We found this helpful article from BeTheBoss.ca and wanted to be sure to share it with you all because these tips are so spot on! Check out the 5 helpful tips below to help you prepare for the next step after you’ve found your perfect franchise fit.
What is your mission statement?
The franchisor’s mission statement will help you decide if your values actually align with the brand’s. This also gives the franchise the chance to ensure you understand what the brand is really about and how their principles are brought into each franchise location. Does the brand focus on creating experiences for its customers, or is it one that aims to help clients plan for their futures? Regardless, you want to ensure the franchisor’s values don’t clash with your own as that can make it more difficult for you to be happy or even successful.
What are the financial requirements?
You may have already seen estimates online, but you want to hear this directly from the brand as well. Find out what the franchise fee is and the initial investment range–this is the total amount needed for things like training, build-out (if there is a location), licenses and so on. Ask the franchise what liquid capital and net worth is required for franchisees to qualify; this will allow you to determine whether you would qualify for this franchise.
What type of franchisee are you looking for?
A franchise search is about finding the fit that’s right on both sides, so ensure the brand is right for you and you are right for the brand. Does the franchisor want franchisees with specific experience or skills or just general business sense? To see how well you line up with the brand’s typical franchisee, ask for an ideal franchisee profile and see where you land.
How would the franchise describe the franchisor-franchisee relationship?
Whether you want a brand that is hands-off to a degree or one that provides a lot of support, this question can give you insight into how closely the brand works with its franchisees. Is there ongoing training? Who is the contact person for franchisees at corporate? How often does the brand hear from franchisees? With some insight into this relationship, you’ll have a better idea of what to expect should you decide to go with the brand.
What else should I know?
A handy catch-all question, a good franchise representative should answer this by providing you with some new information or taking a deeper dive into something you previously asked. Not only will you receive additional information, but you may even learn the answers to questions posed by previous franchise candidates.
If you’re one of the thousands who’s had to make the adjustment from working in an office setting to working from home and you have kids and/or pets at the house… need we say more? It’s been an adjustment, to say the very least! Luckily, on the business end, the adjustment for our team here at Franchise Clique has been somewhat seamless. However, we’ve all had to monitor and adjust over the last several months to accommodate our dogs, cats, kids of all ages… so, without further ado, here are our best tips!
1. Set Up a Designated Office Space
This one almost goes without saying at this point, but we’ve all found it very important to set up one designated area in the house where we only focus on work. Sure, that doesn’t prevent a lonely puppy from coming in to say hello or a hungry toddler interrupting your Zoom call to ask for a snack, but it does create an environment in which it’s easier to focus on work and only work when you’re in your “zone.”
2. Childproof and Petproof Your Office Space
While sometimes it’s inevitable, we have figured out some tricks to keep our Zoom calls from being interrupted by surprise visitors. Ideally, you’d just close the door… but we all know that’s not a foolproof solution. So if that doesn’t work, try setting up a “Do Not Disturb” sign for your older kids or talk with your younger kids about your work time. Set up a plan for when it’s OK to come into the office to say hi, and when to give mom or dad some privacy! As for the fur kids, make sure all your important work documents are stored up high in places where pets can’t get to them. And if you’re a dog parent, we’ve found a great way to keep our pups calm and non-intrusive during our workdays is to get up a little earlier in the mornings to take them for a walk before starting the day. This one is very mutually beneficial: tire your pup out and give yourself a little morning boost, all in one!
3. Office Hours… Set Them and Stick to Them
This one has been huge for us. Similarly to the last tip of discussing a “Do Not Disturb” signal with your kids, going over office hours with them has been incredibly helpful. We’ve worked with our kids to let them know when we need to focus on work, when it’s time to break for lunch, and when we’re done for the day and ready to wind down. If you’re able to have a set schedule like this, be sure to go over it with your young ones and make sure everyone is on the same page!
4. Try to Involve Your Kids and Pets Whenever Possible
Yeah, you read that right… but hear us out! A lot of the time when our little ones or furry friends come into our home offices to interrupt us, it’s because they’re bored… and what’s the best way to fix boredom? Pique their curiosity! If you have older kids and you’re able to do so, tell them about the project you’re working on and explain to them what you’re doing and why it’s important. For starters, they’ll understand why they shouldn’t barge in if they know you’re working on something really important… but this is also a great way to engage with your young ones to keep them from getting stir crazy. AKA, less interruptions! Same goes for pets… unfortunately, our dogs and cats don’t seem to care very much about what we do. But they love making special guest appearances on Zoom calls! We like to think it helps to assuage some of their curiosity, too, but it’s mostly just a great way to keep them entertained. And keep the team entertained… because come on, who doesn’t love an adorable guest star on a meeting?
We hope these tips are as helpful for you as they’ve been for us during this “new normal” of remote work. As school gets back into swing and some of us have kids doing online school while others are back to in-person instruction, we’re sure we’ll have to monitor and adjust some more. Still trying to work that one out! But the bottom line is, this is a different time for everyone involved. It might not be perfect, but it’s all about flexibility and adaptation to the ever-changing “norm” to stay productive and focused at work. Good luck out there, everyone!
Are you a potential business owner looking to purchase a franchise and begin the process of owning and operating your own business? If so, you would likely benefit greatly from the services of a franchise consultant. A franchise consultant can provide expertise and guidance throughout the entire process, from identifying your dream franchise to getting your business up and running. Listed below are 12 reasons that it’s advantageous for any hopeful franchisee to consider reaching out to a franchise consultant.
1. The service is free to the franchisee, with the franchisor covering the consulting fees.
Did you know that franchise consultant services come at no cost to you? This may come as a surprise to you, but consider this: when you’re investing in a franchise, that franchisor is also investing in you. They want you to be successful! This is why many franchisors will suggest a franchise consultant to help answer your questions and guide you through the process and cover the costs themselves.
2. The service is personal and confidential.
Anything you discuss with a franchise consultant will not only be specifically tailored to your unique circumstances, franchising goals, and whatever questions you may have: it will be completely confidential and stay between you and your consultant.
3. The consultant guides the potential franchisee through the entire process of deciding whether to become a franchisee and how to go about it.
Franchise consultants really are there for you every step of the way. If you’re still not entirely sure the franchise model is right for you, they can help guide you in the right direction. While the franchising model is extremely advantageous for many investors, it can be daunting for those just getting started in the franchise space to be presented with so many options and so many decisions to make. That’s where franchise consultants come in – they’ll guide you through the process from start to finish.
4. A detailed profile, including an evaluation of the potential owner’s experience, interests, and goals is compiled in order to match the new franchisee with the most suitable opportunity.
That’s right – not only will a franchise consultant help answer any general questions you have about the franchising process, they’ll also help match you with the perfect franchise opportunity. Each franchise consultation is completely customized to meet your needs, so a franchise consultant can be a very powerful tool in finding franchise success.
5. Education is provided on the various types of ownership and investment options.
Did you know there are different types of franchises, different options when it comes to franchise ownership, and several different ways to invest? If not, a franchise consultant can walk you through all of these options and what they mean, and help you choose which is right for you.
6. An investigation into the most suitable opportunities that are available is done by the consultant.
Even after you’ve done your own digging on our site to find the opportunities that appeal to you, a franchise consultant can help you refine your search even further to find the perfect fit.
7. Initiation of contact with company representatives is part of the service.
Franchise consultants can also guide you through the ins and outs of communicating with franchisors, filling out the Franchise Disclosure Document (FDD), and so much more.
8. The consultant helps to verify each company’s success and track record.
Just as we’re committed to your success, so are franchise consultants. They want to ensure you’re making the franchise investment that’s just right for you, and part of that investigation includes a deep dive into each company’s track record to make sure they’re a good fit for your success.
9. The potential business owner saves time and money by having the experts perform research on various opportunities.
The use of a franchise consultant isn’t just beneficial for you as the franchisee: franchisors benefit a great deal from the work of consultants, too. Franchise consultants save time and money every step of the way by performing research and answering questions ahead of time so that by the time you’re ready to close the deal, you both have all the information you need.
10. The consultant acts as the one-stop-shop, answering questions and referring the potential owner to other resources as necessary, such as financial or legal advisors.
If you have a question that a franchise consultant can’t answer, they can point you in the right direction to someone who can, such as a financial advisor or a legal advisor.
11. The consultant works with all types of franchises, including full-time, part-time, new units, and re-sale franchises.
No matter what type of franchise you’re interested in, we guarantee there’s a consultant out there who can help you! Franchise consultants are knowledgeable about every facet of the franchise space and the franchising process, so no matter what they can point you in the right direction.
12. Complications and confusion are virtually eliminated by having an expert perform these services.
Last but not least, the biggest benefit of a franchise consultant is eliminating any complications or confusion involved in the franchising process. This means making your transition to a franchise owner quick and seamless, with the help of an expert to guide you along each step of the way.
In sum, a franchise consultant serves as somewhat of a catch-all when it comes to questions or concerns about the franchising process. A franchise consultant will help you determine if franchising is right for you and, if so, what type of franchise opportunities you are most likely to succeed in. From there, they’ll help guide you through all the necessary steps to investing in that franchise and eventually becoming the owner of your own franchise business. So what are you waiting for? If you’re looking to dive into the world of franchising, make sure to enlist the help of a professional franchise consultant. You won’t regret it!
In the world of franchising, things are finally starting to turn the corner when it comes to franchise development. It’s no secret that the COVID-19 pandemic wreaked havoc on the business world and left many franchisors and franchisees wondering what to do next. While we’re certainly not out of the woods yet when it comes to the virus, there is some good news: the market is starting to look up, and the franchise industry is as strong as ever. Plus, many new and exciting opportunities have emerged from this crisis in the way of marketing. So, what does this mean for you as part of a franchise development team? Now is the time to capitalize on these plentiful opportunities to stay ahead of the curve and make the most out of this unprecedented and difficult situation.
If you’re part of any marketing team, chances are you saw either a complete or partial halt to your paid marketing efforts in light of the pandemic. As things start to open back up and the world slowly begins to return to a sense of normalcy, you may be wondering what to do next and if people are really seeing now as a time to invest. Well, the good news is that they are! All the uncertainty as of late has many investors looking to make a career shift. For example, perhaps an owner of a food franchise is looking to diversify their investment portfolio with something completely different, such as a home services franchise? Prospective investors are on the hunt for new opportunities, which means this is a great time to start ramping up your paid marketing efforts to reach those hopeful entrepreneurs.
Plus, this is a great time to get ahead of your competitors. Let’s face it, despite things starting to turn around, there are many in the industry that are still unsure and remain hesitant to start advertising again. Now is your chance to put your concept out there and start getting noticed by hopeful entrepreneurs! The next few weeks and months could be the key to reaching your 2020 franchise development goals, and there are plenty of different ways to advertise to strategically engage with prospects. Think outside of the box: digital marketing is definitely a hot ticket item right now, but also consider advertising ways that your concept is different from the others! One great way to onboard new franchisees during this time is to assure them that your concept offers adequate support to help them navigate through this difficult time. If you ramp up your marketing efforts now to reach these prospects and tell them everything they need to know about what makes your concept stand out, you could see a ton of new franchisees in your pipeline in the coming weeks and months. So, what are you waiting for?
While the COVID-19 pandemic has adversely affected nearly every facet of the business world, luckily, there seems to be plenty of hope in the franchise space. Though they may be a bit more hesitant than they would be under ordinary circumstances, franchisee prospects are out there and many of them are ready and waiting to dive into a new investment. With this in mind, now is the time to double down on your paid advertising efforts to help get these prospects in your franchise pipeline. Who knows where things will be a month from now, but one thing is for sure: there’s never been a better time to get ahead of the competition and capitalize on the renewed public interest in franchise investments and business opportunities. And the good news is that you don’t have to go in alone. At Franchise Clique, we’re marketing experts and can put our knowledge of the franchise space to the test to help you reach all of your development goals and generate top-quality leads, guaranteed. Contact us today to learn more about the programs we have available!
If you’d like to purchase a franchise, but aren’t sure where to get the financing from, then you will want to read this article. Specifically in this article, we’ll discuss how to raise investment capital, what banks are looking for before they will loan money for a franchise, and alternative resources you can utilize to finance your franchise. After reading this article, your head should be swimming with ideas on how to get franchise financing.
The best way to get financing for your franchise is to have a good credit rating and a solid character. Most franchises will assist someone who they believe can run a business well but lacks the initial startup cash. Oftentimes these franchises have track records for picking successful business owners, so they have networks of investor groups who they can tap into for capital. Sometimes, your best bet for franchise financing is to get help from the franchise itself.
If that isn’t an option, then you need to know how to go about getting a loan. First of all, if you own property, that is your best bet at getting a loan. Otherwise, you might need the help of family and friends to sign on to share the burden by offering assets in exchange. Unless you have had several big loans in the past that you have made good on with your bank, then you’re going to need some assets. Unless your net worth is very substantial, don’t count on getting a simple signature loan.
If your credit is bad but you have a lot of cash on hand, then this works in your favor. My advice to you is to first find a franchisor that banks will be more apt to give money for. Investing in a new franchisor that only has 5 locations is probably not a good way to get financing from banks. If you were to invest in a McDonald’s franchise, I guarantee you’d have banks lining up at your door waiting to give you money. Before planning your business model, you need to take into account the bank’s point of view. They are in the business of giving money that they are 99% sure will be able to pay back the loan. If they have any doubt in their mind that you could go under, they will not give you financing.
Sometimes, if a franchise itself won’t help you with the financing, they will point you to the direction of someone who will. Because franchises want to sell their franchise to make money, they typically create resources that will help you in approaching venture capitalists and other people who are looking to loan money for a better than average return.
In conclusion, your best chance for franchise financing comes either from the franchise itself, the resources they can point you towards, or the loan you can get for the bank. Depending upon your circumstance, if you do it right it shouldn’t be a problem getting a loan from one of these three resources.
New franchise opportunities are coming to the market regularly and the franchise industry is getting stronger and stronger. Franchise exhibitions are attracting many new exhibitors. Potential franchisees are coming in their droves to look at the many new & old opportunities that are eager to take their cash.
The entrepreneurial spirit is alive and kicking. People from all walks of life and different educational backgrounds are now thinking about going into business. More women are now looking to buy a franchise than ever before. Older people are joining the queue looking for part-time & full-time business opportunities for later life.
The banks and lending institutions are competing strongly to lend money competitively to new franchisees. It has never been a better time to buy a franchise. In some cases, the franchisors are even stepping in to provide guarantees to lenders to enable the franchisee to buy their franchise and set up the business.
Buying a franchise is much safer compared to starting a business on your own. Survey after survey carried out by official franchise organizations and lenders prove that people buying a franchise business are much more likely to still be trading profitably than people who choose to go into business on their own steam.
For those who are considering buying a franchise business, it is imperative that the right questions be asked to the franchisor.
How long has the franchisor been trading?
Are you a member of any approved organization?
What skills are required to operate the business?
How long will it take to recuperate capital invested?
How much turnover will I need to do to breakeven?
Who are your main competitors?
Is the market for your products growing, at a standstill or declining?
Will there be any unexpected fees?
Is there any ongoing training & support?
Which territories are available?
Do I have an exclusive territory?
What assurance do I have that my territory will be protected?
Are there any ongoing fees?
How long is the training?
How many franchisees do they have?
Can I contact all or some of your franchisees?
How many are trading successfully?
How many franchisees have failed in the past?
Why did they fail?
How are disputes handled?
How is marketing done?
What will be my contribution?
What is the procedure in selling the business?
What are the fees involved in selling the franchise?
Bear in mind that a good franchise opportunity will only work if you are prepared for the hard work involved in running a business. It is absolutely vital to find a business that will stimulate you for years to come. Far too many people choose an opportunity primarily based on profitability, rather than choosing the right business for them.
The franchise agreement is the cornerstone of your business and, as such, demands close scrutiny. Legal advice should always be sought to ensure that it is evenly balanced. Some franchise agreements that I have seen are far too one-sided and give more protection to the franchisor than the franchisee.
A final word of caution, even the best franchise will struggle in the wrong territory and marketplace. Always get independent advice from professionals to determine if your ideal franchise opportunity will work in your area.
