Our Five-Step Process
We help clients structure a franchise strategy based on the uniqueness of their situation and what they find most compelling as to brand, culture and operating models in attaining their goals. There are numerous complexities involved with modern franchising, and our goal is to help you navigate within a tried-and-tested framework that will help you arrive on the best path to achieve your goals. We put our experience to work on your unique situation and help you carefully consider all aspects of the franchising process with a focus on the five key steps. We will work to get you from where you find yourself today to standing on the threshold of owning your new franchise on opening day!
1. Clearly Define Your Goals
To get where you want to be, you should know who you are and where you’re going? We work closely with you to analyze several preliminary considerations. Let’s call this “the introspective self”. What is it that you’re looking to achieve? What is important to you? What kind of money do you need to make? What kind of employees do you want to manage or, not manage? For example, geographically there will be certain businesses that work better in Minneapolis than in Miami. Our goal in the first step is to have a conversation where we will ask you questions about your likes and dislikes are and to understand what are the characteristics that are most important to you with a franchise.
2. Find Franchises That Are Compatible With Your Goals
We are represented in over 70 Strategic Industry Classifications. The second step is to utilize Step 1 information to find the franchise companies that appear to be a good fit for your goals. There are over three thousand franchises available, which is overwhelming for most people. Our goal with step 2 is to create a shortlist of companies (3 or 4) that fit your criteria. Our main objective on the second step is to understand these companies, their competition, their management team and if these businesses feel like something that you would be profitable and something you enjoy!
When we work with clients it’s important that you validate with franchisees in the business. That may mean talking with them on the phone or possibly visiting a franchisee at their location. You need to understand what you’re getting yourself into and is it a match for you. Ultimately you have to do this before you sign the contract with the franchisor. The franchisor wants a good partner. Once you have completed this step you will have a good idea if this is something you want to do.
4. Discovery Day/Meet The Team Day
Please note that the best and strongest franchises are “awarded” not “sold”. As your franchise coach, we will teach you how to present yourself in the strongest manner to the franchise of your choice and prepare you for Discovery Day/Meet the Team Day.
At Discovery Day/Meet the Team Day you will have the opportunity to meet the Executive and Operational staffs. This will give you a very good indicator as to whether or not you’re comfortable proceeding forward with that franchise ownership. Only after Discovery Day/Meet the Team Day will the franchisor award their franchise. It is important to note that as much as you want to meet the franchisor, they also want to meet you!
5. Legal and Financial
The last step in the process is legal and financial. You may want to hire a franchise attorney to review documents and make sure you understand what you are signing. We’ll introduce you to excellent franchise attorneys. If you are thinking about financing the business we have relationships with all the major banks like Citibank, Wells Fargo and Bank of America that understand and focus on funding franchises.
We found that the most important step is the first step. That is what we do. We’ve helped hundreds of people find the right franchise and we would be happy to help you as well!
Please complete our online form today and see how we can translate your goals into a viable franchise opportunity!
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