If you’re interested in owning your own franchise, here are some must have resources to get you started.
Frequently-asked-questions (and answers) about franchising.
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As Franchise coaches, we represent over 400 different franchises. Those franchises are all on the prowl for good, quality franchisees. But they’re so busy running a corporation, they don’t have the time to search for the right owners. That’s where we come in. The franchises pay us to help find the right talent which means we get paid when you succeed. That’s why we work our tails off for our clients and can do it at no cost to them.
2-5 hours per week for 2-4 months.
We’ll lead you through a 10-step process. This will involve 2-3 weeks of personal assessments followed by 3-6 weeks performing due-diligence with the franchise company(s), which culminates in your decision to buy a franchise. Finding the right fit will require spending a few hours a week on phone calls, zoom calls, and individual research.
It depends.
Retail franchises typically take 6-12 months to open because of the requirements for opening a brick and mortar location. Real-estate selection, construction buildout, inventory ordering and placement, and grand openings take time to plan and implement.
Home-based franchises can open in as little as 30 days after training with the franchise company. But, on average, home-based franchises open within 1-3 months from the day you sign your franchise agreement.
$50K – $500K.
Because home-based businesses don’t require the same amount of capital as a physical location, it typically costs between $50K and $150K to open one. Retail businesses, on the other hand, can cost anywhere from $150K – $500K+ depending on:
- The number of locations you choose to open
- The size of your franchise territory
- The product and inventory required to get started
- Marketing costs
*It’s also important to note that franchise companies offer discounts to Veterans.
To avoid making devastating mistakes.
Some of the common mistakes people make are:
- Making decisions with faulty information
- Thinking like a customer rather than an owner
- Being crippled by unforeseen costs
Our 40+ years of franchise ownership and coaching experience can help you avoid these mistakes, find your fit, and transition with ease. We’ve stood in your shoes ourselves, and we’ve walked hundreds of people through this process. It’s our passion to eliminate the pitfalls so you can own the business of your dreams and have peace of mind along the way.
No.
Franchise companies want to see their owners succeed and provide training programs to set them up for success. Many of our candidates tell us, “Three months ago, if you would’ve told me I’d be the owner of this business, I would’ve said, ‘You’re crazy!’ But now, I can’t imagine doing anything else.” Our coaching will guide you through the paradigm shift required to think like an owner and find a fit you’ll love.
Yes.
Many franchise companies have designed their organizations specially for part-time ownership. While not all franchise businesses offer this model, those that do, provide candidates the opportunity to continue their 9-5 corporate jobs while also growing their small business.
Yes.
In most cases, franchise companies require spouse/partner involvement during the 3-6 week due-diligence phase of our process. In our experience, the earlier a spouse/partner is engaged in the process, the more beneficial and enjoyable the discovery process becomes.
We’ll help you set your budget.
Each of our candidates go through a funding pre-qualification process to help determine if they have enough money to purchase a franchise. The typical requirements are:
- A net worth of $250K
- $20K in liquid assets
- A credit score above 650
- If you want to get a head start on funding, click here to begin the pre-qualification process.
Consult a franchise attorney.
Not all attorneys are created equal! We’ll advise you on trusted franchise attorneys so you can discuss the validity of the franchise offering. It’s important to note that each franchised business in the United States is regulated by the FTC and state regulatory agencies.
Here’s a glimpse of the kinds of tools we equip our candidates with during the coaching process.
- 10 Step Process: A step-by-step timeline of how we’ll guide you from where you’re at to where you want to be.
- Zorakle Personality Assessment: A comprehensive assessment that shows you how your skills and experience can transfer well to business opportunities you never would have imagined.
- Franfund: We’ll connect you with a franchise funding specialist and begin the pre-qualification process so you’ve got a sound financial plan.
- Experienced Franchise Attorneys: We’ll connect you with reliable franchise attorneys to review your documentation and protect you throughout the purchasing process.
- Franchising 101 Pathway Workbook: This participant’s guide is designed to help you gather and organize critical information, reflect on your progress, and compare and contrast the franchises you’re looking at so you feel confident and clear in your decision making process.
free resource
Download The Five Most Common Mistakes When Selecting a Franchise (And How to Avoid Them).