How do you get the territory you want?
If you want that new concept in your hometown, can you get it? How about a territory where you plan to retire? Or a territory near your kids?
New franchises with excellent support infrastructure are very attractive to independent minded retirees, midlife ‘great resignation’ pilgrims, as well as those with an entrepreneurial spirit. So, there could be like-minded competition these days … and there is a process for you to optimize your results … and save time.
Gold rush or not, the process is fair.
Franchise territories of exciting new concepts – and older reliable ones – are awarded to the first ‘qualified’ franchise candidate who requests them. There is no secret cabal that manages who is in or who is out.
‘Qualified’ is the criteria, and it emphasizes your motivation more than your money.
Franchisors are mostly interested in your drive, people skills and customer service priorities that will make their brand successful. Franchisors will likely turn down a wealthy candidate if they do not meet the work ethic and skills profile that they have discovered works best for their brand model and product.
‘Qualified’ also includes your financial resources because liquid cash and net worth guidelines assure a confident start up success especially during that first year! All franchises are designed to earn the franchisees a good income stream … with the right person in charge! Many new franchise concepts are relatively low cost of entry and financial resources like SBA loans, or IRA’s can help with the financial hurdle.
So how do you join the gold rush?
First, you need to find the right franchise match for you – for which there is a territory available where you want to be. Finding a franchise is more about who you are, than the product or brand of the franchise. Different franchises use different skill sets, have different levels of involvement and when it is all settled, you need to be able to live your life with quality and financial independence.
Out of thousands of franchise business models in the USA, there is a likelihood that several will match your skills and interests and are available where you want them.
Since you don’t know 300+ of the best franchises and their ideal candidate profile … you will need help. An independent Franchise Consultant will help you at no cost as their referral fee is ultimately paid by the franchisor if you finalize a deal. I know because that’s what I do.
Picking the right Franchise Consultant when you are not sure what they do could be perplexing. Chances are you will wander into a franchise information website, click on something, and in a few minutes, you will be offered help. Bingo, you found a franchise consultant!
You might anticipate a fast talking ‘hard sell’ will come, but it doesn’t. A Franchise Consultant won’t gain anything by trying to ‘sell’ you on anything. They know the value in finding the right fit … because only a good fit between the Franchisor and Franchise will survive the significant vetting and discovery process ahead.
Their role is to listen to you and introduce you to the concepts that make the most sense based upon what you share with them … then coach and advise you if you proceed to the next step with the Franchisor you select.
It is more than reasonable that you ask about the process that the Franchise Consultant will follow. How do they sort thru the possibilities? What vetting process was involved in selecting the franchisors that they consider for you? Getting ahead of the curve on franchise and territory selection begins when you start the process with a professional franchise consultant.
Steve provides franchise seekers a no cost franchisee consulting services at Wrightca.com