For Prospective Franchisees
Find the Right Franchise; Scale that Franchise; Build Wealth
Every great franchisee had help. Franchisees turn to Growth Club to leverage its 100+ years of franchise experience to help navigate the difficulty of finding the right franchise opportunity.
We Coach Without a Requirement to Buy
Want 1851 Growth Club to vet opportunities for you? You can engage us to guide you through the research phase or the entire process. In many of these coaching situations, there won’t be commission paid, as we won’t convince you to go with a brand that MUST be in our inventory. Here’s how we help:
We Don’t Lead The Witness
In many sales situations, you say you are passionate about “pizza” yet are told you should buy another industry. Why? Higher commissions are paid by that brand. This is unfair to you. You end up being convinced that your “personality” is a fit. Why do we take this approach?
Transparency In How We Make Money
When buying a franchise, you pay a franchise fee. Fees have skyrocketed over the last few years to pay commissions to the broker who said they “coach you for free” and then to the outsourced sales team who is NOT on the franchisor’s team, We have a flat commission. Here’s why:
What is Franchising?
Franchising can be a beautiful thing. It can help you go into business for yourself, yet not alone – in that you are buying a proven and established business model, eliminating years of trial and error.
There are typically three types of franchisees. Those looking to trade a career for business ownership; those looking to scale and build wealth; and those looking to change their lifestyle – both financially and personally. After landing on which type of franchisee you are, then comes navigating nearly 4,000 franchise opportunities and landing on which one is right for you. In selecting the right franchise, this typically comes down to vision of leadership; culture fit; point of differentiation in product; cost to get in and earning potential; territory availability; and validation.
How Franchising Works
With more than 4,000 franchise opportunities, it can be a daunting task to find the right opportunity for you. Thus, understanding how franchising works is essential to getting to what = winning for you.
Franchising is hard. Let’s make that clear. It isn’t as simple as opening the doors and making money. With most franchise opportunities, it takes time to break even. Thus, you have to understand the process and establish a plan to win.
You select the franchise you are interested in. You inquire on their Website. If qualified you are processed by the franchisor. Most of the time, you are invited to a discovery day. If awarded a franchise, you pay a franchise fee to secure the territory. You then go into onboarding. This can take some time – depending on real estate selection and training. Then, you open. Once you open, you have two key focuses – stop burning cash; paying off your investment; and growing your wealth. Then, if committed to a plan, you scale.
How to Determine The Right Franchise
The beginning answer to what is the right franchise for me, starts with your response to this: What are you passionate about?
Imagine buying a dog care franchise because you like the earning potential, but, you hate dogs. What will happen when you have to go work on a Sunday, unexpectedly? You will be frustrated. You won’t enjoy that moment. Regardless of your grit and hustle, you will have regret.
Let’s try to avoid that as much as possible.
The reality is being business owner, entrepreneur, franchisee – if !@#$ing hard. So, you want to ensure you do a few things:
- Find a brand you can be super excited about.
- Align the brand’s investment to what you can comfortably effort. Our recommendation is a Rule of Three – if you can’t see a pathway to owning three units, it may not be the right franchise opportunity.
- Think long–term and back–cast. What is winning? How do you scale to that moment?
What Can I Afford?
At Growth Club, we call it the Rule of Three – can you afford three pizza franchises, three pool service franchises, three mobile pet grooming franchises?
Now, let us be clear – there is currency in grit and hustle. In fact, many of the world’s greatest franchisees who ever lived got there by out hustling everyone else. That certainly counts. But, when you are properly capitalized, you increase the chances of success because you can prepare for different economic and business climates. Additionally, with the right funds, you can scale – which increases the odds of you getting to what = winning.
Prospective Franchisees
Franchising offers entrepreneurs the opportunity to open up a ready-made business that has branding and processes already in place. Here’s how!
Franchisees
In this white paper, we guide you through how to navigate the process of franchise buying.
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