The Blueprint to Your Personal Franchise Fit
Step 1 – View
Initial presentation in person or video on Taking Charge of Your Career through Business Ownership. (30 to 60 minutes)
Step 2: Take Our Personal Franchise Assessment
(20 minutes) You are about to discover your Business Builder Profile. Finding the right business is all about compatibility and leveraging your skills. A business that is right for one person is not necessarily a good fit for you.
This is NOT a personality test. We use an integrated, science based approach featuring patent-pending methodologies, thus offering greater insight into who you are as a business builder. Personal Franchise Assessment
Step 3 – Schedule
An initial consultation call (15 to 30 minutes) so we can learn about your lifestyle and financial goals for business ownership.
Step 4 – Take Our Client Questionnaire
(15 to 20 minutes) which will give us further insites to your personal preferencences, a financial snap shot, industry interest, personal and professional interest, and transferable skill sets applicable for business ownership.
Step 5 – Build Your Personal Business Model
Schedule a 1.5 to 2 hour meeting to dive in deeper so we can learn more about you and you can discover more about franchising. We will send you a copy of your personal business model and select franchises that will be a good personal fit.
Step 6 – Your Franchise Matches and Introduction to Franchisors
When our research is completed, we will reveal the opportunities for which you are a potential match. Once we have selected the top three franchises, we will arrange an introduction to the franchisor. The franchisor will schedule one on one calls with you as well as send materials to help you become acquainted with their business concept.
It is also our goal to clarify the needs and goals that were established in Step 5. We may need to repeat our research and present new opportunities several times as we refine your criteria to locate the best opportunity available.
We are presenting opportunities, but only you can make the decision that will produce the best success for you and your family. This is an ongoing process, and we patiently walk with you through every step.
Step 7: Determine How to Finance Your Franchise and Evaluate the Financial Viability of the Business
There are many different funding options candidates utilize to open a franchise. We will discuss different alternatives and I can put you in touch with professionals who specialize in funding franchises.
Item 19 in the FDD will give you the details to see how existing franchisees are doing in the franchise system. Also speaking to existing franchisees will help you understand how their business growth has developed, what the ramp up time has been for them and what realistic expectations are.
Step 8 – Review of the Franchise Disclosure Document (FDD)
Once you have narrowed down franchises concepts that you are interested in, you can ask them to send their Franchise Disclosure Document (FDD), which is a disclosure document for their franchise opportunity. The FDD receipt should be signed and returned immediately.
We will discuss the items that are contained in an FDD; in particular items that you should pay close attention to initially. Once you’ve identified a franchise that could be a potential match, you should then review the FDD in complete detail writing down any questions or concerns for discussion with the franchisor. The FDD will contain a list of franchisees and contact information.
Step 9 – Call Franchisees
The franchisor can provide you a list of several franchisees with similar backgrounds, skill sets, and/or markets, for you to call to ask questions about the franchise. The reason for calling these references is that you want to ask them why and how they became successful. Then you need to determine if you can do the same things that they did to be successful.
Step 10 – Consultation with Attorney and Accountant
You should consult with a franchise attorney and an accountant before making a decision. It is important to insure that both people have a good background in franchising. We can help you find skilled professionals in your area.
Step 11 – Attend a Discovery Day
Most franchisors have a Discovery Day or Meet the Team Day, where they will invite you to their location. You will not only get crucial information for your decision, but will get to meet the staff that will be providing your initial training and continuing support. Do all of your research and due diligence regarding the franchise before you invest time and money to attending their Discovery Day.
Step 12 – Decision Time
You have taken all of the steps up to the door, and now you must open it. Decision time. You can be confident you have carried out an intelligent and diligent investigation and making your decision based on facts as opposed to perceptions.