The Steps to Franchise Ownership
Follow Fransmart’s Roadmap to Success on Your Journey to Your First Grand Opening
Step 1: Submit an Inquiry Form
Do you have a desire to invest in your future and build your legacy with a proven business? Perfect. That’s exactly the type of person we’re looking for. After you’ve browsed through our website and familiarized yourself with our portfolio of brands, it’s time to reach out to our team! Visit the concept brand page and fill out an inquiry form—we’ll be in touch shortly to discuss your interest.
Step 2: Submit the Application Form
This is when we will get to learn a little bit more about you! Complete a short application form to provide information about your background and financial qualification.
Step 3: Complete the Business Questionnaire
The business questionnaire is the first sense the franchisor will have for what it will be like having you as a franchisee so please take your time and include meaningful and honest responses. We can tell you from experience, people who short change these two forms are the first to get denied the franchise. This is important for you to also think about what sort of business you are trying to build over time, why this is the right franchise for you, your 5-10 year bigger picture vision, how you are going to make all the right decisions along the way including picking the right locations, hiring superstar teams, and running the business 100% to company standards every single day, etc. Again, this is the first impression you are making on the franchisor, so have fun and put your best foot forward.
Step 4: Review FDD and Get Qualified
We want you to make an informed decision, so we provide as much information as possible to help you learn what to expect as an owner. You will receive our Franchise Disclosure Document (FDD), which contains a lot of information about the concept, it’s operations, and the agreements you will sign to become a franchise partner. If you are in need of financial assistance, we will be happy to introduce you to our preferred lenders.
Step 5: Pre-Discovery Day Meeting
Before you can become approved for to attend a Discovery Day with the franchisor, your Director of Development will conduct a Pre-Discovery Day interview with you to further qualify your interest, expectations, and suitability before both parties invest their time and expense in the Discovery Day event.
Step 6: Schedule a Discovery Day
Now that you have been financially approved, you will be invited to attend a Discovery Day event. Discovery Day is showtime, so the better prepared you are, the more successful the results will be. During this day, you will visit a few of the concept’s locations and meet the key teams that support the business. The Discovery Day should validate your interest in the franchise you want to own and confirm that it a mutually good fit for both you and the franchisor.
Step 7: Discuss Territory & Franchise Agreement
After your Discovery Day and if you are approved, you will be given the franchise agreement, a legal document between the franchisor and you (the franchisee). It explains in detail what the franchisor expects from you, as a franchisee, in the way you operate every facet of the business. The franchise agreement will designate the territory in which you will operate and outline any exclusivity rights you may have.
Step 8: Sign the Franchise Agreement
At this point, you’ll have a clear idea of the road ahead and how to own a franchise business. Signing the franchise agreement indicates that you agree with all of the concept’s terms, including those laid out in the FDD. You’ll pay your initial franchise fee at this time, and then – congratulations! It’s time to really get to work on opening your restaurant business.
Step 9: Begin the Onboarding Process with Franchisor
Each franchise business has their own proven systems and processes so it’s critical that you follow the process you just invested to acquire. Attend the franchisor’s training and hire the staff, as per the franchisor’s instructions. During the onboarding process, your franchisor will discuss all the steps involved with opening your store, including budgeting, financing, planning, construction, and more. This is also the time to begin the site selection process, which is the first step towards getting your doors open. When you have done all of this, you are ready to open your franchise business!
Step 10: The Grand Opening!
This is the moment you’ve envisioned since you submitted your initial request for ownership of a Fransmart portfolio brand! The time and hard work put forth by you and your support team will have finally paid off for the big day. Congratulations, we can’t wait to see you grow!