Becoming your own boss can be accomplished in three distinct ways. You could go to all the trouble of starting your own venture from scratch, reinventing the wheel along the way. The next option is to consider a resale or purchasing an existing business. But the third option – franchising – is by far the most advantageous route to business ownership.
But if you decide to go the preferred route and franchise your way to becoming your own boss, you may be wondering what the process looks like. Thankfully, FranNet of Canada can offer you some expert insight – especially as it pertains to FranNet’s Buying Process. As you’ll see, it’s really not that difficult to understand. Outlined below, there are basically seven steps in all, and each stage is another milestone achieved on your way to franchise ownership. So, take a look and tell us what you think!
Step 1 – Entrepreneurial Readiness Profile
Step 1 is all about your entrepreneurial preferences. You’re welcome to take our online Entrepreneurial Readiness Profile, which evaluates your values, motivations, work style, and financial capability. Begin the quiz now by following this link.
Step 2 – Choose an Ownership Style
There are different ownership roles with franchising. Are you interested in part-time involvement? Full-time? Or even the semi-absentee model, where you simply manage the manager? Pick a style that fits your franchise ownership preference.
Step 3 –Franchise Concepts Review
Get ready for some franchise brand closeups! Based on your assessment and ownership style, it’s time to review the concepts that best match up with your preferences. FranNet of Canada will work directly with you to review your options. At this stage, it’s extremely important to keep an open mind about what you’ll be reviewing.
Step 4 – Introductions and the All-Important FDD
When you’re ready to meet the brand execs, we’ll make the necessary introductions. Soon thereafter, you’ll be ready to review the franchisor’s all-important Franchise Disclosure Document (FDD). Take this stage slowly, seek professional counsel, and do your due diligence.
Step 5 – Validation Stage
Ready to get a real sense of what a “Day in the Life” would look like as one of the brand’s franchise owners? That’s what the validation stage is all about – one on one conversations with executives and existing franchise owners in the system. We’ll work with you to make sure you’re prepared with the right questions.
Step 6 – Discovery Day
Don’t look now, but D-Day is here – Discovery Day. And it’s for serious candidates only. This stage is an in-person visit to the brand’s HQ for a full day of meetings, visits, informal chats, field trips, tours, and usually a delicious meal. We like to describe it as a two-way, all-day job interview. Make sure you get spiffed up for your close up!
Step 7 – Time to Decide
The final step is reserved for your decision to become a franchise owner with the brand you’ve chosen. And while FranNet of Canada has helped you through the process to this point, we can’t make the decision for you. Though we are still more than happy to advise you and review what we’ve learned together along the way.
Now, you have a much better idea of what the franchise buying process looks like. If these steps seem like the journey you’d like to take, by all means let’s get things started! 2023 is finally here, and there’s simply no time like the present!
Let’s Chat!
2023 has arrived, so if you’re finally ready to begin your entrepreneurial journey, FranNet of Canada can help you get started. With consultants serving every Canadian province, you can set up a no-cost, no-obligation appointment with one of our qualified representatives. To find your local province consultant, simply follow this link and select an appropriate Canadian postal code on the FranNet Franchise Consultant Directory page of our website. Getting started is easy – you can take our FranNet Ownership Quiz – or simply make an appointment to speak with one of our franchise experts today. And don’t forget to read our bi-monthly blog series, covering franchising issues for all Canadian entrepreneurs!