On behalf of FranNet of DFW & Oklahoma, Happy New Year! We hope that 2023 will be a successful one for you, especially if you’ve been considering an entrepreneurial future. If you’ve been keeping up with our weekly blog, we’ve recently set the stage for you with previous posts that discuss planning, goal-setting, and the latest in franchise funding and finance. We want you to know that we’re your full-service franchise consultants, should you choose this advantageous route to business ownership.
One of the most common questions we get asked has to do with the franchise purchasing process. While the number of steps can vary, depending on whom you ask, we’ve put together a typical timeline that covers the entire process from start-to-finish. According to the FranNet Buying Process, there are seven distinct steps. So, take a look and tell us what you think!
Step 1 – A Personal Assessment
The initial stage is all about your entrepreneurial preferences. We recommend that franchisee candidates take our Entrepreneurial Readiness Profile, which looks at your values, motivations, work style, and financial tolerance. You can take this quiz now by following this link.
Step 2 – Your Business Ownership Style
This step continues with your assessment, but digs a little deeper to determine what you really want as a business owner. Part-time involvement? Full-time involvement? Or perhaps the semi-absentee model, where you can manage the manager? Discover the style you prefer best…
Step 3 – Reviewing Franchise Concepts
This is where the fun begins! Based on your personal assessment and preferred ownership style, it’s time to review the franchise concepts that best match up with your strengths. FranNet of DFW & Oklahoma will work with you directly to review the business models that you might one day own and operate. One piece of advice for this stage? Keep an open mind and let the process play out!
Step 4 – Introductions. And One Very Important Document to Review
Once you’ve determined the franchises you wish to pursue, we’ll make introductions to the brand’s executives. Together (with us in your corner), you’ll have discussions about your interest in owning the concept, as well as reviewing the brand’s all-important Franchise Disclosure Document (FDD). Advice for this stage – do your due diligence!
Step 5 – Validation
Many entrepreneurs find this step to be the most fun because you’ll get a chance to have one-on-one discussions with executives from the franchise brand – as well as a few of their existing franchisees. This is your opportunity to ask the tough questions and get a real sense of what a “Day in the Life” looks like as one of the brand’s franchise owners. But don’t worry – we’ll help you prepare your list of questions!
Step 6 – Discovery Day
By now, things are really heating up – but we’ll still be by your side to advise you. Discovery Day is a franchise industry term that signifies an in-person visit to the brand’s HQ for an action-packed day of meetings, one-on-one visits, field trips, tours, and communal dining. The best way to think of it? It’s basically a two-way, all-day job interview. You’ll want to be looking – and acting – your best!
Step 7 – Decision Time!
It’s time for you to make an important decision on whether you’d like to become a franchise owner with the brand you’ve chosen. And while FranNet of DFW & Oklahoma has been with you throughout the entire process, this is one stage where we don’t interfere. We’re happy to advise you and review what we’ve learned together along the way, but the final decision belongs to you, and you alone.
We hope this information has helped you better understand the franchise buying process and set your expectations. In a perfect world, it’ll also motivate you to get going on your own entrepreneurial plans. 2023 is finally here, so be sure to let us know if you’re ready to embark upon your own personal journey to business ownership.
Because we’ll be more than happy to help!
If you’d like to know more about franchise opportunities and ownership, we’d like to hear from you. We are uniquely qualified to match your potential with the possibilities that come from small business ownership through franchising. All you have to do is allow FranNet of DFW & Oklahoma to be your guide. Our no-cost, no-obligation consultations have helped hundreds of entrepreneurs in North Texas and Oklahoma secure a future that belongs to them and them alone. If you’d like to get started on your own entrepreneurial journey, we’d love to introduce you to a whole new world of possibilities through franchise ownership. Don’t forget to bookmark our podcast, Unpredicted Entrepreneur, and let us know if you enjoyed our content. Whenever you decide to act on your future, we can help you begin your entrepreneurial journey. Just let us know!