Franchise Decision Process (Q&A)
Common questions and answers:
Why should I buy a franchise?
The most significant benefit to franchising is the reduced level of risk. This comes from the franchise system’s proven method of doing business. Franchising offers individuals the opportunity to be in business for themselves, but not by themselves. The franchisor is there to provide support with all the different functions of the business. They have seen the issues that can arise in their business and know how to deal with any problems effectively. They provide extensive initial training and support so you’re well prepared to handle whatever comes. They can also provide advertising and marketing support to help build your business.
Why use Wright Consulting Associates and not go directly to the franchisors?
Quite simply to save time, money, and potential aggravation! We provide free business consulting to help you achieve your goals. We have the experience and knowledge necessary to assist you in choosing the safest, most successful business opportunities available. Our expertise and knowledge can save you weeks or months in research time. And there is no cost to you for this service. The price of the franchise and associated fees will not be higher if you choose to use Wright Consulting Associates.
How much does it cost to use the services of Wright Consulting Associates?
You do not pay for the services of Wright Consulting Associates. The price you will pay for any franchise will be the published price as if you had gone directly to the franchisor. Our franchise partners recognize the benefits of the quality and fit of a client that has been referred to them after consulting with Wright Consulting Associates, and they absorb our marketing costs.
How will Wright Consulting Associates help me to find the best franchise for me?
Our goal is to find an opportunity that will meet the specific needs of each individual we work with. To do this effectively, we first have to learn what those needs are. We will ask you a series of detailed questions. Some sample questions you will be asked are:
- What business are you in now?
- Have you ever owned a business of your own?
- What hours do you like to work?
- Where do you want your business to be located?
- How do you feel about managing people?
- How much capital do you have to start a business with?
- Will you have partners?
- Do you want to build multiple units?
- How soon do you want your business to open?
- Will you be involved on a full-time or part-time basis?
These are just a few of the many details we will discuss with you over the course of our consultation process. With this information we can match you with opportunities that are consistent with your personal goals.
Sifting through over 2,000 franchise opportunities to find the right fit for you can be a long, tedious and often overwhelming process. We have already done this homework for you.
We have pre-screened hundreds of companies from all areas of business to provide you with a wide variety of quality franchise opportunities. They must meet the exacting standards we have set to be included in our catalogue. We have done the work so that we can help you find the franchise opportunity that is perfect for you.
Is financial assistance available?
Financing can be a major hurdle for any potential franchisee. Start-up costs can be high and it is essential that the franchisee have adequate working capital. It is important to address any financing issues during the investigation of franchise opportunities.
Our franchise partners are experienced with this issue, and many offer financing options. We can assist you with exploring the financing options that are available to you.
Do I need specific industry experience to successfully own a franchise?
No. In fact most franchisees have had no experience in the industry that they go into. Franchisors want their business operators to focus on running the business and not performing the labor their concepts require. Franchisees are managers, rather than workers. Franchisors need people who can be effective in areas such as motivating employees, generating sales, and running the day-to-day operations as effectively as possible.
How soon can I get my business started?
This depends almost entirely on you. Our consulting process can be completed easily within a few days if you are motivated. Once you begin investigating different franchise opportunities, most clients can find a great match for them within one to three months. After you select the right business for you, it will typically take anywhere from 2 weeks to 6 months for your actual business to ope
The Franchise Process:
Step 1 - Contact Us
Our consultation services cost you nothing as we are retained by the franchise companies to present candidates who possess the necessary qualifications to be successful. The first step is to fill out an information form. Once that has been submitted, one of our franchise consultants will contact you to verify your information. During this initial conversation with our Consultant, the Franchise Categories that interest you the most will be discussed.
Step 2 - Consultation
During this stage, we gather the necessary information to determine what your capabilities are and which business models will be a good match for you. Our first objective is to understand who you are (e.g. what are your past skills, what type of lifestyle you desire, and your overall goals). The ultimate goal of any reputable franchise business is not to “sell” a franchise to just anyone willing and able to buy their brand, but to “award” a franchise to candidates that are highly qualified and will thrive in the operation of their business model. Your success is their success!
Step 3 - Evaluation
We will introduce you to the respective Franchises. You will gain valuable knowledge on each of these great business models. Expect to hear about some exciting name brand franchises in the categories you expressed interest in. Keep an open mind, evaluate all the business models, compare and contrast them, and be careful not to discount a business until you have all the information. Often the first glance at a business does not paint the whole picture. Learning the numbers and examining the operation of a business is likely to reveal some impressive potential that you may at first overlook.
Step 4 - Review of Franchise Disclosure Documents (FDD)
Once you have received an FDD from a franchisor, you will need to thoroughly examine the contents and seek answers to any questions you may have. The franchisor will readily assist you in finding the answers to any questions. The FDD will also contain a list of franchisees and contact information. It is highly recommended that you speak with the franchisees in order to gain an understanding of what it’s like to operate a franchise unit in their system.
Step 5 - Call Franchisees
It is essential to ask the right questions of the existing and past franchisees. We will supply you a list of questions to assist in this process. This is a great opportunity to learn valuable information from those with the experience. This is your opportunity to validate the franchise opportunity and get an idea about the profitability of the franchises.
Step 6 - Consultation with Attorney and Accountant
We cannot overemphasize the necessity of consulting with a competent attorney and/or accountant before purchasing any business. It is very important that both professionals have a background in franchising, to ensure that you are covered in every way to benefit your position. If you don’t already have these professionals in place, we can make recommendations.
Step 7 - Attend a Discovery Day
Most franchisors have a Discovery Day where they invite prospective franchise partners to visit a specific franchise location and see how the franchise is run. You will not only get crucial information to assist in making your decision, but will get to meet the staff that will be supporting you in the operation of your franchise business.
Step 8 - Decision Time
Once you have gone through all the previous steps, it is time for you to make a decision. Should you choose to own a franchise, you can be confident that you have taken the necessary steps towards controlling your own life, by owning your own business!
Ready to learn more?
This website, and the information contained herein do not constitute the offer or sale of a franchise. There are certain states that require the registration of the companies’ Franchise Disclosure Document (FDD) before the franchisor can advertise or offer the franchise in that state. The franchises listed on our website may not be registered in all registration states and may not offer franchises to residents of those states or to persons wishing to locate a franchise in those states. The offer and sale of a franchise can only be made through the delivery and receipt of a Franchise Disclosure Document (FDD.)
Wright Consulting Associates is not an agent, employee, representative, or other functionary of the seller of the respective franchises introduced to you.
Wright Consulting Associates is an Independent Contractor, engaged in the activity of introducing prospective business buyers to sellers of franchises.
Wright Consulting Associates is paid a finder’s fee or commission by the seller if you elect to purchase a business from a company that was introduced to you by us.
Wright Consulting Associates has not checked the accuracy of the written or web site information provided by the seller, and assumes no responsibility for the acts, errors, or omissions of the seller, or the outcome of any transaction.
Wright Consulting Associates is not qualified to advise in any part of the purchase of a franchise. You are urged to seek professional advice from qualified franchise attorney, accountant, or other qualified resource.
Many Franchisors disclose various earnings claims in their disclosure documents. Wright Consulting Associates does not enter into discussions of earnings claims. Any earning claims information shall come directly from the franchise representatives.
Buying a franchise is a complicated investment. Take your time to decide, and personally visit the headquarters of the company you elect to buy from. Make good, common sense decisions in all investment matters.
The Federal Trade Commission regulates the sale of franchises. The FTC has a very user friendly web site, www.FTC.gov. We suggest you use it.
Your state may also have laws regarding franchises. Ask your state consumer affairs agencies about them.
The Better Business Bureau is another excellent information source for potential franchise buyers. www.BBB.org will put you in instant touch with both local and national offices.
You alone are responsible for researching the franchise you purchase.