The Franchise Sleuth LLC 11 Step Franchise Matching Process
11 Step Franchise Matching Process
- Decide you’re ready for a new opportunity – A 20 minute initial conversation will help you decide whether to proceed. During the process, we perform the necessary steps to ensure you are comfortable with your choice. Conduct an interview with you regarding your career experience, background, finances, time frame, and personal goals. As part of the interview, you will be invited to take an online Franchise Business Profile Assessment. You will receive a detailed written report providing additional insight into specific types of franchises that might be good fit for you.
- Find a franchise concept that fits your personal and financial goals – After we’ve discussed what you’d like to accomplish and what you have to work with, we’ll begin researching and speaking with Franchisors on your behalf. As trained Franchise Consultants, we have resources, tools, and experience, that will help streamline the process.
- Researching appropriate franchise opportunities – Once we have identified the Franchises that we feel meet your criteria and are potentially “good fits”, we’ll set up a time for you to speak with them directly. This too is an exciting step in the process as you’ll be hearing about these Franchisor business models, the daily activities of their Franchisees, what it takes to get started, and what it takes to grow your new business. When you work with a trained franchise consultants at Franchise Sleuth LLC, you’ll have the help and the resources needed to make informed decisions throughout the process.
- Review pre-screened franchises and begin initial franchisor discussions – Most of our Clients really enjoy this phase. During this step you’ll talk directly with the Franchisors discussing the attributes of their franchise models, the industry, training, support and earnings potential. We’ll revisit your goals and discuss how these Franchises have the potential to meet them.
- Submit request for consideration/application – It is crucial that your franchise application be correct and accurate. When you submit your application, depending upon how the franchisor is set up, your application will move through different departments including finance, territory management, training, marketing and operations support. You will normally be immediately assigned to a territory manager that will act as your liaison with the franchise.
- Prepare you for your meetings with existing franchise owners – During this time we will be providing you with an assessment format and other educational materials that you can use when conducting an interview with the franchise company and existing franchisees.
- Review the Franchise Disclosure Document (FDD) – The FDD is a required document that all franchisors must provide to prospective new franchise owners. We provide additional educational materials to help you review these documents and some of the important factors to review in the documents. Everything you wanted to know about the franchise, but were afraid to ask is spelled out in the FDD. We can also refer you to franchise attorney’s when the time is right to review the final document before you purchase your franchise!
- Arrange funding (if needed) – We will actual talk with you about this in our initial conversation and throughout your investigation process as needed.
- Speak with franchisor staff, perform due-diligence – This is a very exciting time as you continue to learn more about the franchisor and speak with existing franchisees who will paint a picture of what life is like as a new franchise owner! You will review franchisee training requirements, review available franchise support and marketing programs. During this time, your Franchise Sleuth LLC consultant will continue to follow-up with you to determine all areas of the decision making process have been accomplished prior to entering into an agreement.
- Attend franchisor’s meet the team day or discovery day – This is an exciting time when you will visit the franchisors headquarters and meet with their senior management team and learn more about the training, and ongoing support after you become a new franchisee.
- Execute franchise agreement, arrange for training and a launch date –Congratulations, you are now a franchise owner. Now that you are a franchise owner it is time for you to get to work preparing for your grand opening. Make sure you are properly staffed and prepared for contingencies. This is not the time to cut corners. Give it everything you’ve got and then a little more to make sure you’re franchise is on the path to success. Then, rinse and repeat the process with another franchise and you will be on your way to accumulating wealth.
Are you ready to own your own business? Contact us today and have the resources to you need to buy a franchise.
“Take Advantage of an Opportunity to Build a Successful Business and Increase Your Retirement”
Please Reach out to us for a FREE consultation and Schedule an appointment to learn more about what your options are!