Congratulations on beginning the Discovery Process!

 

Here are 3 tips to help you prepare: 

1. Prepare Your Inbox

Why is this important?

  • You are about to have 3-5 franchisors (and a funding company) reach out to schedule calls. We HIGHLY RECOMMEND being proactive with your responses to schedule the initial call.  A majority of the franchisors outreach to begin the process will come via email (and occasionally a phone call).  A quick response starts things off on a positive note with the franchisors (See Section 3 for more on this).
  • Keep an eye on your Spam/Junk/Promotions folders as some emails will end up there (especially because many will have attachments or links).  
  • Set up folders.  
    • We recommend at least one "Franchising" folder though many clients will set-up one for each franchisor.  You will be receiving A LOT of emails (some with info for you to review, some with info you need to complete). 
    • The FranCoach team will also email you with valuable resources to help you navigate the Discovery Process...like this one! 
      • We like to keep an open line of communication between update calls to make sure all of your questions are answered. (Hint:  We cannot help if we do not know what is going on!)

2. Take Notes

Why is this important?

  • Franchisor Calls:  You are about to have calls with 3+ franchisors who will be presenting A TON of info to you on their brands.  Almost all of this info will be new to you and there is a good chance some of it will sound similar at first.
  • Update Calls with FranCoach. These calls will be scheduled weekly and will be designed to debrief all the info to keep things straight, ensure nothing is being missed, and plan for the next steps.
  • The Discovery Process.  This entire process typically lasts 6-8 weeks with upwards of 10 phone conversations with 3-5 different people within the franchisor.  Good, organized notes will allow you to review this info for yourself, with your spouse, family members, partners, etc. and keep your thoughts and questions organized for our Update Calls.

3. Be Positive 

Why is this important?

  • At this point we have NO IDEA which franchise ultimately will be the best fit for you.  However, it's important to remember that franchises are AWARDED. They are NOT SOLD.  This means no one starts a franchise unless the franchisor thinks it is a good fit too.
  • This is why we recommend taking a positive, proactive, professional approach with all your franchisor calls. Why?
    • We want the franchisors excited about you potentially being an owner.
    • We want the franchisor to ultimately want to award you a franchise.
    • We want you to have the choice of whichever franchise is the best.
    • We DO NOT want to get to the end of the process and have to do damage control because you came off disinterested, disengaged, or disappointing early in the process.

We told you these tips were easy.  It is OK to have some doubts or concerns at the beginning of the Discovery Process.  In fact, we would be concerned if you didn’t have any. 

Just remember, keep an open mind, be ready to learn, and have some fun.  The worst thing that happens in the Discovery Process is we learn franchise ownership is not for you right now.  But maybe, just maybe it is.  This journey could lead you to the perfect franchise to own so you can take control of your life personally and professionally and create YOUR BETTER TOMORROW.