10 Steps Process to Franchise Success

  • Initial Call
  • Matching
  • Presentation
  • Introductions
  • Document Review
  • Validation Calls
  • Discovery Day
  • Agreement
  • Purchase
  • Grand Opening

Step 1 – Initial Call
The most important step it to request assistance and form a partnership. In a confidential phone conversation, we will help you clarify your goals and also determine if your circumstances meet the requirements to purchase a franchise.  We will talk time to understand your background, current situation and goals. IN addition to the interview, you may be requested to fill out a FranMatrix.

Step 2 – Research
Based on the information that you provide us, we will research from a database of over 400 available franchises and match their models and requirements with your goals, preferences and financial situation.  Our goal is to identify for you with 3-4 franchises that match your requirements so that you can then find “the” right franchise for you. We will never try to ‘sell’ you anything, we will only make suggestions.

Step 3 – Presentation
You will need to have access to a computer and the meeting should last between 15-20 minutes. We will get your feedback on each franchise, listening to your comments. This interaction helps us clarify your goals.

We present you with the opportunities that we have identified during our research. If any of the opportunities are of interest to you, then we will arrange an introduction directly to the representative of the franchise.

This is a self-correcting process and it may send us several times throughout steps 2-3 of the process. Please keep in mind that the Franchise Consultant is presenting you opportunities, but you must make the decision that is best for you and your family. Therefore, refining the criteria for the best opportunity for you is an ongoing process.

Step 4 – Introduction to Franchisor
For each of the opportunities that you have an interest, we will facilitate an introduction to the Franchisor. The Franchisor will present to you their particular process

After the conversation, we will talk about how the call went from your perspective. We will address the pros and cons of the franchise and determine how you would like to proceed. If you would like to continue researching the franchise, we will move to the next step of Document Review. If you determine that the franchise is not for you, we will return to the Presentation step and suggest alternative franchises based off your feedback.

Step 5 – Document Review

As this process is a mutual investigation, the franchisor will what to know your business background and financial situation, just as you want to know about them. So you will need to fill out a Request for Consideration so the franchisor knows you are a viable candidate. This will entitle you to receive the franchisors FDD.

Each franchisor is required by the Federal Trade Commission to disclose the details of their offering to prospective candidates. We will provide assistance to review the Franchise Disclosure Document (FDD) together.

There are twenty-three separate items and additional attachments contained in the FDD. They include: Financial Performance Representations, Financial Statements and the Franchise Agreement.

Step 6 – Validation Calls

You will start contacting Franchisees from the business you are interested. We will provide questions that may assist you in this process. This information is provided in the FDD. The value of these calls it do see if the franchise meets your expectations, call you see yourself in this business. Each validation call should take approximately 15-30 minutes. We recommend contacting numerous franchisees during this phase. After these calls are completed, we will discuss your thoughts. We will help you combine your notes, so that you can determine whether to move to the next step of Discovery Day or return to the Presentation Step.

Step 7 – Discovery Day
This is typically a one-day event where you visit the franchisor’s corporate headquarters and meet the CEO and their staff. You will put “names to faces” and you will confirm your decision to move ahead with buying the franchise

Step 8 – Agreement
At this point, you have decided that you are very interested in buying a franchise.  You should employ a specialized franchise attorney to review the franchise agreement. We will provide references of high quality franchise attorneys. Also make sure that you use an accountant that has a good background in franchising.

Step 9 – Purchase

            You have taken all of the steps up to your Decision time. Congratulations if you have decided to buy a franchise. You have become a “Frantrepreneur”, a cross between a traditional entrepreneur and a modern franchise owner, a person that possesses the desire to be a business owner, without having to reinvent the wheel.

 Step 10 – Grand Opening
Once you have complete your training, it is time to have a Grand Opening. This event is where the franchisor launches a local marketing campaign to promote your new business. This will help generate “buzz” about your new business, and will help attract new customers.

 

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    November 1, 2013 10 Steps Process to Franchise Success

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