Frequently Asked Questions
How can you help me?
As a franchise consultant, we can do a number of very useful things for you:
- Give you facts and figures of several different franchise concepts
- Act as a buffer between you and the sales groups at franchises in which you have an interest
- Connect you with financing options
- We can be the bad guy – when you want to say “no” to a franchise, we’ll do that for you
- Be your source for expert franchise advice
Can’t I just search on the Internet to find out information?
Yes! And we actually encourage this. One major benefit to using a franchise broker is to find the industries or specific franchises that interest you and let us collect the information you need to move forward, such as cost and availability.
Should I fill out web forms on franchisor sites?
You could do that. Our advice is to not fill them out. It’s just like anything, once they have your name it’s likely that they will call you repeatedly and that could be uncomfortable. Most of our clients like the idea of learning about franchisors BEFORE they talk to them – when you fill out a web form online, their sales professional will instantly try to sell. That’s his job!
What about sites that ask me to fill out a form that includes investment level, income, name, phone number, email address, and select several franchises for more information?
Our advice?? Never fill out forms on sites like this. In many cases (not all), this is a lead generation site designed to get your name and number so it can be sold to someone else – many times, it is sold to multiple parties. This was the main reason we created Franchise Discovery Center – we are wholly owned and do not sell our leads to anyone. Privacy is a major concern for us – We are certain the last thing our clients want are strangers calling them night and day.
What process do you follow?
Typically we will walk through a few simple steps to get you started. However, each client is different and we understand will have different needs and interests. Here is our basic model:
- Meet to discuss your interest in owning a business
- What makes you want to own a franchise?
- What is your background?
- Does your background match your interest?
- Do you want a retail / store / restaurant concept?
- Have you ever considered an office or work-at-home option?
- We cover your investment level, credit worthiness, and risk level
- Talk about franchises you are already interested in
- With this information, we go back and do the research.
- Contacting the specific franchises you have interest in, finding out if they are available in your area, checking figures for investment levels, etc.
- Researching options in the same or complimentary industries
- Researching options for your market (such as finding franchises that have a high demand in your area)
- We review our results with you. At this point, you are encouraged to meet with a franchisor to discuss their opportunity. If all goes well, you continue to meet with the franchisor(s) that match your interests. If you are no longer interested in a specific concept, we pass that information to the franchisor and we move to the next concept.
How long does this process take?
For most clients, this process takes 3 to 6 months. You can complete it in under 30 days if you are motivated and are well qualified.
How much cash do I need “out of pocket”?
In almost all cases, you will need to have some cash out of pocket. This usually is the Franchise Fee, which is normally not refundable once the franchise agreement has been signed. Typical franchise fees range from $3,000 to $50,000 – most landing between $20,000 and $30,000. Many franchisors require additional capital on-hand for the ramp-up period. Some franchises offer in-house financing, some require a 3rd party (like a bank) for all investment above the franchise fee.
What franchises do you recommend?
That depends entirely on client interests. We don’t push franchises at all, but if asked we will recommend some franchises that we know have a higher success rate and earning potential. The franchises we typically recommend are pre-screened by our franchise broker affiliation with Franchise Alliance. Currently, approximately 500 different franchise concepts are in our portfolio. We also have a Top 10 List – which is often used as a starting point for our clients.
Your site says you won’t charge me a fee. How do you get paid?
The business model for most franchise consultants is similar to a real estate agent. A real estate agent gets paid when you purchase or sell your home. Up until then, they spend a lot of time and effort making sure you find the home you need. If they are failing you, you simply fire them and find another agent. Franchise consultants work in a similar way, we scour our database and our franchisor contacts for franchises that meet your interest, investment level, experience and personality – as you progress in your discovery you may consider purchasing a concept we show you. As a franchisee, you will actually complete your business transaction with the franchisor – once complete they will send us a commission check. One thing we want to make perfectly clear – if we are not doing a good job for you, let us know. If we don’t make it right, we insist that you fire us.
How much money can I make with a franchise?
There is a trap here that we want to make perfectly clear: A franchise is like any other business – you must successfully execute your franchise if you hope to make any money. The benefit when you buy a franchise is you get systematic, vetted approaches. You get the support of the franchisor home office. You instantly gain the experience and expertise of peer franchisees. With that in mind, you can speculate on your own how much money you might target to earn; we cannot make any claims or representations; neither can a franchisor unless they release information in their Franchise Disclosure Document that includes earnings claims. In all cases, you need to study your market, your target sale, your ability to execute. Once you have that figured out, you can easily estimate what your earning potential is with a particular franchise concept.
Please fill out our confidential contact form or call for more information today.