Similar to a career or transition coach, I also help those in transition. My specialty is the exploration of franchising as a ‘possible’ next career opportunity. I serve as a guide and sounding board and provide assistance to professionals exploring and navigating the complex world of franchising.
What is exploration? I view it as a big exercise in learning about a business and uncovering if it is (or isn’t) the right fit. With over 3,800 concepts to choose from and 250M results on Google, franchise exploration can seem overwhelming, but it doesn’t have to be. I help clients break down the process into manageable steps, making it easier to digest. We go through a proven methodical process to aid in a successful exploration.
Below are the most common FAQ’s I receive from those considering exploration:
How do you decide which of the 3,800 concepts are worthy of client exploration?
The franchise concepts I share have the following four characteristics:
- Longevity and established brands
- Good ROI
- Well known in their industry / vertical
How do you determine which concepts to share with a client considering everyone has a different goal or need?
I take clients through a specific process to understand what they are trying to accomplish in the next chapter of their career / life. I’ll then share concepts that speak to their specific requirements and are in alignment with said goals.
What franchises are ‘hot’?
Hot franchises are fads that come and go and thus I don’t present these to clients.
I do not want to own a McDonalds, Subway, or some other fast-food restaurant, what else is out there?
The 3,800 franchises typically fall into six categories: Automotive, Restaurants, Retail, Business to Business, Business to Consumer, and Education. The latter three categories typically require significantly less capital than the first three and we’ll focus most if not all of our time here (see franchise category page for more info).
What if I don’t have a million dollars?
Clients typically invests anywhere from $350K down to $50k. They put approximately 20% down and finance the rest, similar to investing in a home.
How many franchises will a client explore with you?
Clients will typically explore two concepts at the same time. If, however, one of them falls out of favor, they can easily add another to explore.
What is the goal of franchise exploration?
The goal is for clients to obtain enough information and the right information to make a well-informed decision. That well-informed decision could result in making an investment OR further exploration with additional concepts.
How does your business model work? Is there a fee for your services?
I operate similar to an Executive Search firm. The industry standard is that franchise coaches are paid by the franchisor IF a client chooses to invest.
What is the length of the client/coach engagement?
There is no defined timeline. I’ve worked with clients anywhere from three months to three years. Our time together has no expiration date.