Exploring a Franchise: How Long Does it Take?
Aspiring entrepreneurs often ask the question: how long does it take to explore a franchise? The truth is, there is no exact answer. The time frame varies, but it largely depends on the candidate’s availability and the franchise company’s process. In this blog, we will do a deep dive into the time frame of exploring a franchise.
Introductory Call: Is Franchising Right for You?
The first step is an introductory call to determine if franchising and business ownership is the right fit for the candidate. This step usually takes one call, and it answers the candidate’s questions about business ownership and franchising.
Deep Dive: Characteristics of Your Ideal Business
In the second step, we do a deep dive into what the ideal business looks like for the candidate. It involves discussing various characteristics such as location, investment range, type of business (work from home, service-based home base, brick-and-mortar retail), and employees (contractors, W-2, highly skilled). This step takes about one call.
Introductions: Franchise Companies and Funding Companies
The third step involves introductions directly to the franchise companies and funding companies. This step takes up to a week and involves a lot of work. It is essential to ask the franchise company about its process because it varies from one company to another. You will also be reviewing the franchise agreement, territory availability, unit economics, etc.
Validation: Speaking with Current Franchise Owners
Towards the end of the process, the candidate spends a large amount of time speaking with current franchise owners. This step is called validating, and it involves asking questions about the franchise company and their experience. These questions could be one-on-one, pre-recorded, or group live calls, depending on the franchise company’s process. This step can takes several weeks.
Overall Time Frame: Six to 12 Weeks or More
From start to finish, exploring a franchise can take anywhere from six to 12 weeks or more. However, it could take longer, depending on the candidate’s availability and the franchise company’s process. Funding is also an important conversation to have early in the process because it could extend the time frame.
Conclusion
At the end of the day, you must be comfortable with the franchise brand. The time frame could be shorter or longer, depending on the number of calls with the franchise owners. It is crucial to have a time frame in mind and communicate it with the franchise company. With the right approach, exploring a franchise could take as little as 6 to 12 weeks and the outcome may be that they are a great fit or not a good fit at all.
I hope this article was helpful and the purpose was to simply give you a general overview of your franchise ownership options and a great way to narrow your franchise search down based on the above options.
Check out the podcast for even more detail and let me know if you have any questions.
You can also listen to the following 2 great episodes!
What Are My Funding Options To Purchase A Franchise?
Employee to Employer – The Story Of Kyle Andrews
If there is a topic you would like me to address or question to answer, please send me an email and that may be the topic of our next show!
Email: gg@ggthefranchiseguide.com
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The Franchise Freedom: Discover Your New Path to Freedom Through Franchise Ownership, Book by Giuseppe Grammatico: https://ggthefranchiseguide.com/book/ or you can purchase directly on Amazon
