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Take the first steps on your franchising journey
Whilst you wait for the franchisors to respond to your enquiry, now is a great time to learn more about the next steps. Generally from here on, the franchisor will send you a PDF containing more information about their franchise. It is called a franchise prospectus. Generally, the information will be similar that as on their ad/profile, but often more info. Like the earning potential figures, plus more about their business story and testimonials from franchisees.
After you’ve received the PDF, they’ll likely give you a follow up call or email to check you’ve read and if you have any questions. You’ll also have the opportunity to arrange attendance to a discovery call or discovery day.
Franchise Discovery Days
Either held on a one to one basis, or as a group, franchise discovery days enable you to find out more about a particular franchise. Don’t be surprised if you are asked to sign an NDA – this is to deter and prevent people from stealing the business model and starting up themselves. Discovery days are a chance to ask more specific questions. Details about the profits, losses and more about the exact costs of the franchise. Existing franchisees may also be in attendance, an opportunity to ask them some questions.
Some good questions to ask existing franchisees:
- Do you find the territory to be sizeable enough to run the business effectively?
- Have you had the levels of training and support you expected to have received before you joined?
- Do you feel the franchise offers continued potential and sufficient innovation to be long lived?
- If you could go back to when you were exploring franchise opportunities, would you make the decision to invest in this franchise again?
This could also form part of your due diligence when exploring opportunities. Speaking to franchisees and learning more about their experience. Researching franchisees should be part of your research anyway, finding out how many are trading and if any have failed.
Securing a Territory
If you like what you’ve learnt about a particular franchise, you may be asked to put down a franchise territory deposit, or just a franchise deposit to confirm your interests. The franchisor will need to bust their chops to prepare for your onboarding, they may even expect you to sign a franchise deposit agreement which outlines the terms which you’ll need to pay the remainder of the franchise investment. Brand owners choose to franchise because franchisees know their territory better than them. Nobody has better local knowledge and understanding of the local market than the franchisee.
How Long is a Franchise?
Generally the term of a franchise is 5 years. This can be longer for some brands. The franchisee will, in most cases, get the choice of renewal. Why wouldn’t you want to renew? If the franchise doesn’t meet your expectations, or you have had a change of heart, you can offer the territory up as a franchise resale. Provided you’ve built the business up, you should easily get back more than what you paid for the initial franchise investment. As with any investment, things can go up and down, so that’s why it is important to explore the opportunity before deep diving into the business.
Buying a Franchise FAQ
Why not take a look at the below questions and answers about buying a franchise?
The steps are – 1) carrying out research into franchise opportunities, 2) making an enquiry, 3) attending franchise events to speak with the franchisor, 4) booking a discovery day or call, 5) attending an interview, 6) going over the franchise agreement, 7) signing a deposit agreement and paying a deposit, with a lawyer or consultant, 8) training and support, 9) launching your franchise. The steps involved will vary between franchises – especially 6 and 7. Some may not provide access to the franchise agreement until you’ve signed a deposit, but then there are some prospects that won’t pay any money until reading the agreement. Read more about the steps involved with buying a franchise.
There are two ways you can go about this. One way is to find a consultant that already has experience in the sector of the brand you’re interested in – for example food and beverage, construction, etc. They’ll know about the sector, the brands within it, and the direction to go. The second, choosing a consultancy firm that is local to you. Having a local franchise consultant means you’ll be able to meet in person and discuss things better than you would over the phone with someone you’ll rarely meet.
The franchisor will likely be or have been working with a franchise consultant to franchise their business, so they may also be able to suggest, but this could appear bias.
