This past week, I attended the International Franchise Professionals Group (IFPG) Retreat conference CREATED in Hollywood, Florida. The IFPG Retreat is an event that brings together franchise consultants such as myself, franchisors, and vendors within the franchising industry. 2021 set a new attendance record for the IFPG, which means more franchisors and more opportunities for me, as a franchise consultant, to learn about their business models.

There is a perception amongst many investors that they can go on to Google and search for “franchise opportunities.” I will admit that is true. But if you’ve tried to do that, you will quickly learn there are thousands and thousands of franchise opportunities available, and you will have no idea where all-franchises-are-CREATED to start. For instance, does a particular franchise have territory open in your desired area? Is your background a good fit for that franchisor? Does it provide the level of ROI that you want? Do you have to work fulltime in the business, or can you be semi-passive? Will it be a good match for the lifestyle you desire? I think you get the point.

When talking with a new prospect, I often compare what I do to that of a real estate agent when looking to invest all-franchises-are-CREATED in a home. A real estate agent will gather all of your requirements, such as how much you are qualified to spend, how many bedrooms and bathrooms, ideal location, etc. They then go off and do research and downselect homes for sale to present to you. They are saving you time and energy. And that is what a franchise consultant, such as myself, does for my clients.

During the IFPG Retreat, I had the opportunity to meet with over 150 franchise concepts to learn more about the support of their system, what type of ownership model they offer, and who their ideal candidate is. Why is this important, you ask? Let me break it down for you.

What does the franchisor provide support-wise?

The support a franchisor provides is critically important to the success of their franchisees and its system overall. Some of the things I look for include:

Do they have a call center?

Do they help with lead generation?

Do they have a national account program?

Do they provide in-territory training and ongoing training for their franchisees?

Do they validate well from a financial perspective?

Are their current franchisees successful and happy?

What type of ownership model do they allow?

Every franchise system identifies what type of ownership model they allow. When you go onto a website to do the research yourself, this is not apparent. There are three types of ownership models:

Owner-Operator – A owner-operator model requires the owner to work in the business full-time and make the investment its sole priority work-wise.

Semi-Passive – A semi-passive ownership model will allow for an investor to stay in their full-time jobs and build a business on the side with a manager in place to oversee the investment. Essentially, the owner is managing the manager. Semi-Passive is an excellent option for individuals wanting to diversify and build an additional revenue stream on the side.

Fully-Passive – An entirely passive model is where an investor pays an incentive to the franchisor to manage their investment 100%. These are great for investor groups or multi-unit owners desiring to build wealth without the complexity of being involved in the business.

Who is their ideal prospect/candidate?

I will take this time to remind you that entering into a franchise agreement is a mutual decision between the franchisor and franchisee. Franchisors do turn away prospects if they do not believe they are a good fit for their system. Every franchisor identifies the attributes and strengths that their ideal candidate will have. 

And that is why we introduce the Zorakle SpotOn profile. The SpotOn Assessment identifies candidates’ strengths as a business person and allows me, the franchise consultant, to better match and align you with a franchise brand that complements where you could be successful.

Are you ready to begin your search?

At some point, we have touched base over the years, given your interest in franchise ownership. Perhaps it wasn’t the right time given personal, professional, or financial reasons. And that’s OK. Timing is everything.

I can share that interest in franchise ownership is stronger than ever, especially in a home-based business, with individuals wanting to continue to work from home and not go back into the corporate world due to COVID. Similarly, many individuals have learned that “safety” and the “corporate world” do not go hand in hand, so they want to take their destinies into their own hands.

I am here for you if you are that person. Oh, and did I mention my services of no cost to you?

Be safe. Be Well. Be Your Own Boss.