10 Steps To Franchising With Fransmart
Whether you’re looking to invest in a hot dessert franchise like JARS, the hottest electronics franchise on the market in PayMore or an authentic Mexican food spot like Cilantro Taco Grill, the process to go from prospect to franchisee follows the same simple10 steps.
1. Submit an Inquiry Form
Once you identify the emerging brand that excites you, fill out a form and a Fransmart franchise professional will reach out to share more with you about the brand and learn about you and what you’re looking for in a franchise.
2. Submit an Application
Here we learn even more about your background and financial situation.
3. Complete Business Questionnaire
The questionnaire is the first impression the franchisor will have of you. It’s designed to get you to think about the business you’re looking to build in the next 5-10 years and the way you would run your franchise. Based on the type of franchise brand you’re interested in owning, we’ll direct you to either the Retail Franchise Business Questionnaire, or the Restaurant Franchise Business Questionnaire.
4. Review FDD and Get Qualified
The franchise disclosure document (FDD) lays out everything a prospective franchisee needs to know and understand about the franchise. It discusses the concept, operations and agreements that need to be signed to become a franchisee. The FDD may also disclose some financials about a franchise.
For franchisees that need financing, Fransmart will introduce you to our preferred lenders at this stage.
To get started, view our current portfolio of franchise brands and select a brand.
5. Pre-Discovery Day Meeting
Before scheduling a Discovery Day with the franchisor, your Director of Development will conduct a pre Discovery-Day meeting with you to further qualify your interest, expectations, and suitability before both parties invest their time and expense in the Discovery Day event.
6. Discovery Day
Once you’re financially approved, you’ll be invited to attend a Discovery Day with the franchisor. This is often an in-person introduction between the prospective franchisee and the franchisor, where both parties get the chance to vet each other. During this meeting you can expect to get to know the manager and see the franchise concept in action. You’ll have the opportunity to ask any questions you need answered to ensure that the franchise is a good fit for you.
7. Territory Selection and Franchise Agreement
If the Discovery Day results in both you and the franchisor deciding to move forward, you’ll solidify your territory and be given the franchise agreement. This contract states in detail what the franchisor expects in a franchisee. It also designates the territory in which you will operate and outlines any exclusivity rights you may have.
8. Sign Franchise Agreement
After reviewing the agreement with your attorney and having your financing inline it’s time to sign the agreement, pay the franchise fee and start getting to work on opening your new business.
9. Onboarding
The most successful franchisees are the ones that follow all the systems laid out by the franchisor. The franchisor’s systems are a critical component to the success they have enjoyed and are the thing that will help ensure that a franchisee is able to replicate that success.
During your onboarding process you’ll attend the franchisor’s training and hire your staff. The franchisor will be active helping you with all aspects of opening your business 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.
10. Grand Opening
This is the moment you envisioned when you first inquired about opening a franchise business. It’s time to open the doors to your new future!
If you’re ready to follow these 10 steps to franchising, contact Fransmart and begin your journey as an emerging franchise owner.
