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When Does a Candidate Receive an Invitation to Discovery Day?

A franchise Discovery Day allows prospective franchisees to learn about the franchise from the franchisor firsthand. Attending a franchise Discovery Day is an excellent way for franchisees to obtain a wealth of important information quickly.

Discovery Day is often one of the last stages a potential franchisee takes before being given a franchise, and it is usually only offered to serious contenders.

If you receive such an invitation, you'll know the franchisor is considering you as a new franchisee, and they'll assume you've done your due diligence and are ready and prepared to take the next step in franchise ownership.

Before attending a franchise discovery day, you should:

  • Educate yourself on the details of the franchise opportunity.
  • Understand your responsibility as a franchisee.
  • Understand the general operation of the business model.
  • Review the franchise disclosure document (FDD).

Make a list of questions to ask the franchise support team. Here are some samples to get you started:

  • What are the franchise's current long-term plans?
  • Does this franchise allow for multi-unit ownership?
  • How would you rate your leadership in comparison to your competitors?
  • How many revenue streams do you offer?

Make a list of questions for existing franchisees. Here are a few useful examples:

  • What does your daily routine look like? What about your weekly routine?
  • What are the most satisfying aspects of your franchise?
  • Are you able to live the life you desire?
  • Why did you choose this franchise above others?

Whatever franchise you choose, go to Discovery Day with an open mind and a good attitude to make the most of your experience. Please keep in mind that you are interviewing them the same way the franchisor is interviewing you.

Following my Discovery Day tips and asking the proper questions will assist you in charting a successful future as a franchisee.

Find out more about how to prepare for Discovery Day by scheduling a brief call here.

7 Questions to Consider Before Financing Your Franchise

When it comes to franchise financing, you have various options. To determine which is best for you, ask yourself the following questions.

1. What is my budget, including business and personal?

You should know how much the franchisor demands for the initial franchise fee. In addition, you must budget for business expenses such as a real estate lease, business permits, overhead, inventory, and payroll. Also, keep in mind that you will need to budget for your own pay and unexpected costs.

2. When do you expect to be profitable?

While there is no specific schedule for creating a profitable business, you may get an idea of how long it should take based on the experiences of other franchisees. Talk to as many people as you can so that you can plan your budget correctly.

3. How is my credit rating?

If you have a good credit score, you should have an easier time receiving a small business loan. If your credit isn't outstanding, start working on improving it now so that you'll be in a better position in a year or two. If you do intend to borrow money, assemble all of your financial documentation, including personal financial statements, to make the loan application process go more smoothly.

4. Do I have the money in my savings account?

If you do, congratulations. If you don't want to take out a loan, start saving money now and projecting when you'll be ready to go. Consider temporarily borrowing from your retirement savings, but only if you can assure yourself that you will repay it well before you need it.

5. What’s my net worth?

In addition to credit and savings, a potential franchisor will look at your net worth to see whether you're suitable to become a franchisee. The balance of your assets and debts at one moment in time is referred to as your net worth.

6. What financing options are available to me?

Not every new franchisee has the money to equip a new business completely, and even if they have, taking out a loan to save money is frequently a sensible option. You have numerous financing alternatives to choose from depending on your credit history. Your franchise consultant can assist you with the many financing alternatives available.

7. Will I want to take on investors?

If you're considering using an investor to receive a financial injection, keep in mind that the investor will own equity in your business and thus have a say in some of the business operations.

When it comes to financing your franchise investment, you have various options. Your answers to the above questions should help clarify the direction you should take.

If you have questions about financing your franchise investment, please schedule a brief call here.

5 Ways An Entrepreneur’s Mindset Can Help You Become A Successful Franchisee

Becoming a successful franchisee takes effort and is frequently dependent on a variety of things. Still, an entrepreneur’s mindset is an often-overlooked internal factor that might make the difference between success and failure.

Here are the five most important characteristics of an entrepreneur mindset and how you might adopt them.

1. Keep Your Eye On The Prize

Thinking like an entrepreneur can help you stay focused on your goals. You won't let anything distract you from them. Whether you're looking for financial rewards, a better work/life balance, or enjoy the industry you're working in. A franchise will allow you to accomplish something you've wanted.

Those with an entrepreneur’s mindset understand that it is wiser to work deliberately and sustainably toward a goal than to hurry into a venture. Set smaller goals to strive toward while keeping one eye on the ultimate prize.

2. Thirst For Knowledge

Throughout their franchising journey, true entrepreneurs never stop learning and improving themselves. You don't have to spend every waking moment reading a personal development book or working excessive hours to expand your business. Instead, folks with an entrepreneur’s mindset incorporate small bits of learning into their daily routine. They might begin by visiting a sector-specific news site or attending networking events.

3. Meet A Challenge Head-On

People with an entrepreneur’s mindset approach challenges with an open mind. They are not afraid of failure, and as a result, they frequently achieve more than they thought they were capable of. Most entrepreneurs are simply eager to explore new things.

4. Look For Opportunities

If you want to develop an entrepreneur’s mindset, you shouldn't take your success for granted. When you're busy, it's tempting to stop looking for new business, but it's one of the easiest ways to limit yourself as a franchisee. If you never explore new opportunities, your business will never expand.

5. Avoid Becoming Complacent

Entrepreneurs understand that there is always room for improvement in their leadership and business. So they don't offer themselves false praise if they find themselves pursuing fewer possibilities or recognizing they're lagging on their own growth.

Adopting an entrepreneur’s mindset is not always simple, but it is always rewarding. If you are patient and work hard to improve your perspective, you will see significant improvements inside yourself.

If you want to explore your entrepreneurial mindset, please schedule a brief call here.

Why Is Self-Confidence So Essential For A Franchisee?

How can you expect others to believe in you if you don't believe in yourself? The mindset to believe in your ability to manage a franchise successfully is the first step toward being a successful franchisee.

Of course, finding a good balance between being your own critic and being overconfident is critical. As a result, here is why a franchisee must be self-confident.

You Can't Motivate Yourself Unless You Believe In Yourself

Successful franchises, ranging from boutique gyms to home-based businesses, cannot thrive without motivated franchisees.

Only when business owners believe in themselves can they successfully launch a franchise with integrity and faith in their brand. Being self-assured enables you to be purpose-driven and offer your franchise your best effort.

Solving Issues

Genuinely believing in your ability to succeed while not allowing self-doubt to hamper you will give you the confidence to overcome even the most difficult challenges. As the saying goes, "The greatest opponent of success is the fear of failure.”

By reflecting on all of your accomplishments in building and running a franchise by yourself, you should understand that it is primarily due to you and your efforts.

Apply Logic

If you need a rationale to feel more confident in your capacity to own and operate a franchise, list out your successes, talents, and characteristics that you know will be useful to run your franchise successfully.

Even before you open your franchise, knowing that you have proven yourself in a variety of areas throughout your life can provide you with the confidence you require to operate a franchise.

So, believe in yourself and pursue your dreams!

If you would like to talk about the importance of self-confidence in franchising, please schedule a brief call here.

What Really Motivates Successful Franchise Owners?

Do franchisees care only about money, or are there other considerations?

According to studies, self-employed people are much happier with their jobs than corporate employees. For example, in a recent survey of over 2,500 franchisees across 75 franchise systems, 87% said that operating their business was enjoyable and gratifying.

Of course, franchisees want to make money, and when asked to rank their motivations for purchasing their franchise, the most common response is to increase their own wealth. However, most are also driven by other psychological factors, such as the following:

Motivation: Flexibility

Almost as many franchisees who prioritize creating money say they acquired their franchise mainly to have more flexibility in how they operate their lives.

Motivation: Independence

Many franchisees indicate they acquired their franchise to avoid the politics, rigidity, and frustration of working for someone else.

Motivation: Accomplishment

Many people use their business to showcase their creativity and prove that they can attain success through their own hard work.

Motivation: Contribution

Franchisees frequently view their employees and customers as extensions of their families. Many individuals express strongly about the joy they get from mentoring young people, improving the lives of their customers, and giving back to their communities.

Motivation: Respect

We all want to be respected, and many franchisees utilize their business to gain reputation and respect from their family, friends, and coworkers. Respect is typically underestimated until it is not shown.

Before you invest in a franchise, you should clearly understand your motivation. 

Please schedule a brief call here so we can discuss what motivates you.

5 Ways a Franchise Consultant Can Be Valuable To You

How do you pick the ideal franchise for you when there are so many to choose from? This is when a Franchise Consultant can come in handy.

I am a business matchmaker. I use a proven process to help ambitious entrepreneurs identify the ideal franchises for their situation.

Here are the five ways I add value to my candidates:

1. Franchise Industry Experience

The more your consultant knows about franchising and business ownership, the better job they can do in identifying one that is a perfect fit for you. Look for a consultant who has been a franchisee or worked with a franchisor's executive staff.

With a Franchise Consultant’s knowledge of what you’re looking for and the franchise industry, they should be able to give you suggestions for the best franchise that will fit your personality.

2. Reputation in the Industry

A respectable consultant will spend hours with you, asking questions and listening to your needs and goals before examining franchise businesses that can work well for you.

3. Legal Documents

Your Franchise Consultant can review legal documents and paperwork before signing because they should know how proper documentation looks.

4. Pre-Screened Franchisors

A good consultant would deal with pre-screened franchises. This lets them know that the opportunities are substantial while tailoring prospective options to the most essential to the franchise candidate. You should work with a consultant that thoroughly evaluates franchise prospects and provides a diverse selection of sectors, investment levels, and business models.

5. Proven Results

Examining your consultant's outcomes is one way to assess if they can help you select the right franchise. For example, assume they work with reputable franchisors and choose competent franchisee candidates. In that case, they should be able to assist many people in discovering their perfect match in a franchise.

A qualified and experienced Franchise Consultant will constantly look out for their candidate's best interests. I will listen to you, learn about your goals, and base my franchise recommendations on characteristics rather than the next hottest thing.

Remember that the purpose of a Franchise Consultant is to match you with a brand that suits your requirements, goals, and talents.

If you’d like to find out how I can find your franchise match, please schedule a quick call here.