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Month: May 2020

Staying Ahead Of The Competition

1-Response Time
Always answer the phone when it rings. Some business owners have a policy to not let the phone ring more than once.
Customers are calling now because they want service now
If they have to leave a message, they may call the next company on their list.
Stay on top of things by submitting your quotes promptly. This demonstrates customer service, confidence in your knowledge and your ability
2-Finding Those Pain Points
Customers leave their previous suppliers because they aren’t happy with the service they received. Put yourself one step ahead of the last service provider.
This creates a positive working relationship from the beginning
3-Maintain the Relationship
Customer service is key in any industry. Establishing a trusting relationship from the start creates great word of mouth advertising and will drive referrals for your business.
Everybody knows somebody and that somebody could be your next customer
You and your clients are partners in each others success
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You may prefer a bricks and mortar operation or maybe a work from home suits your lifestyle better. There are also mobile concepts.
If that isn’t quite enough, do you prefer B2B or B2C?
There are 1000s of franchise concepts to choose from. We help you with in-depth research and analysis.
What has your career done for you lately?
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Preparing For The Franchisor’s Discovery Day

What is Discovery Day? 
Definition:​ ​A discovery day is an event set up by the franchisor for potential franchisees. This gives the interested buyer of the franchise the chance to meet face to face with key members of the franchisor team.
Discovery Day usually takes place at the franchisor’s main headquarters or in some cases, at an actual franchised location that is usually in the same town/city as the franchisor’s main office.
Some discovery days are very structured and will have up to 20 candidates in attendance whereas others will be on a one-on-one basis.
What should I expect when I attend a Discovery Day? 
At Discovery Day you will have the opportunity to meet the franchisors corporate staff, take a tour of the facility, tour a franchised location, meet one or more existing franchisee’s and test the products and services.
Discovery Day is also known as Decision Day in the franchise world. Generally speaking, potential candidates leave with the decision made to proceed or not.
Discovery Day is essentially a lengthy presentation and interview. The Franchisor wants to learn more about you, how you interact with people, your people skills, do you seem coachable, will you follow their systems, can they envision you representing their brand. Naturally, you want to learn as much as you can about the Franchisor.
It is important to be professional at all times. Do not get caught up in the glamour of the special day. This is a business trip. You are there to gather information and experiences that will help you formulate an important decision.
Enjoy yourself!
❏ Get directions to the location
❏ Reserve a nearby hotel room (if necessary)
❏ Rent a car or reserve transportation to the Franchisor’s corporate headquarters
❏ Find out what portion of expenses are paid by Franchisor
❏ Remember to save your receipts for reimbursement
❏ Bring the list of your questions that have not yet been answered
❏ What is the appropriate dress code
❏ Ask Franchisor about their initial deposit or franchise fee
❏ Have you signed and returned all of the disclosure documents with the appropriate waiting periods
❏ All decision makers should attend Discovery Day
❏ Verify all registration forms have been sent to Franchisor (if applicable)

Questions For A Franchisee Candidate

The following are some examples of qualifying questions you will be asked by a franchisor:

• These are interesting times to start a business. In my opinion, franchising makes the most sense for a number of reasons. May I ask what is motivating your search?
• Tell me about your business experience? (Work history, education, passions, and interests)
• What amount of capital do you expect to invest? (minimum of $20,000 required)
• Have you given any thought to how you plan to fund the business?
• What types of business funding are you familiar with?
• How much do you know about the requirements to qualify for funding?
• What is your timeframe for opening your business?
• Have you given any thought to when the best time to open the business is? I am referring to seasonality?
• How about the amount of training required before you start and when these sessions are scheduled?
• How motivated are you to do the work to make the business a success or do you have the management experience to hire the right people to do the work?
• Would you consider yourself a self starter or rather an individual looking for a more structured system to follow?
• There are 3 goals that are usually most important to people when starting or buying a business. 1) To improve their lifestyle 2) Generate more income and build wealth 3) Work in a field which they are interest in or is their passion. In what order of importance would you rate these?
• When would be a good time for us to speak again? I’d like to ask you more detailed questions that I’ll need answers to so that I can best match your goals with the direction you’d like to pursue in franchising?