Step 1 - Contact a Franchise Consultant (http://www.fran-pro.com)
There is no time like the present to see what options you have. After contacting a consultant you will file information with him that will be kept confidential and is reviewed by their staff to provide you the best opportunities for your particular needs.
Step 2 - First Appointment
One of our consultants will contact you to setup an appointment to discuss your goals in finding the right franchise for you. This will take about an hour and can be accomplished over the phone. Understanding your particular goals and needs will allow us to find the best opportunity for you. We will set a follow up appointment to present you with opportunities that fit your requirements.
Step 3 – Research
We take the information provided by you, research available franchises and match them with your stated goals and needs. There are over 5000 franchises available and our goal is to identify the best 3-4 franchises that match your requirements.
It is import to remember that the Franchise Consultant from FranPro is presenting you opportunities, but it is up to you to make the decision that is best for you and your family. Therefore, refining the criteria for the best opportunity for you is an ongoing process.
Step 4 – Presentation
We present you with the opportunities that we have identified in our research. This meeting should accomplish two goals. First, if any of the opportunities are of interest to you, then we will arrange an introduction directly to the representative of the franchise. This will require that you complete and submit a confidential questionnaire to be supplied to the Franchisor. The Franchisor wants to know that you are financially qualified to purchase their franchise, that your timeframe to buy is within reasonable limits, and that your partners or family are in complete agreement with you buying a business. This does not obligate you in any way. It simply shows the Franchisor that when you find the right opportunity then you are capable of buying it.
Second, this step will allow us to clarify your goals and needs identified in Step 2, sending us back through steps 3 & 4. This may take place several times throughout the process.
Step 5 - Introduction to Franchisor
For each of the opportunities that you have an interest, we will introduce you to the Franchisor. The Franchisor will send materials to help you become acquainted with their franchise. They will also send the Uniform Franchise Offering Circular (UFOC), which is a disclosure document for their franchise opportunity. The UFOC receipt should be signed and returned immediately.
Step 6 - Review of the UFOC
We will discuss the items that are contained in an UFOC; in particular items to which you should pay close attention. You should then review the UFOC in complete detail writing down any questions or concerns for discussion with the Franchisor. The UFOC will contain a list of franchisees and contact information.
Step 7 - Call Franchisees
The Franchisor should provide you a list of several franchisees for you to call to ask questions about the franchise. Obviously, the Franchisor is going to give you a list of franchisees that are successful and have positive things to say about the franchise. The reason for calling these references is to ask them why and how they became successful. Then you need to determine if you can do the same things that they did to be successful.
Step 8 - Consultation with Attorney and Accountant
You should always consult with an attorney and an accountant before making a decision such as this. It is important to insure that both people have a good background in franchising. If they don't, then the process may cost you more that you needed to pay while they do their research.
Step 9 - Attend a Discovery Day
Most franchisors have a Discovery Day, where they will invite you to their location. You will not only get crucial information for your decision, but will get to meet the staff that will be providing your initial training and continuing support.
Step 10 - Decision Time
You have taken all of the steps up to the door, and now you must open it. Decision time. Congratulations- you have decided to buy a franchise. You have become a “Frantrepreneur", a cross between a traditional entrepreneur and a modern franchise owner. A person that possesses the desire to be a business owner, but does not want to recreate the wheel.