Steps To Becoming A Business Owner Through Franchising

We all have a dream. The question is how do you live out your dream? The first step is to visualize your dream and construct a plan. Decide what you expect from owning a business. Are you looking for financial freedom? Is a career change what's important to you? Understand your strengths and weaknesses and determine if franchising is right for you. What do you expect from your Franchisor? Do you have the desire, motivation and financial capacity to own and operate a business? Do you have the knowledge and expertise that would prove helpful, such as a business background or management experience? Are you prepared to work hard and face challenges head-on? Do you like working with and meeting people? Do you have a location in mind?

Be Prepared Learn everything you can about a particular franchise by allowing The Franchise Trifecta to work with you through this important process. Explore several opportunities to compare how one may offer more advantages than another. Visit the franchisor’s websites and speak with their representatives after being introduced through Franchise Trifecta. Determine if this particular concept will meet your personal needs. Does the business appear to be a good fit? Are your goals and dreams realistic and in line with what the franchisor is offering?

Complete the franchise application You will be asked to complete an application by the franchisor. There is no obligation to buy when you fill out the application form, however it does show the Franchisor that you have an above average interest in their franchise opportunity. Upon receipt of the application, a member of the franchise development team will be in contact with you to begin the process. The Franchise Trifecta will ensure that all of your questions are answered and will work with you through this process.

Receive and review FDD Once you have completed the first level of qualification, you will be invited to receive the Franchise Disclosure Document (FDD). This document contains very important and specific information about the particular franchise offering, the franchise agreement, financial statements, a listing of existing franchisees that you can contact, and other information pertinent to owning a franchise. Review the FDD with your attorney or accountant and determine if our opportunity is compatible with your goals, dreams and financial capability. To help you with reading and understanding this important document, the Franchise Trifecta has a questionnaire available to assist you and will be provided upon request.

Call your franchise development specialist with any questions you or your advisors may have. If you are ready to continue in the process, you may wish to form a legal entity for your new business.

Prepare the Franchise Agreement Next, the franchisor will prepare the franchise agreement and send it to you. The form will be prepared in compliance with all local and federal regulations governing franchise contracts, which require a standardized agreement for each franchisee. After the required waiting period, you will submit your signed franchise agreement and franchise fee for final approval. If, for any reason, your Franchise Agreement is not approved, your franchise fee will be returned to you immediately.

Comprehensive Training Shortly after the documents are approved, you will attend the franchisor’s Training course, typically offered at the corporate headquarters of a particular franchisor. Depending upon the franchise concept, most offer a comprehensive training program where you will learn in a classroom setting as well as possible on-site training once the business is opened, depending upon the concept selected.

Grand Opening Congratulations! Your business is ready for its Grand Opening! The franchise support team is there to support you during your opening. Marketing tools are utilized to spread the word to the surrounding community to let them know you are open for business!