Step 4 – Presentation
We will present the opportunities that we have identified in our research to you. This discussion should accomplish two goals. First, to determine if these suggested opportunities meet your objectives as set forth in Steps 1 and 2, and, if not, to further clarify those objectives and repeat Steps 3 and 4.
Second, once potential opportunities have been established, we will arrange an introduction for you to those Franchisors with whom you would like to make contact for additional information relative to their specific opportunity.
It is important to remember that the Franchise Consultant is presenting you opportunities, but you must make the decision that is best for you. Therefore, refining the criteria for the best opportunity for you is an ongoing process.
Step 5 – Introduction to Franchisor
For each of the opportunities in which you have an interest, we will introduce you to the Franchisor. Normally this will take place on a 3-way call so that we can help you obtain complete information from the Franchisor. The Franchisor will send additional materials specific to its business for your thorough evaluation.
Step 6 – Review of the Uniform Franchise Offering Circular (UFOC)
Included in this information will be the Franchisors Uniform Franchise Offering Circular (UFOC). This is an important document and should be reviewed in detail. Questions and concerns should be discussed with the Franchisor. Included in the UFOC will be a contact list of existing Franchisees.
Step 7 – Call Existing Franchisees
You should contact as many of the existing franchisees as you feel necessary to gain an understanding of their experiences and how those will relate to your ultimate success.
Step 8 – Consultation with Professional Advisors
You should always consult with an attorney and accountant before making a decision. It is important that these professionals have a background in franchising. This will provide you with the best representation at the most reasonable cost.
Step 9 – Franchisors Discovery Days
Many Franchisors have a Discovery Day, where they will invite you to their location. If at all possible, you should attend as you will receive crucial information in regard to your decision. You will also get to meet the staff, see how you will be trained and learn about the level of ongoing support which is provided.
Step 10 – Decision Time
You have taken all the steps up to the door and now it is time to open it. Decision time. Congratulations! You have decided to own your own franchise. You have decided to become a Frantrepreneur – a cross between a traditional entrepreneur and a modern franchise owner, one possessing the desire to be a business owner without the desire to reinvent the wheel. You have chosen to follow a proven system for the benefit of your personal and professional goals.
