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.
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.
There are many franchise opportunities for people with small budgets. A low cost franchise does not necessarily mean a business with low income potential. Trawling through the franchise market, I have discovered that some of the best franchises only need a small initial outlay.
In some cases it is possible to recover the entire franchise fee in the first year of trading. With many of these businesses, you do not need any premises as you can work from home. This greatly reduces overheads and enables you to reach profitability very quickly.
Another very important benefit of low cost franchises is that some of them can be run full time or part time. This is ideal for people who do not have large monthly outlays and only require a small income to supplement their existing business. Just be very careful when analyzing any new business opportunity. If you cannot see a market for the product then it probably does not exist!
One low cost franchise opportunity specializes in cleaning carpets. They use extra powerful industrial vacuum cleaners to remove 80 percent of the dirt and dust in carpets before applying specialist chemicals which dissolves most of the oily and greasy particles that still remain. Their specialist equipment then removes almost all of the fluids used in the cleaning process. This means that your carpet is bone dry within a couple of hours.
Householders benefit because they get their carpets cleaned to a high professional standard at a reasonable cost. This then leads to repeat business possibly every couple of years for the franchisee and his reputation spreads quickly by word of mouth. The franchisee also benefits from professionally created marketing material including leaflets and business cards.
This business also benefits from positive cash flow as the franchisee gets paid for his work on completion and he receives generous term from his suppliers for his cleaning materials. The ideal franchisee for this company is a person who is still relatively strong and does not mind the hard physical work involved.
Another franchise for people with low budgets specialize in bringing single people together. Again this business can be managed from home. The franchisee has to follow a predefined local marketing programs that generates enquiries. This is then followed by a professional consultation so that a suitable match can be found.
This franchise requires people who have decent communication skills and are very presentable. This business is ideal for people who sincerely like to help other people and do not mind networking. The one downfall of this business is that if you do your job properly then you will not get any repeat business although you might get referrals!
Another interesting business opportunity is providing asset finance (lease & hire purchase) to local businesses. Again you do not need expensive premises (and can possibly work from home) but an aptitude for basic arithmetic definitively helps. If you already have many business contacts then this might be right up your street!
This business targets a very specific niche in business and has well proven marketing strategies to help you identify your most lucrative clients. The best factor in this business is that you can generate a lot of repeat business with the same client and if the business is handled correctly then most of your new clients will be generated by referrals.
In this type of business you will most definitely have to be prepared to learn new skills and some cold calling is required. From the point of initial contact to actually generating new business might take months and in some cases years. Patience is a virtue in this business.
My advice to anyone thinking of buying a franchise is:
-Do not just think about the earning potential.
-Find a business that suits your personality and lifestyle.
-Always take professional advice before embarking on a new business.
-Be prepared to “go back to school” and learn new skills.
In short, if you have a small budget, are prepared to learn new skills and choose the right niche, then one of these opportunities could work for you.
Charleston, SC (May 31, 2018)— Franchise Clique, LLC, a leading franchise recruitment and lead generation company serving the franchise industry, today announced it has moved into new corporate offices at 133 River Landing Drive in Daniel Island’s growing business district to accommodate rapid company growth.
Franchise Clique was founded in 2009 in Charleston, South Carolina. The company offers lead generation and business development services for franchises and businesses of all kinds. It is privately held and boasts that its leadership team has decades of combined experience in lead generation.
Franchise Clique, LLC New Corporate Headquarters
“Going into our tenth year this is a monumental time for Franchise Clique and is the start to large company improvements that have the staff and customers eager to benefit from the unique opportunities this expansion provides,” said Franchise Clique Chief Executive Officer David Schwartz. “Franchise Clique’s new office space provides an updated and healthier work environment for existing and incoming employees while also leaving room for even greater company growth in the future.”
The new space reflects Franchise Clique’s proactive company goals that are meant to bring customers top-notch service while maintaining a high level of efficiency. The new location is near Daniel Island’s public dock and walking/biking trails which are walking distance from multiple restaurants and shops. The new office provides each employee with a personal office space which is a drastic improvement from the cubicle-style space from before.
David Schwartz, owner and CEO of Franchise Clique, will attend this International Franchise Association’s annual convention in San Antonio, Texas February 20-23, 2016 as an Entrepreneur of the Year Award nominee.
The Entrepreneur of the Year Award recognizes those individuals who possess the leadership and management skills to create a successful business enterprise through franchising. The award also celebrates those who make great strides to improve the franchise industry as a whole.
Schwartz, who was also nominated in 2013 and 2014, will attend the convention along with other key members of Franchise Clique’s leadership team including Guy Norcott, Chief Operations Officer, and Melissa Maxwell, Director of Sales.
“For the most part, we interact with our clients long-distance over the phone and through e-mail,” explains Norcott, “The IFA convention allows us the chance to connect with each of our clients in person.”
“It just an honor to be continuously recognized,” said Schwartz, whose company executes lead generation and online advertising campaigns for over 500 different brands. This exciting news comes just after a win for the Vendor of the Year Award at the Franchise Brokers Association’s annual conference and expo in Orlando last month.
Franchising World Magazine recently wrote a piece on the healthy psychology of franchise relationships. The author Greg Nathan focused specifically on the how franchisees and franchisors feel about being legally and commercially connected, “It incorporates trust, commitment and the informal expectations people have of each other. We would call this the “psychological contract.” Nathan expresses that this psychological aspect of the franchise relationship can be a potent source of competitive advantage by those who recognize its power, as well as a source of misery for those who deliberately or inadvertently ignore it.
Nathan says that in order to achieve a healthy franchise relationship, there must be high levels of franchisee advocacy, commitment and engagement.
The team of psychologists at the Franchise Relationships Institute has been studying the factors that drive advocacy, commitment and engagement for more than 20 years. Nathan’s article includes the entire seven principles (which we encourage you to check out here), but we have chosen three of our favorites:
Leadership messages should be focused on promoting optimism. The franchisor has an important role to provide franchisees with a sense of confidence in the future. Optimism drives positive attitudes, and in return, positive behaviors. Despite businesses facing significant marketplace or commercial challenges, many have managed to maintain healthy franchise relations because franchisees have confidence that their franchisor is taking them to a better place.
The way in which changes are introduced is extremely important. A poorly managed introduction of new initiatives is said to be a common source of franchisee dissatisfaction. The loss that comes with change, financially, or with identity, status, certainty, convenience or relationships. Communication is key during these times of change, and will impact franchisee commitment to change.
It is important to encourage connection and pride. A sense of belonging is a string that extends through seven of the principles that the Franchise Relationships Institute offers – not surprising given that the simple need to belong is a powerful human instinct. Having a sense of connection to the brand and culture, networking with other franchisees, and interacting with customers and staff is powerful for the business. The way group meetings and conferences are structured is important as they should maximize small group interaction, allowing people to get to know one another.
OxyMagic carpet cleaners provide excellent carpet cleaning services. Each carpet cleaning franchise is individually owned and operated by people that are passionate about clean carpets. Throughout the lifetime of your carpet, the fibers are subjected to the day to day under-foot grind of typical household spills, dirt, children, pets and after a while it can all take its toll. OxyMagic uses the power of oxygen to clean a wider spectrum of soils that other cleaners may not get out. With the OxyMagic system, average dry time is reduced to 30 to 90 minutes, which eliminates the chance for old stains to return and for mold and mildew to form.
OxyMagic’s NaturesWay® cleaning solution and process provides a healthier home environment from common household contaminates. OxyMagic feels that its responsibility is to the environment, and to its customers. The company’s first thought is to safe guard the environment while maintaining the highest quality of cleaning for our customer’s carpets, rugs, and upholstery. The company only uses safe solutions and strives to maintain a reasonable price for a superior service to its customers.
OxyMagic is also dedicated to its Franchise owners and are looking to expand within the franchising industry.
Franchise Opportunity You now have the opportunity to own your own business in an affordable franchise featuring this EXCLUSIVE carpet cleaning system. If you’ve ever thought about owning an affordable franchise with the backing of a long-standing nationwide company there will never be a better time than RIGHT NOW! Because of our exclusive Oxygenated Carpet Cleaning System…
You can own… Your own Oxymagic Franchise and have a protected market to grow a database of good profitable repeat customers. By using OxyMagic’s “working on your business model” you will find out how easy it is to have one, two or even three carpet techs working for you everyday while you enjoy the financial freedom to live your dreams.
Which Means… You own a rewarding business and not a job. This also means that you can get in on the Oxymagic ground floor opportunity.
• See for yourself the power behind our marketing niche and unique selling proposition to your potential clients.
• See for yourself the income building potential of repeatable residential cash business.
• Get fully trained on our unique Oxygenated Extraction Carpet Cleaning System.
• Leave with a vast wealth of knowledge and proven model to build your own Oxymagic business in your city.
Interested in learning more? Check them out over on our site here!
For over 30 years, Gymboree Play & Music’s carefully crafted programs have been helping both parents and children to grow young minds. The company has continually developed classes and program content to incorporate cutting edge learning and fitness activities. They strive to bring fun, creativity and friendship to both customers and franchisees alike.
There are more than 700 Gymboree franchises in over 40 countries. As the creator and leader in interactive children’s play, music, art and development programs, Gymboree Play & Music built a business system with an unequalled reputation. The company’s unique approach has created a loyal customer base that continues to grow worldwide. Gymboree franchisees also have the advantage of being part of a rapidly growing Gymboree brand. Gymboree is quickly expanding in U.S. markets and opening new franchises all over the world. Some existing locations are also for sale.
Want the details?
Key markets are available in the US and internationally.
Gymboree Play & Music Center
Franchise Fee: $45,000
Royalty: 6% of gross receipts
Estimated total investment: $126,000-$270,950
Gymboree Metro Play Center
Franchise Fee: $25,000
Royalty: 6% of gross receipts
Estimated total investment: $77,000- $178,350
If you are interested in learning more, contact us here.
I have been reading recently about a hot topic in marketing and advertising – targeting the Millennial generation. Who is the Millennial generation, you may ask? While there has been some debate over when the generation starts and stops, generally, it is considered those born between 1977 and 1995. Larger than the baby boomers’ 76 million, there are an estimated 80 million Millennials in this group of 18 to 34 year olds.
So from a marketing perspective, how do we target this generation of people ranging from college students to young parents? First off, we must recognize that most Millennials are technology dependent. There are several tips that Susan Glosby from FIT4MOM offered in this past month’s issue of Franchising World magazine offers some advice.
1. Offer ease of access to your information
Most Millennials use their smartphones and other similar electronic devices to access webpages. Make sure your website is mobile-friendly and is easy to read for those accessing info via a smartphone. Additionally, make sure you have all the information people are seeking on your site – contact information, sales information, costs of goods – if they can’t find it quickly, they may take their business elsewhere.
2. A sense of involvement and purpose
Millennials are said to care about the purpose and identity of the brands they support more than generations of the past. What does your brand do to make the world a better place? This generation wants to know. Do you promote local volunteering with your franchisees and employees? Do you help educate your community? Do you donate to certain causes as a company? They want to know those things, and are more likely to be a repeat customer if your ideals are in line with their own.
3. Peer value
Use social media to provide peer endorsements! Millennials have the sense that when using technology, they are never truly alone – their peers are always with them. Having Instagram tags, a Facebook page, a twitter account, allows this generation to easily do some of the advertising for you among their friends.
What other ways can we appeal to our 20-somethings? Leave your marketing tips in the comments below!