How Do Franchisers Assess Someone For Their Opportunity?

The franchise granting process is referred to as the Franchise Discovery Process. This is how a franchise candidate learns about a franchise. In turn, this is how a franchisor qualifies a candidate for their opportunity.  

This process takes place over several weeks (six or more). 

Key aspects of it include

• Brand overview

• Franchise Disclosure Document (FDD)

• Operations and business format

• Technology and systems

• Marketing and customer acquisition

• Training and support

• A day in the life of a franchisee

• Validating with current franchisees and

• Attending a Meet the Team Day

Both parties assess each other throughout this time. If there is a mutual match, then a new franchisee joins the system.

To understand the Franchise Discovery Process in detail and to learn tips for being a successful franchise candidate, check out this Franchise Alert.

Remember to SUBSCRIBE to @BeWildlyWealth to learn what you don’t know but NEED TO KNOW about making a franchise investment.c

Franchise Jargon - Are You a Zee or a Zor?

When I joined the military, I had to learn a lot of jargon - FAST. Confusion was rampant until I understood it. To help you better understand franchising, here are some commonly used terms.

To start, let’s distinguish between who is the FRANCHISEE and who is the FRANCHISOR.

The franchisee, or ZEE for short, is the person or business entity that owns the local franchise. This person was awarded TERRITORY, usually a defined geographic area.  

Once the person pays the one-time FRANCHISE FEE and signs the FRANCHISE AGREEMENT, he or she becomes a franchisee or OWNER.

The franchisor, or ZOR for short, is the company that owns the intellectual property and business format of the brand. 

When people are learning about what a franchise offers, they are referred to as “FRANCHISE CANDIDATEs.” 

The learning process is called the “DISCOVERY PROCESS” or the “FRANCHISE GRANTING PROCESS.” 

Other common franchise jargon is covered in this Franchise Alert. Check it out! 

What exactly is a Franchise?

There are national chains like Kroger grocery stores and Walgreens drug stores but they aren’t franchises.  Most franchises like Subway and Ace Hardware Stores are national in scope. So what’s the difference between a national chain that is a franchise and one that isn’t?

Look at who owns the business.  

Can a person wholly own a Kroger or Walgreens?  No. A person can buy shares of their stock and be part owner.

Can a person completely own a Subway or Ace Hardware Store?  Yes.  

How does someone get to own a franchise?

The person buys a LICENSE to use the branding, trademarks and business format of a specific franchise. 

There is a one time payment for the license called the FRANCHISE FEE.

The key is to be AWARDED a franchise by the franchisor. A geographic area or TERRITORY is typically included.

For the past 20 years, I’ve helped people select and vet franchises that are a great fit for them.

If you long for an  EXIT STRATEGY from your job, need a FINANCIAL BRIDGE to or through retirement, or wish to DIVERSIFY YOUR ASSETS and create ANOTHER INCOME STREAM, let’s set up a time to talk. 

To be informed about what a franchised business involves, check out this Franchise Alert. 

SUBSCRIBE to our @bewildlywealthy YouTube channel to learn more about franchises.

Pay Attention To What Pays

There probably isn’t a more “boring” business for me to recommend to someone than a cleaning franchise - UNTIL - the would-be business owner understands these four things:

1. The ROLE OF THE OWNER is to grow and manage the business, NOT CLEAN.

2. There are REPEAT, LOYAL CUSTOMERS who require regular cleans of 

• Cars

• Carpets

• Swimming pools

• Dogs

• Clothes

• Houses

• Offices

• Exteriors of buildings

• Parking lots

• Barbeque grills - yes, there really is a franchise for just about everything

• Restaurant hoods

• HVAC systems

• Windows

• AND SO ON……

3. CUSTOMERS PAY in cash or with credit cards IMMEDIATELY.

4. They are IMMUNE TO the ECONOMY, POLITICS, TECHNOLOGY, WORLD EVENTS, AND AMAZON.

These are part of our everyday lives, and customers gladly pay for these pretty affordable services. 

To learn more about the potential to PRODUCE WEALTH AND A HANDSOME INCOME from amazing cleaning franchises, check out this Franchise Alert. 

Remember to subscribe to the Anna Wilds YouTube channel to keep informed of other great wealth and income-producing franchises.

Learn what you need to know about franchise resales!

Since being a parent, I have a long list of child-related services I’ve used.  These include babysitting and tutoring, birthday parties, and driver’s education. Of course, there is the fortune spent on children’s clothes, toys, and athletic endeavors. I gladly paid every dollar spent just like most parents!

From your own experiences as a parent, you know the long list of services and products you have provided for your kids, from daycare to various sports activities and camps to schools and entertainment.

These fun kinds of businesses can be great franchise investments for people who want to 

MAKE A DIFFERENCE IN THE LIVES OF CHILDREN AND THEIR FAMILIES.

One thing is for sure: people will spend money on their children. This is true regardless of what’s happening in the economy.  

Check out this Franchise Alert on Child-related Franchises. When you are ready to explore franchises, contact me to discover which franchise is right for you.

Join us on Wednesdays at 11:30 a.m. Eastern for the Franchise Minute. Register for next week’s event on money-making Beauty Franchises here. 

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