We help people find the right franchise by using our proven 10 Step Franchise-Buying Process. The process is a step-by-step plan that guides people on how to identify, select and buy a franchise. With this, we can find the right fit for our clients. Having a plan, makes it happen.
With any successful project, it is vital to have a plan. That is why we suggest franchises that utilize planning as a main focus into their business. Not all companies adhere to planning, or at least consistently measuring and making adjustments to the plan.
Here are three areas of planning we look for when looking at franchise business.
Do they have a Mission Statement?
Companies that have a clear mission statement have confidence in their purpose for existing. A written mission statement provides a benchmark for decision making. When faced with challenging choices, franchises can refer to their mission statement to ensure that are adhering to their plan.
What is their 10-Year Vision?
When working with franchises, we want to know what their plans are for the next 10 years. Most franchise agreements with franchisees run up to that time frame, and it is good to know what the future plans are with the franchisor. Knowing the development plans, whether domestically or internationally, is helpful to know as a potential investor, since you would want to be connecting with a growth-minded company.
What is their Support Plan?
One of the responsibilities of a franchisor is providing support to the franchisees. The level of support, and the detail of the support plan, is a major differentiation in franchises. We look for companies that have a detailed support plan that includes when and how the support is provided, and at what costs. Franchises that annually plan conventions for their franchisees have a keen awareness of planning for support.
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Rob Bennett is the Co-Founder of FranFinders, a franchise consultancy and funding group.
At FranFinders, we are more than franchise consultants. We are “Your Partners.” Throughout your franchise search, from the Initial Call to your Grand Opening, we are with you “Every Step of the Way.”