November is a time for Thanksgiving in the US and Remembrance in Canada! I am thankful every day that I could have a successful career in franchising providing so much for me and my family over so many years. I’m also thankful in remembrance of all our fallen and living Heroes for their sacrifices. Did you know, it is now 105 years since the end of World War 1? Generations have come and gone. Embrace your love ones when you can and Happy Thanksgiving!

Over 30 years ago, I made the leap from the Corporate World and working in a job to self-employment and I never looked back. Over 20 years ago I started in the world of franchise development as an independent contractor and helped countless people in many countries find their ideal franchise business.

If it’s not broken, don’t fix it!

The process I used then is very similar to the process still in use today. Why? Because it works!

Following a proven plan for investigation and due diligence is the key to finding the right fit.

First Step

I shortlist from hundreds of franchise options to your Top 3 franchise business matches based on our consultation calls. In your time with me, you need to do some soul searching. I will save you time and frustration by looking only at your best franchise fit options. After I introduce you to these Top 3 franchise business matches you will follow this plan which has worked for the many who have come before you on their journey to franchise business ownership:

Soul Searching

Before you begin, do a little soul-searching. Why now? Do you have funding? Is business ownership right for you? Personally, I believe most people can do anything they set their mind to and usually the hardest step is the first step. Dream BIG, and just start!

Introduction Call

Your initial call is an opportunity for the franchisor to meet you and introduce their concept. Stay upbeat. Show up on time. If they give you any pre-work, do it! Build a little rapport with the franchise and get an idea of their culture and who they are. You will only get some of the information on this call, but it is a good start. Take every call seriously, and remember, this is a process of mutual elimination!

Unit Economics Call

Franchises communicate their earnings in something called a franchise disclosure document, FDD. Specifically, ‘item 19’ within the disclosure document is how franchises articulate their earnings to you. This is a vital part of the process. Be reluctant to investigate franchises that do not disclose their earnings. Trust but verify. Review the earnings in the franchise disclosure documents, and then it is time to talk to actual franchisees!

Franchisee Validations

The next step is to talk to franchisees and pick their brains about how they are doing. Ask questions about the real day-to-day of the business. Everything from earnings to training, marketing, ongoing support, and other important items. This part of the process might take a couple of weeks because good franchisees can be busy franchisees.

Discovery Day

Assuming things have gone well so far,  the franchise may invite you to a Discovery Day or Meet The Team Event. This is an opportunity for you to visit their headquarters and meet them in person. You need to be about 80% sure you are going to buy the franchise before you book a discovery day. Discovery day is a mix of social and business, and this is the time to have any remaining questions answered. This is a key part of the approval process. Do you like them? Do they like you? Do you fit their culture? Can you envision yourself here? If that is the case, it is time to plan!

Decision Day

A day or two after discovery day, the franchise will reach out to you to see if you’ve finalized your decision. This is the point where you are a yes or a no. Are you in, or are you out? A good businessperson will make a decision and move forward. No is a decision! If you do not see yourself fitting in culturally, that is the biggest reason you should say no. But if you can see yourself as a great partner for the franchise and vice versa, go for it!

Investigting franchises can be intimidating. However, you will feel much more comfortable and confident in your decision when you follow a specific plan to learn and understand more about the franchise.

This time of year is often a time of reflection and soul-searching. If you find yourself wanting to make a change and aren’t sure where to start, I would love to be your guide through this process and find the right franchise business for you and your family.

Let’s Have Some FranchiseFun!