In today's economy, franchise opportunities are endless. A closer inspection finds that not all franchises are the same, though.
There are many benefits to working in the franchise industry, including some recession-resistant brands with low start-up costs and low overhead. Additionally, working your own hours and taking charge of your own decisions may enhance the quality of your life.
I'd like to tell you about Drew, one of my thriving franchisees. Here are his thoughts.
Question: What were the top three things (characteristics) you were looking in a business?
Answer: 1. Be my own boss. 2. Own a business that is in my backyard where I can help give back to my community. 3. A company that allows me to not be involved in day-to-day operations.
Question: Did you experience fear/hesitation/anxiety at some point?
Answer: I had a lot of anxiety and fear, but it was mostly because of what I didn't know. As we walked through the process and you answered questions, my fear/hesitation/anxiety were minimal.
Question: When? How did you deal with it?
Answer: I think that the majority of these hit at the beginning because I was not sure what type of franchise was right for me. Plus, as we got to the financials and I was(n’t) sure about the stages and how the loans worked out. I'm still a bit nervous, but it makes more sense as you are talking to each team and the timelines match up.
I dealt with it mostly by doing my research, attending calls with the franchisors, and asking a lot of questions to you, the teams, and former business partners. I felt over prepared for each step of the way and ahead of other people.
Question: How valuable did you find talking with franchise owners?
Answer: I thought talking to business owners was an extremely valuable part of this process. One thing that I would have to have had, would be a few more sample questions to ask. It's hard to figure out questions for things that you don't know yet. However, they were extremely helpful on next steps and what to expect from finding a locations, hiring staff, sales/marketing, preopening, and Grand Opening.
Question: Anything especially surprising or interesting?
Answer: I'm not sure if there were any surprises that came up, but I'm surprised how many people were testing the waters in the process and dragging their feet to move forward. I didn't think that I would be one of the first people to sign up after Discovery Day, but Ryan helped answer all my questions and prepare me for each step and I did the necessary homework/research that once I finalized Discovery Day and validated my questions; I felt comfortable to pull the trigger quickly.
Question: Did you find them or change to something else?
Answer: Initially, I was looking at a small IT company to support Small to MidSize companies. However, after talking to Ryan, I realized this role wasn't any different than being an Account Executive with a paid territory. That was not what I was looking to do and after I learned more about Boutique Fitness, I changed my direction.
Question: Did you feel well-equipped at the start of the validation process?
Answer: After preparation calls with Ryan, I felt extremely prepared for what steps were coming and what to expect at each phase.
Question: If not, what could you have known before?
Answer: There is so much going on, that it's best to take it in incremental steps. Don't over plan. Just take one step at a time. I thought the process was laid out well and prepared me for what was coming up and any concerns.
Question: When did you know that this was the right franchise for you?
Answer: I was pretty sure after I saw the Financial Disclosure Document and discussed some options for what I was looking for and what Franchise would be the right fit for me. I validated all my final questions after sitting at dinner with the President of Row House the first night of Discovery Days. However, my decision was pretty clear after the 2nd Day of Discovery Day and their team laid out an impressive presentation for each step of being a Franchisee and how they would support me up to Grand Opening and beyond for me, my GMs, Regional Manager, Staff, and Coaches.
Question: Do you think you would have found this business without my help/guidance?
Answer: I don't think that I would have found Row House if I didn't find Ryan and talk to him about what I wanted to accomplish.
Question: What did you think about the unique perspective I gave to you being an experienced multiple-unit franchisee?
Answer: It goes a lot farther when you can validate questions with someone that is part of the Xponential Fitness family. It’s another way to talk to a franchisee that also understands what you are going through and helps you understand the process and what questions are important to address.
Question: Now that you have gone thru my process, What advice would you have for someone that is thinking about owning a franchise?
Answer: I think the biggest advice that I would give them is that if you don't try to tackle everything at one time, it's doable. Also, if you are not happy with the Corporate life and looking for other options, that it's worth your time to listen to what is possible. Plus, understand the difference between getting a paycheck and wealth management. Once you understand tax ramifications and how you can fold more into your company, you realize that making a nice base is not the biggest factor with having a job/owning a company.
Let me help you find your path to franchise ownership. Please schedule a brief call with me.