Franchise ownership is a path for investing in yourself. You want to own a business and gain more control of your future and lifestyle. We first get to know a little about each other’s backgrounds before talking about how you envision your future business:
What is the product or service you are passionate to provide others?
What resources do you need?
What are your business strengths, and what do you need to develop?
How well can you follow the franchisor’s proven operations and marketing?
What are your financial parameters?
What is your risk tolerance, and how do you know when you’re getting close?
How does business ownership affect your hierarchy of goals?
General information about Franchise Ownership –
According to FranNet, a franchise consulting firm, 91.2% of their franchise-supported franchises are still in business after two years, and 85% remain open after five years.
In contrast, the U.S. Bureau of Labor Statistics shows 21.7% of small businesses fail in their first year.
Working with me through the franchise matching and buying process does not add cost to your purchase.
What to Expect When You Work with Me through the Franchise Matching and Selection Process –
- Vision clarity to help you decide on the right brand fit.
- Increased confidence because we reduce your unknowns.
- Detailed brand information to answer your questions.
- Your personal stable of franchising experts for legal, real estate, and funding needs. We have successful experience with the best in the business.
- Unmatched franchise leadership development after the sale with the Franchise Owner’s Dashboard and Franchisee Advanced Leadership Center.
General Franchise Statistics –
- The initial investment in yourself to buy a franchise is between $75,000 and $150,000, all-in, for 70% of franchise brands.
- For approximately 10% of franchises, the initial investment is $50,000 or less.
- Franchises that require a storefront, approximately 20% of the brands, require an initial investment of $250,000 or greater.
- Some brands offer discounts for Veterans and First Responders.
- Some brands offer discounts in certain locations.
3 Devils are Deal Killers –
1) Too much time because of inconsistent activity. You have higher priorities and lose momentum.
2) Fear of the unknown. This is masked by other symptoms and we address this hurdle with each conversation.
3) Less than full spousal support. Owning a business is tough for a reason. You need everyone in your corner.
We talk about these issues upfront and throughout the journey. On average, the time from our initial conversation to signing day with the franchisor is 3-6 months of consistent 2-5 hours of work for you each week. Our conversation cadence varies according to your schedule and time-line for starting your new business.
More Questions to Consider –
What is the structure of the business – buying an existing business, starting up a business with your inspiration, or buying into a franchise system with proven operations and business model (new location or resale)? My focus is on franchising.
Let’s say you go the franchising route; what type of ownership suits your lifestyle, experience, and strengths?
Owner-operators manage and work delivering your product or service. Executive or semi-absentee owners set the strategy and oversee the execution of multiple locations. Some brands allow you to keep your employment.
How does this decision impact your family and your life’s goals?
Does the business require a storefront, warehouse, or can you run your business from home?
How long is your financial and emotional runway to get started?
What capital equipment does the new business need?
What is your strategic plan with milestones along the way?
How does the franchise benefit your community?
What other skills does your company need?
Who else can add value?
How is your relationship with the franchisor mutually beneficial? Each franchisor provides varying levels of support for you and your business. ImageFIRST offered bookkeeping services at a discounted price along with operational and managerial support.
What lines of reporting and communication do you need to grow your relationship with the franchisor?
How can you add value to your system’s franchisor and other franchisees?
Who benefits from all of your hard work, and how do you tell them?
What is the geographic reach of your business? What are the limiting factors for growth?
How do you know when fear is intruding on your decision-making?
Recent Client Success –
When we met at a workshop, my client was on a two-year discovery of how to shift from employee to business ownership. Together, we set the stage for success by uncovering his vision, establishing our working cadence, defining success metrics, and exploring avenues for business ownership.
The client discovered resources to research existing companies in the area and switched their focus to franchising after our 3d conversation.
A question arose during our conversation after he had talked with one franchisor—had the momentum created over the past two years made us move too fast, potentially overlooking crucial opportunities? Addressing this concern, we discussed the client’s ideal pace, indicators of thoroughness, and the need for additional information.
The turning point came with a seemingly unrelated question: “When you proposed to your wife, how did you rule out the rest of the world?” This query sparked a realization of the client’s ability to make profound, life-altering decisions with precision and clarity.
Because of their consistent efforts each week, the client found a franchise-like business with ownership aspects mixed with the security of regular income.
The success of our engagement isn’t merely measured in franchise purchases but in the client’s growth, adaptability, and alignment with their vision. Despite the unconventional path, adherence to our mission—expanding leadership capacity and fostering holistic success—shone through. Ultimately, the story is the triumph of a client’s journey toward realizing his entrepreneurial dreams.
Take the first step to invest in yourself. Take our free entrepreneurial assessment, and send me a message to introduce yourself.
Contact me directly to talk about a unique offer to own Master Franchise rights in multiple states for less than the cost of a unit.
