Steps to Entrepreneurship
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:
Initial Contact - Schedule your free 30-minute phone consultation
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.
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.
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.
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!