Franchise
sional and up-to-date? Are you tre-
STEP 6
ated courteously by a friendly and
1
Take stock of the most important
Your next step is to narrow
knowledgeable member of the cor- down your choices. Okay, maybe
porate office? Are your questions
component of the equation - YOU.
it’s not all that easy. Let’s review
and concerns answered to your sa- what you’ve done so far:
tisfaction?
2
„ Made a list of your strengths,
What you see from the company
Keep an open mind.
experiences and needs
at this time may be an indication of „ While keeping an open mind,
the type of support you would re- found some companies that look
ceive as a franchisee in their sys-
3
Contact the franchisers and re-
promising
tem. „ Requested information
quest info about their concepts. „ Reviewed the UFOC
STEP 4
„ Talked with existing
4
franchisees
Your next step is to read the
Read the company’s UFOC.
company’s UFOC (Uniform Fran- Hopefully you’ve now found
chise Offering Circular), a docu- one or more companies that will
ment every franchise in the United
5
meet your needs.
States is required to provide. From Call the existing franchises. When you’ve made it this far,
this you will learn the history of the it’s time to go to Discovery Day
company, the training and marke- (an on-site meeting with a fran-
ting programs, and what costs, roy-
alties and fees you will be required
to pay.
6
chisor). At this meeting you will
Narrow down your choices.
be introduced to the top people
in the home office and you may
Some franchisors also provide make a visit to a local franchisee,
earnings claims in the UFOC that
will help you estimate the potential
of the business.
7
allowing you to ask even more
Make the final decision.
questions and maybe to get some
hands-on experience with the bu-
The UFOC is full of information siness.
about the franchise and it clearly explains the responsibilities Discovery Days are very interesting and exciting. When you
of the franchisee (you) and the franchisor. Your UFOC review leave, you will have a good understanding of the franchise.
and understanding is a very significant part of the research pro- Don’t forget that this is a two-way street. They’ll be evaluating
cess. you as thoroughly as you evaluate their business.
By paying attention to what you discover in a company’s
UFOC, you can weed out franchises that just don’t measure up.
Some warning signs of a franchise that is facing challenges are
STEP 7
extensive litigation with franchisees or a closing rate of units
greater than what’s being opened. The last step is making the final decision. Like any major deci-
sion, you will be filled with anticipation and anxiety, excitement
STEP 5
and fear. Those are very normal feelings, experienced by almost
everyone.
We consider this step to be of monumental importance when But if you’ve done your homework and followed the steps
judging the likelihood of finding happiness in a particular fran- as outlined, you should be very comfortable with your decision.
chise: CALL EXISTING FRANCHISEES! Congratulations – you’re ready to be a franchisee!
Existing franchisees are your best source of information for From the beginning, FranChoice has been committed to its
finding out what really happens in a business on a day-to-day Mission Statement: “Helping People Realize Their Dreams.”
basis. You can ask what they like and dislike about the busi- FranChoice will help you find that perfect fit; matching up your
ness, if they are happy with corporate support, and even get a interests, talents and investment level with a strong franchise
feel for the type of earnings a franchise makes. business. We provide this valuable service for free . Pre-scree-
Gather a variety of opinions and you’ll get a clear picture of ned, high quality franchise companies pay us a fee for referring
not only the franchise itself but of how you’d fit into the organi- qualified, prospective candidates. By developing a unique and
zation. That is why this step is so significant to your being able thorough system of candidate qualification, consultant training
to make a definitive decision. and franchise selection, FranChoice has helped thousands of
entrepreneurs find a great franchise.
Source:
Franchise.com
56
www.blackeoejournal.com The Black E.O.E. Journal
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