of your research process and one that you should not take lightly.
7 STEPS TO FINDING YOUR
IMAGE BY RAWPIXEL FROM PIXABAY
05 Evaluate Franchise Documents
“Perfect-Fit” Franchise By Faizun Kamal
A
re you looking for a franchise and don’t know which one is the “perfect fit” for you? The process should be intentional and focused. Here are the 7 steps you may want to consider before you begin your search.
Different franchises have different business models that require different skill sets and you need to understand how your particular skills align with a specific franchise model.
03 Identify Franchise Models
Each franchise will share with you what is known as the Franchise Disclosure Document (FDD). This is a legal document that comprises 23 items that gives you a comprehensive overview of the financial state of the franchise, any outstanding litigation against it, earnings claims of existing franchisees, among other items. A second document that you will be presented with once you have moved through the due diligence process is the Franchise Agreement, which lays out the responsibilities of each party (franchisor - the franchise company and you, the franchisee).
06 Attend Discovery Day Most franchisors hold regular Discovery Day events at their corporate headquarters. These are opportunities for the company to interview the potential candidate to deem if there is a good fit. You should also take this as an opportunity to learn more about the company and the team that will become your extended work family for years to come.
07 Become a Franchisee!
There are more than 3,000 franchises in the If you have done due diligence and have United States alone. How do you find the 01 Work with a Franchise Consultant one that is the right fit for you? Using your attended the Discovery Day, you should now be in a position to make the decision to either Would you buy a house without using a personal assessment and your customized move forward with the franchise opportunity realtor? Would you look for a new corporate business model built for you by your franor not. The decision to move forward must opportunity without seeking the help of an chise consultant, you can start to narrow sit comfortably with you on an emotional executive recruiter? A franchise is no differ- down some of the franchise options that level as well as a business and financial level. ent. Find a reputable franchise consulting may be a fit with who you are and what you Working hand in hand with your franchise company and identify a franchise consultant are looking for. consultant, you should now have found your that you can work with. The services of a 04 Begin Due Diligence "perfect fit" franchise. w Consultant are free to you. They are paid by The process of due diligence is one in which the franchisor when the client is awarded your franchise consultant will introduce you You can find Faizun Kamal's new book at a franchise. to a handful of franchises that may be a Amazon. Excerpted from The Right Franchise 02 Know Thyself fit based on your personal, financial, and for You: Escape the 9 to 5, Generate Wealth, & Working with a franchise consultant, take lifestyle goals. Each franchise will then Live Life on Your Terms. an honest inventory of who you are. What introduce you to current franchisees in their are your skills and strengths? What are your system so you can start to get a granular feel Faizun Kamal is a bestselling author, weaknesses and blind spots? What comes for what it is really like to run that particular nationally renowned public speaker and naturally to you? business. You will be able to ask questions career strategist. As a franchise coach. Faizun helps people make the transition What feels like pulling teeth? These are and understand what "a day in the life of ..." from employee to entrepreneur. Contact all good indicators of skillsets you bring to is really like. her at (443) 604 6276 or email Faizun@ the table. This is possibly the most valuable part thefranchiseconsultingcompany.com. 12 FRANCHISE CONNECT | NOV-DEC 2019
