You have already taken the first step on the path to being your own boss so congratulations!
We let the franchisor know you're interested straight away, so they can take a look at your details, and see if you're a suitable candidate. At this early stage, the information you provide about the amount you have to invest and the areas you are interested are important to let the franchisor know a little bit about you.
When the franchisor gets your details, their next step will be to contact you, by the channels which you indicated. This could be a quick phone call or an email and will usually provide you with extra information about the opportunity. This initial contact is vital to ensure the franchisee, franchisor and the business itself suits all involved.
Face to Face
If both parties are still interested, the next step will usually be to meet in flesh and blood. A meeting may be arranged for a public location; you might be invited along to a discovery day or you may be invited to take a peek around head offices or another franchisees premises. Any additional information you receive about the company at this stages may be subject to a confidentiality agreement.
Evaluation and Research
At this stage, it's import that you research the business model, the market and previous franchisees. The franchisor will assess you to make sure you're the right person to take on as a franchisee, and offer you the opportunity to meet some franchisees.
When both parties are confident about going ahead with the franchise, you will be provided with the franchise agreement. This is the contract which will set out the terms and conditions of your new business, and it will outline the rights and responsibilities of both parties. This can often be a very long document, and you will be given time to seek legal advice. You may have to pay a deposit to the franchisor at this stage, which may be non-refundable.
If you require lending assistance, either through the franchisor or a high street bank, you will have to arrange this finance, usually before the franchise agreement is signed. This may involve creating a business plan, and one or more meetings with a bank manager. Franchisors can usually provide support and documentation, or will attend any bank meetings with you. If you are using your savings, you may need to give your bank or building society notice that you intend to withdraw the funds.
Payment and Signature
Both you and the franchisor will sign the franchise agreement, and at this stage you will usually be expected to pay the the full licence fee (or a portion of it).
Congratulations, you are now officially a franchise business owner!
The training provided can vary from franchise to franchise. It can last anywhere between a few days and a few months.
- Hands-on training where you are invited to an existing franchise location to learn the ropes.
- Residential training, where you will receive focused and concentrated training.
- Head office training, where you will attend head office to take part in a training programme.
- Trainer comes to you, where the franchisor will send a trainer to you for one-on-one training.
- A combination of the above, which may include classroom or hands-on learning.
The franchisor will usually provide significant support to help you launch your business and get trading. This help may include advice on marketing and event-planning. Members from head office will usually attend, as well as local people, small business owners and even the media.
Your Own Boss
Once you've launched, you are officially your own boss, you've finally made it! As you are still learning at this early stage, the franchise team will be on hand to provide advice when needed, whilst giving you the space and freedom to get to work. You will usually be provided with guidelines and operations manuals, and you may be contractually obliged to use these.
After twelve months, the hardest graft has been done, but you’re not finished yet. You will be operating without the need for constant support from your franchisor, but they will be available to help you grow and expand your business. Many franchisees will have made their initial investment back by this stage. Many franchisees may be obliged to pay franchise fees and follow the outlined systems.
By now, you will be working the hours that suit you, and you as a successful franchisee!
Take a look at our success stories. It could be you this time next year!