Weekly Coaching Call
Coaching while you are doing your due diligence is a very important part of our process. The most important point to remember is that this is going to be a process of mutual due diligence. The company is going to be looking at you and you are going to be looking at them to see if you want to be partners.
For each of these opportunities that you have an interest, we will facilitate an introduction to an executive in that company. That executive will send and/or e-mail materials to help you become acquainted with their franchise opportunity. They will present to you their particular process and send you the Franchise Disclosure Document (FDD), which is a disclosure document for their franchise opportunity. This document is required by the Federal Trade Commission.
The procedure will be different for a non-franchise business opportunity, and we will discuss that as needed. As Your Franchise Coach, I will have weekly calls so I can guide you every step of the way through your due diligence process.
These are the key areas you will be doing in your Discovery Process:
Weekly calls with the development person and more if needed
Review the System Documentation with the development person
Weekly coaching calls with me
Franchisee Calls (Validation)
NOTE: You should feel free to consult with an attorney and an accountant before making a final decision. It is important to ensure that any professional you retain has an excellent background in and understanding of franchising. If they do not, then the process may be more costly and time-consuming while they do their research.
Discovery Day & Making a Decision
Most franchisors offer a Discovery Day, where they will invite you to their location to view the operation for yourself. You will not only get crucial information for your decision, but you will get to meet the staff that will be providing your initial training and continuing support. While not a requirement of every franchisor, we encourage candidates to take advantage of a Discovery Day if it is offered. Some companies will do a discovery day in your local market where they take you to an existing location and others are doing Skype Discovery Days where you are interviewed by the key executives.
Many companies will have meetings with key executives with the company to review your application and see whether or not they want to award you a franchise. This is a good thing, I promise you. A franchise company that will invite anyone to join them is a big Red Flag and I would be very concerned.
Years ago, when I was doing development for Sir Speedy, Inc. I had one of my clients turned down due to the territory they wanted. I used to live in the area in question and I was able to go to bat for my client and get him approved. The company needed more detailed information about the area. Today with the internet demographic information is available and makes it much easier to make sure someone is looking at a viable market.
You have taken all the necessary steps to help you make an educated decision like I promised. You have been awarded a franchise, congratulations! You have joined the ranks of a very special group of people you have become business owners. 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, without having to reinvent the wheel. Now, you will be able to own your business while minimizing risk by buying a proven business opportunity!