8 Steps – 1 goal
Step 1 – Contact us! There are three ways you can start this process. The first is to give us a call at (860) 459-9268, the second to send us an e-mail at email@example.com, the last (and best) method is to go to our website page for scheduling a franchise consultation and fill out the franchise navigator behavioral/values assessment. This assessment is invaluable to me in a number of ways:
1) It gives me insights into what type of franchise would give you internal satisfaction.
2) It gives me an idea of your strengths and weaknesses (ambition, sales skill, team building).
3) It checks your profile against the 100(ish) high performer profiles Franchise Navigator has on file. You might find you match the high performer profile for a few specific franchises!
Step 2 – Time to talk! The first phone call will last 30 minutes to 1 hour and will let me assess your knowledge level of the franchise industry and fill in any gaps you may have. If you already have a lot of knowledge or your interests are very specific (like “I want to be a business coach or trainer!”) I may suggest specific franchises in the first call.
Step 3 – Based on the information provided to us we will send you info on the franchises we feel are the best fit for you. Performing due diligence on a franchise is time consuming work, and all the time spent working with us up to this point will pay off in hours saved down the road. Our goal is to send you information on at least 5 but no more than 10 franchise concepts. More are possible of course! At this stage we aim to take our list of 350+ and bring it down to less than 10-20. After we send you the initial list we will have another call to review it, narrow it down, and send out territory checks to make sure the franchises are available in your area.
Step 4 – Introduction to Franchisors. Based on your feedback to the concepts presented in Step 3, we aim to connect you with 1-5 franchises for an initial phone call or webinar. In addition to being informational, this first contact acts as a 2-way interview. You will be questioning them, and they will be questioning you. This is the best way to get preliminary information on several franchises without committing a large amount of time to each.
Step 5 – Franchise Disclosure Document Review. After the introduction phase is over you will usually be asked to submit some sort of application or request for consideration. This allows the franchisor to do some due diligence on you and decide if you would be a good business partner for their franchise system. Once that is complete they will release the FDD to you. There is a ton of info here and I will make sure you are briefed on what to look for.
Step 6 – Validation. This is where you contact existing franchisees. This may be the most time consuming part of the franchise discovery process but it is also where you will get the most information.
Step 7 – Discovery Day. While some franchises consider this an optional step, it is highly recommended. You will get to visit a franchise location, often the HQ, and meet the people that make the franchise work. These people will be supporting you in the future and feeling confident in their ability to support you can go along way with helping you feel comfortable with your new start-up. You should also get a good feel for what your new role as a franchise business owner will be from day-to-day. This step should give you everything you need to know to make a final decision on which franchise to purchase. If you have not had a lawyer go through the FDD with you by this point you should engage one now.
Step 8 – Purchase the Franchise. Congratulations!