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  • Writer's pictureSarah Barker

Steps to Entrepreneurship

Steps to owning your own business

Interested in franchises and how the research process works? The thought of buying a business can be both exciting and terrifying depending on how you interpret risk. The more you know about the process, the better. A common misconception about the franchising process that I hear is that a potential owner will be expected to make a decision in days from our first call, this is far from true. It can take weeks and sometimes months to know if a franchise is going to be a right fit. Here is a six step break down of the process:

  1. Initial Contact - Schedule your free 30-minute phone consultation

  2. Confidential Questionnaire - We will go through an in-depth questionnaire about YOU! This is designed to ensure we find the best business fit that meets your lifestyle, budget, interests and needs.

  3. Funding Pre- Approval (if required) - Funding is an important piece of the equation, understanding your options will help. If you aren't planning on self funding, I will introduce you to financing partners that can do pre-approvals within 48 hrs.

  4. Consultation- This call will go over available franchises that are a potential match in your area. We will discuss the business opportunities in-depth to determine if it's a franchise you want to meet with.

  5. Company Introductions - Once top choices are established, I will arrange for an initial call with the franchise developer to do an introduction call. The next steps are are pretty standard for franchises to follow but some will vary.

  • Franchise Disclosure Document (FDD) & Follow up FDD call - You will receive the FDD to review a legal document which is presented to prospective buyers of franchises in the pre-sale disclosure process in the United States.

  • Weekly follow up calls- Between the developer, consultant, and Owner/CEO. These calls can help to get all of your questions answered. They are often in regards to: Operations, marketing, real estate, support and training call

  • Validation - This is a great opportunity to discuss other franchisees experience with the franchise.

  • Discovery Day - You will be invited to tour the franchise headquarters and meet executives, get a general feel of the operations, support and decide if you are a fit and if the franchise is a fit.

Make a Decision - Congrats! You are on your way to achieving your dreams!

Ready to get started? Schedule your free consultation today!

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