proprietorship is a business with a single owner who takes sole responsibility for the running of the company. There are no shareholders, and there is no legal separation between the proprietor and the business.  Meanwhile, an LLC is a legal business entity that can be created by a single person or a group of people. The LLC structure combines elements of corporations and partnerships, and it provides a lot of flexibility for business owners.  Here are some of the key differences between a sole proprietorship and an LLC: Formation: To form an LLC, you must file Articles of Organization, obtain the relevant licenses, and register your business name. To form a sole proprietorship, you simply need to obtain the relevant permits and register your name. Management: Multiple people can make decisions within an LLC. On the other hand, a single owner is responsible for making decisions with a sole proprietorship.  Taxes: Both entities have a pass-through tax structure. However, an LLC can opt for corporate tax status.  Liabilities: A sole proprietor is liable for business debts, while those who own an LLC are not.  The Best Option  There is no one-size-fits-all when it comes to selecting the appropriate business structure. That’s why it’s critical to take the time to research different options and compare the pros and cons of S-corps and C-corps.  Whether you are new to the corporate world or your objectives have changed, identifying the right avenue when registering your business will help you save money on taxes and provide you with the necessary liability protection.
By Vladana Donevski · April 20,2022
If you want to own a business but don’t want to start from scratch and build a brand, buying a franchise is a great way to simplify the process and generate profits in the increasingly competitive world of commerce. In this guide, we’ll walk you through 10 steps on how to own a franchise. In addition to detailing the process of investing in this business model, the following information will help you identify the right opportunities and the ideal franchises for sale. Why Purchase a Franchise Before you can start thinking about owning a franchise business, you need to make sure you’ve chosen the right path. Evaluating the pros and cons is the only way to make a calculated decision. When you purchase a franchise, you’ll have to get used to a limited degree of creative control. So, if you’re hoping to develop products or add your own unique touches to an existing brand, you should probably steer clear of franchising. Franchise opportunities are spread out across a diverse group of sectors, including food and retail brands. That said, entrepreneurs looking for eCommerce opportunities may find affiliate schemes or Etsy stores more accommodating options. Of course, the range of possibilities with franchises is endless. Here are a few key findings about the state of franchising and its impact on the economy: Over 10.5% of all U.S. businesses are franchises.  Franchises create an average of up to 14 jobs, and a new one is launched every 8 minutes during any given business day. There are over 780,000 franchises in the US alone. The franchise industry reportedly accounts for around 50% of all retail revenue in the US. Some sources claim that franchises have a success rate of 90%. Even if that figure is slightly exaggerated, it easily outperforms startup ratios. Franchise opportunities allow you to start doing business right off the bat because the branding side is already taken care of. While you’ll need to work within the existing framework of the established company, you’re mitigating the risk of failure because you’re inheriting a system and brand that have already proven themselves on the market. How to Own a Franchise: Buying a Franchise in 10 Steps If you’ve decided that owning a franchise is the right business move, stick to our step by step franchise guide, which will point you in the right direction while answering a few key questions: How much does it cost to own a franchise? What are the best franchises to own? How will I know if the franchise opportunity is right for me? What are the requirements for owning a franchise?  How do I make my franchise a success? One of the main benefits of buying a franchise is that you can focus on the management aspect without wasting time on the planning and concept stages. Follow these 10 simple steps, and you’ll be ready to run your franchise in style. 1. Find the Best Franchise  First and foremost, you need to determine which franchise is right for you. Food franchises are the most common, but almost 300 industries offer franchise opportunities of some kind. Moreover, there are plenty of websites and trade events where you can find franchises for sale. Assuming you do go for a food outlet, some of the most popular options include a McDonald’s franchise, a Dunkin’ Donuts franchise, a Krispy Kreme franchise, or a Chick-fil-A franchise. Still, it’s important to conduct in-depth research to find the best franchise opportunities on the market. Be sure to consider the following: Costs: Knowing how much money you need to own a McDonald's franchise, for example, is critical when weighing your options. An existing McDonald’s franchise can cost upwards of $2 million.  Opportunities: There are plenty of franchise opportunities, but the key is to pick the one that best matches your skills and budget. Also, make sure you do your homework on the competition and learn about their proximity to your locations. Familiarity: You don’t have to work on a franchise you know and love, but it certainly helps. Passion and knowledge are important during those difficult early stages. Reputation: The company’s track record on social responsibility and its ability to provide quality products and services will affect your reputation.  There are other factors to consider, such as whether you plan to maintain a job alongside the franchise until launch or whether you’re partnering up with other owners.  2. Apply  When you’re done with your research and you’ve found the franchise that is the right fit for you, the company will want to make sure that you’re a good fit for them. Good networking skills and the ability to work collaboratively are useful qualities in these situations, which may explain why franchising is becoming increasingly popular among women entrepreneurs.    You’ll also need to go over the Franchise Disclosure Documents or FDDs. The documents outline your responsibilities, the relevant fees, and the rules and regulations you’ll need to adhere to. The franchisors are legally obligated to provide you with this 50+ page document before any contracts are signed. The FDDs typically include the following: The brand presence in your state and a three-year growth projection, The investment fees and ongoing costs  The support that will be offered to the franchisee Some franchisors may not offer business performance details and information on losses or unit closures. But you can always turn to third parties and the company’s public filings for more info. 3. Attend a Discovery Day Discovery days are an important feature that gives franchisors and franchisees an opportunity to connect and learn more about each other. It is, therefore, considered a key step towards setting the foundation for a long and successful working relationship. It’s a chance for prospective business owners to seek clarity to any questions they may have. Before this event, you should have already completed the necessary research by reading the International Franchise Association guidelines. As a franchisee, you can expect a discovery day to include: A combination of group presentations, one-on-one meetings, and interviews Visits to existing franchise locations The opportunity to meet important people who will guide you to success It should be noted that some franchisors only handle the discovery day via digital channels due to the pandemic.  4. Fund the Venture Studies show that the costs of owning a franchise are around $250,000 for more than half of all franchise opportunities. Many prospective franchise owners will struggle to find that much capital. Thankfully, there is a range of funding options available. Of course, you can make life a little easier by finding the cheapest franchises to start things off or by seeking external funding. Experts suggest liquid capital should account for around 30% of the total costs. Here are a few avenues to explore: Securing bank loans with bad credit isn’t impossible. Still, qualifying for a franchise loan when you have poor credit history will add a few steps to the process.SBA loans are a popular option among prospective franchisees. A Rollover for Business Startups or a ROBS agreement that leverages success from your 401K retirement account.  Private investments from friends and family, which could include crowdfunding; however, it should be noted that you are unlikely to gain investments from strangers for a franchise. Consider a partnership with another prospective franchise manager. While it does reduce your potential financial exposure, it does add some complexities. It also means you need to split the profits. The harsh reality is that you cannot own a franchise with no money. Once you’ve researched how much buying a franchise will cost and approached lenders with a business plan, you have a fair shot at success. 5. Invest in Yourself Studies show that almost half of all franchise owners have a bachelor’s degree. This should come as no surprise, not least because the biggest organizations want every franchise to represent the company in style. Therefore, it’s vital that you understand the qualification requirements. Your franchisor will typically run a host of training services for you and your team. This is to ensure that you continue to manage the company within the framework of the parent company to ensure consistency with other franchises across the nation. Additional forms of self-investment that you may wish to consider are: Advanced research into the history of the company, Body language and communication courses, Your personal grooming to make appearances count, Developing a positive mindset and self-confidence. You are only one cog in the machine, but you must not forget that you set the tone. When you lead by example, it will filter down throughout the business to deliver stunning results. 6. Register Your Business By now, you may have already registered the company. If not, you will need to do so quickly so that you can commence with business operations. The franchise must still be incorporated like any other business, which means providing your Employer Identification Number and other details.  One of the biggest dilemmas revolves around finding the right type of structure for your company.  An LLC keeps your business as a separate entity, which reduces your liability and eliminates other legal requirements, especially when compared to corporations. An S-corp tax election offers tax advantages but reduces your flexibility.  In most cases, an LLC is the way to go. Bear in mind that you’ll also need to open a separate bank account to keep your franchise finances separate from your personal ones. 7. Find the Ideal Location Location is one of the most important aspects when running a franchise, especially when we’re talking about food and retail brands. Finding a commercial unit that’s affordable and easily accessible to consumers is vital. Here, it’s important to think about money and your investment capabilities. Leasing is likely to be the best option for your franchise business, although a commercial real estate loan may enable you to purchase property. While the right location is the priority, you must also consider: The square footage of the internal areas and whether major structural updates or refits are required Accessibility to the front door and the parking lot Safety for all the areas as well as employees and guests Monthly rental costs and the minimum contract duration As well as finding the right location, you’ll need to design the layout of your franchise or store. The good news is that everything from the furniture to the equipment and POS terminals can be provided by the franchisor. 8. Hire the Perfect Team Always seek advice and guidance from senior franchise managers and the parent company. It’s equally important to employ the right people at your franchise store. It’s likely that your franchise will be open for long hours, especially if you want to own a fast-food franchise. Employee engagement stats show that the current rate is just 34%. As such, finding the right workers and providing the tools to help them thrive can make a huge difference to your venture. For a fast-food restaurant, you’ll need to hire: Chefs  Waiters Cleaners  Admins Supervisors Assembling the best team is one of the most important challenges you’ll face. But succeeding in this will give you peace of mind and enable you to establish a better work-life balance. 9. Prepare Your Marketing Tools One of the great things about franchising is that your franchisor will already have logos, slogans, color schemes, posters, and deals in place. Moreover, they may provide you with a template website for the local franchise. Franchising stats show that seven of the top 10 franchises are in the food industry. If you’re in the same sector, marketing items can also cover menus and images of food items. Over four in every five franchises focus on regional audiences. Every marketing plan should be geared towards conversions and revenue. Some of the key features to remember are: Local SEO, social media marketing, and content marketing Affiliate marketing and the power of recommendation Flyering and using posters in prominent areas Perhaps most importantly, you need your shop signage to stand out. Again, this is something that giants like McDonald’s and Dunkin’ Donuts will help with.  10. Open and Operate Once you’ve completed the steps above, you should be ready to launch the franchise. Your franchisor will provide the promotional tools for you to organize an opening event at the right time. Of course, seeking local press coverage can make all the difference. As long as you follow the successful launch with consistent quality in daily operations while keeping one eye on future opportunities, your franchise will have every chance of success.  Final Word  Our guide on buying a franchise and the 10 steps we’ve outlined should give you a far better understanding of whether this is the right move for your career. The potential profits are impressive, but only if you have the right skills and can find the passion for essentially running an established branch for a parent company. The fact that over 780,000 business owners are thriving through this model underlines its potential. And amid the current economic turmoil on the global stage, there has never been a better time to explore this lucrative option.
By Vladana Donevski · May 10,2022

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