Archive for the ‘Franchisee Profile’ Category

Ten Steps to Starting a Franchise

Thursday, August 24th, 2017
  1. Read through the franchisor’s franchise disclosure document (FDD). The franchisor is required by law to supply this document to prospective franchisees. The FDD provides information about the franchise system, such has its history and corporate structure, as well as the information about the franchise relationship, such as fees, financing, obligations, intellectual property and financial performance. Be sure to study the FDD before making any decisions. Pay particular attention to the FDD’s Item 19, which details the franchise’s earnings data. A franchise that values transparency will include the grosses, expenses and EBITDAs of all its franchises for the previous year. In other words, it should provide information so you can make the most informed decision.
  2. Do your due diligence. Talk to other franchisees who have been in business a while. Ask them what they think of the business. What are the challenges? What are the rewards? What made them decide to open a franchise? Is the franchisor easy to work with? While this is obviously a great way to get information, it may also help to form working relationships with other franchisees if you decide to open a franchise.
  3. Experience a franchise in action. Visit a franchise during business hours, see how it works, see what the franchisee and the employees have to do on a day-to-day basis. This should give you a better idea of what being a franchisee is like. Also be sure to talk to customers. Are they happy with the service the franchise provides? Would they recommend it to others? Getting a feel for the customer base is just as important as seeing what a franchise does every day.
  4. Find a franchise that offers excellent support. The great thing about buying a franchise is that you go into business for yourself, not by yourself. But this concept only works when the franchisor offers the best support in all aspects of business operations, including, but not limited to, marketing, advertising, IT, finance, training and real estate. Visiting the corporate headquarters is highly recommended.
  5. Visit the corporate headquarters. Some franchisors host a “meet our team” day that allows prospective franchisees to tour the corporate office as well as meet the people who will be supporting their business needs. This is an excellent way to get a first-hand look at how the franchisor operates.
  6. Review the terms of your franchise agreement. If you decide to pursue a franchise, the franchisor will give you its franchise agreement, which lists your obligations and theirs. It is a good idea to hire a lawyer with franchise experience to review the agreement to make sure it meets your expectations.
  7. Obtain financing. When you sign the franchise agreement, you will need to pay the franchisor. These initial costs, which vary from business to business, can amount to hundreds of thousands of dollars. Many entrepreneurs need to secure a loan, such as a Small Business Administration loan or a bank loan, to pay those fees. A franchisor that offers excellent support will often have a franchise finance team that can help you navigate the loan process.
  8. Locate a suitable site for your business. Many franchises have specific site requirements that your business will need to meet. These may include things such as square footage, a minimum lot size and a minimum number of parking spaces. A high-quality franchise will staff real estate experts who will help you with the process of finding a suitable site.
  9. Receive training. You will need to complete a series of training courses, either at the franchise’s corporate headquarters and/or online, that will teach you what you need to know to operate a franchise.
  10. Prepare to open your business. If you have never opened a business before, which includes many different things that need to be done, this process can seem daunting. A franchise with best-in-class support will provide assistance with this process, usually in the form of an openings team who will work with you to ensure your business is ready to open.

Owners of the Goddard School located in Skokie, IL, Mary and Andrew Fratini, discuss their decision that led them to opening a Goddard School with Evanston Magazine.

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The Goddard School, with 460 locations and counting, has been listed as one of twenty emerging brands exhibiting at the 2017 International Franchising Expo.

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The Jacksonville Zoo and Gardens’ Zoo to You Outreach program visited The Goddard School located in Ponte Vedra Beach, FL. Elizabeth Scott, franchisee of the newly opened School, explains why real-life experiences are a great opportunity for learning.

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Christi Barrett, franchisee of The Goddard School located in Houston (The Greater Heights), TX, explains how she merged her education background with owning a business.

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Meet Matt and Dina Speranza, franchisees of The Goddard Schools located in Cranberry Township, PA; Moon Township, PA and Pittsburgh, PA.

Matt and Dina recognize the importance of a safe and nurturing learning environment, which is why they chose The Goddard School. The dynamic duo is proud to offer the opportunity for children to grow through exploration and hands-on learning. They are also dedicated to ensuring children become confident, joyful and fully prepared students.

Matt and Dina are very active in their community and participate in many charities including Ronald McDonald House, Blue Jeans for Babies and Breast Cancer Walk for the Cure. They enjoy attending sporting events and concerts.

 

Mawara Sohail, franchisee of The Goddard School located in Verona, WI, explains why she chose to quit her job to focus on a new goal: being her own boss while providing high-quality education to the residents of Verona.

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Janice Kennedy, franchisee of The Goddard School located in Olathe (Northwest), KS, explains why she chose to pursue her passion for early childhood education.

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Abby and Scott Hussey, franchisees of The Goddard School located in Centennial, CO, tell CNBC why they chose to open a Goddard School and how The Goddard School Franchise has been there for them every step of the way.

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Goddard School franchisee Jason Pullukat talks about opening a Goddard School franchise in the Lincoln Park neighborhood of Chicago, IL in this Franchise Business Review feature.

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