Franchising is an exciting world of possibilities and if you’re just getting started, here’s what you need to know:
A) There is a PROCESS to acquiring a franchise
B) All franchisors have a process, but they may vary from one franchise to another
C) My job is to guide you through their process from beginning to end
Here is MY process:
STEP # 1 – You Contact me
STEP # 2 – I contact you and we have initial conversation -or- we schedule a call for initial conversation
STEP # 3 – We have initial conversation and develop a working relationship…I begin to understand what you are looking for and how you want to proceed
STEP # 4 – I research franchises or business opportunities that meet your criteria. As I choose franchises I believe would fit your needs, I will conduct a territory check with the franchiser, to ensure they have open territory where you want to do business.
STEP # 5 – I prepare a presentation for you
STEP # 6 – We schedule a time for the presentation
STEP # 7 – I conduct the presentation with you and we discuss your likes and dislikes
- If you do not like anything I’ve presented, we discuss your criteria further and I go back to STEP # 4
- If you like any particular franchise I have presented to you, we continue…
STEP # 8 – We schedule a 3-way conference call with the franchise representative
From here, we let the franchisor lead the way, but I am with you through the entire journey and you can call me at any time for help, guidance or give me tasks to complete for you if possible.
Here is a list of activities that may, or may not happen next over the course of weeks or months depending on the franchise and your desired participation:
- You will provide detailed personal financial information to the franchisor that they will verify
- You will take a personality-type test to help the franchisor determine if you have the attributes they feel are needed to run their franchise
- You will request financing and work with a funding partner to determine how much you qualify for to borrow, and later obtain funds
- You will learn about the franchise and how they do business
- The franchisor will learn about you as a potential business owner
- You will discuss all aspects of the business: territories, real estate(if applicable), marketing, hours, training etc
- You will attend a Discovery Day
- You will review a Franchise Discloser Document (FDD)
- You will retain a Franchise attorney
…………Note: up through this point, you are NEVER UNDER ANY OBLIGATION TO ACQUIRE this franchise and can decide to discontinue process
- You will sign a Franchise Agreement – you would then be a business owner and be obligated to acquire and run the franchise after all training and pre-opening activites are completed.
I can help you at any and all stages and we will work as a team until:
- a) you acquire the franchise -OR-
- b) you choose to no longer continue the process
So let’s get started with STEP # 1
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