Your Future Starts Now
Franchising is a way to be in business for yourself but not by yourself. The concepts that franchise their business are looking for true partners that will be ambassadors of their brand and trust that franchisees will grow the business using their proven systems. With over 5,000 brands to choose from, it can be overwhelming to decide what concept is best. It is important to work with a consultant that works with numerous brands in order to find the perfect fit. It is also very important to know that the companies are pre-screened and have committed to the same investigation process that your consultant uses so there will be consistency as you proceed with your due diligence.
Finding the Right Franchise
An important attribute of a successful consultant is their history helping candidates, such as yourself, find the perfect fit for them. Some have helped 100s of people figure out what they are looking for, using a proven technique, for many years. The ideal consultant accomplishes this by getting to know you personally. They dig in and asks the hard questions while guiding you with compassion and understanding during the process. You should feel as if you are family while they guide you through the turbulent waters of entrepreneurship.
Sometimes, your consultant needs to do what it takes to keep you focused on the goal. Your consultant needs to be able to separate pretenders from contenders because the franchise companies are looking at you as hard as you are looking at them. You need the type of consultant that will be able to help you understand what it takes to be a franchisee and will not let you move forward if you are not a good fit. If you are a good fit, they know what is necessary in order to make the perfect match between a true buyer and franchisor. They need sharp listening skills, broad knowledge and discriminating judgment in the franchise industry in order to help people control their destiny and realize their dream of becoming independent business owners.
Experts state that there is a much higher success rate for businesses that the owner is excited about. Your consultant must focus on the business attributes that you have interest in. Sometimes this means getting excited about the business model, no matter what the product or service is. Other times, there needs to be passion for the product or service. It’s up to you and your consultant to uncover what path is best for you. You will discuss risk tolerance and investment levels that are appealing. The topics of product vs. service, storefront vs. home-based businesses and the type of employees, if any, would be ideal. Much more will be discovered and everything will be analyzed in order to increase your ability to succeed. There will be no stone unturned and you will be in a position to make an informed decision.
The Right Franchise Consultant Leads to Success
Your consultant must be able to truly understand your skill-sets and past experiences. They also need to have a clear understanding that the majority of franchisors do not want you to have any experience in the business they are in. They would rather train you on their systems and processes instead of having to break bad habits that may exist. The training they provide is designed to get you up to speed in a meaningful way so that you can hit the ground running. The ongoing training and field support will enable you to continue to grow your business with confidence.
Your consultant must be able to identify current and future trends. Due to the current climate, essential businesses are a priority right now. There are many franchise options that are essential both now and when the cloud of COVID is lifted. Landlords are providing incentives never seen before. Lenders are offering great rates. Franchisors are supporting franchisees more than ever. There will be pent-up demand for goods and services once the worst is behind us.
The Franchise Discovery Process
It is your process and your timeline but it is important to know that the typical investigation process using a skilled consultant takes 3-6 weeks. Once you make the decision to move forward, the time it takes to open your franchise will vary based on the type of model you choose. If there is real estate/storefront involved, it will take up to 6-months to open. This is because the site selection, lease negotiations, design and build-out can take time to manage. If you choose a service-based business, you can open after your training. Most service-based businesses can be open within 2-3 months and some even faster.
Navigating your destiny does not have to be done solo. There are professionals that can help you figure it out if you trust their process and feel comfortable getting help along the way. Reach out, even if you’re not sure where to begin. That’s where we come in!
