We understand that Franchising can be an overwhelming process and you probably have a lot of questions. Franchise Business Source is committed to helping you through the entire process of Franchising.
Our mission is to help current and potential business owners build a successful future and achieve financial independence through franchising. Below are some common questions we receive with our initial response. If you want more detail or don’t see your specific question, please reach out to us – we will respond within 24-hours.
Franchising provides a lower risk investment. No one can guarantee success, however businesses that decide to expand via franchising have been developed proven systems, procedures, branding and strategies that have resulted in successful, profitable business units. The Franchisor is as committed to your success as you are – if you don’t make money, they don’t make money and their reputation could be tarnished. They have dealt with the issues that can arise in their business and have successfully resolved and documented them. Franchisees undergo extensive initial training and receive significant support as you open, ramp-up and manage your business – across all aspects: Operations, Sales, Marketing, potentially Real Estate and Financing as well. You always have a ready support system to help you – they’ve seen it before. As a Franchisee, you might work on your own, but you are NEVER alone.
There are several benefits to using Franchise Business Source to help you navigate the Franchise Evaluation process: 1) These services are FREE to you as a potential franchisee. There is no additional cost passed on by the franchise, nor is there any out-of-pocket for our confidential consultations and coaching. 2) The franchises that we represent are vetted and monitored for responsiveness, treatment of franchisees, walking-the-talk, etc. – thereby giving you peace of mind that you are evaluating credible business ventures. 3) With over 2,500 different concepts available, and more being launched each day, how do you start identifying what is right for you? Franchise Business Source provides FREE consulting services that include getting to know you and your goals, budget, lifestyle requirements which feed into our research on customized portals – all personalized to find the right fit for you. We work interactively with you to present safe, successful business opportunities. Our expert resources are always on-hand to provide guidance and leadership – saving you weeks or even months of research time. 4) Would you buy a house, get a bank loan, or even start a business from scratch without using a professional service to help answer questions? Probably not. Franchise Business Source is there to help you get your questions answered to the point that you are comfortable with your business investment decision. Plus, we refer you to other specialty resources, such as funding partners and legal consultants, when the time is right. And…5) Did we mention that these services are FREE to you?
There is no set time frame – you could speed through the discovery process in as little as four weeks, have funding in place and sign as a new Franchisee within 45 days. Or…you could be just starting to think about your new career, kick the tires for a bit, think about it, research multiple concepts and make a decision a year later. Our goal is always to find an opportunity that meets your specific needs. To be most effective, we first have to learn what those needs are. We will ask you detailed questions, we will brainstorm, we will want to learn about your work “likes”/“dislikes” and personal hobbies and passions as well as your expectations of your next business. With this information we can match you with opportunities that are consistent with your personal goals. We always work within your decision time frame – it is of no benefit to anyone to rush you through the process.
You do not pay for the services of Franchise Business Source. The price you will pay for any franchise will be the published price as if you had applied directly with the franchise. Our franchise partners depend on the benefits gained from the quality and fit of a candidate by the pre-qualification consultation efforts of Franchise Business Source and they absorb our marketing costs.
Absolutely! Many Franchisees need financing of some sort – even if it is leasing equipment or vehicles required for the business. Depending on the business that you are interested in, start-up costs can be high and Franchisors believe it is essential that the franchisee have adequate working capital while the business ramps up. Investment costs and potential financing issues are all part of the investigation and evaluation of franchise opportunities. Developing a funding strategy is a large part of the process for any potential franchisee. Our franchise partners are experienced in dealing with this topic and many offer financing options or funding partners to help. Franchise Business Source also has direct partnerships with multiple funding entities that can assist you with financing options available within your specific circumstances.
No. That is one of the greatest benefits of a franchise – most franchisees have no experience in the industry that they go into. Franchisors, generally, are looking for owners that can manage the business – manage employees, prospect for new customers, form referral and community relationships, run day-to-day operations. They also train their franchisees, or the actual labor force of the franchise as applicable, in the actual operations and delivery of the business. You can start a whole new career as a franchisee! That being said, often restaurant concepts seek owners that have previous restaurant/food service experience or are willing & able to hire in an experienced restaurant manager.
This depends on the type of business you invest in. Restaurants or retail establishments – those that require attention to traffic patterns and surrounding population demographics – may require up to 10 months from signing until you are ready to open. Generally, if you are going to be home-based or non-prime office space (e.g., light industrial office centers), you could be open within 2 to 3 months – depending on the training schedule, hiring requirements, etc.
Do you have more general questions about franchising? Here are a few organization and government publications that can give you an understanding of Franchise basics.
International Franchise Association “Intro to Franchising”.tg_sabit_005404.pdf
FTC Governance on Franchising Documents, Disclosures (https://www.ecfr.gov/cgi-bin/text-idx?SID=b9fe14d15b358c2ac9a924853fb50f56&mc=true&node=pt16.1.436&rgn=div5)