What to Expect in The Franchise Ownership Journey
When you own a franchise, you drive your business to success because you own the business. You have the ability to execute your vision and reap the rewards using a proven business model that can be launched relatively quickly for a low investment. While providing the independence of being a small business owner, franchise ownership also comes with the support and infrastructure of a large corporation.
A business coaching franchise like The Growth Coach is ideal for professionals from a wide variety of backgrounds who are ready to take what they’ve learned and build their own business by helping others. A home-based business that requires no dedicated office, no employees, and minimal recurring franchise costs to operate, The Growth Coach allows you to own and operate a thriving franchise without the costs associated with a brick-and-mortar business.
The business coaching industry is worth $11.6 billion in the U.S., proving there is ample need for guidance in the business world. The Growth Coach franchise provides this vital service for the more than 28 million small and medium-sized businesses in the United States who seek the counsel, team-building tools, and leadership skills of experienced executives.
But what, exactly, should you expect throughout the journey to franchise ownership?
A lot of research - After completing a general search to identify franchises that may be of interest to you, it is time to dig in to learn everything you can about each one. Among the things to consider are your skills, experience, budget, and location. You have to evaluate each franchise on two levels – whether it’s a viable business model in the current market, and whether it’s right for you. Some resources to consider for your research include:
- The franchise website - In addition to providing general information, you can contact the franchisor to let them know you’re interested. They might send an informational packet or brochure or set up a call with you to tell you more about their opportunity. That way, they’ll be able to directly answer any questions you might have.
- Reputable business magazines and websites - Check for recent write-ups about the company or industry in The Wall Street Journal, Inc., Fortune, Business Insider, and Entrepreneur. Also take a look at franchise-specific sources like Multi-Unit Franchisee Magazine, Franchise Times, or the International Franchise Association website for any new information related to your chosen franchise or industry.
- Current franchise owners - The people who’ll have some of the best insight for you are those who’ve already gone through the process themselves. Arrange a meeting with a current franchisee and don’t be afraid to ask questions. You can get contact information for current (and sometimes former) franchisees from the franchisor – this information is often included in the Franchise Disclosure Document (FDD). The FDD is packed with information on every facet of the franchising opportunity.
Making an investment - Investing in a franchise allows new entrepreneurs the opportunity to jumpstart their businesses by utilizing the franchisor’s infrastructure and roadmap to hit the ground running and scale the business quickly. The Growth Coach offers like-minded entrepreneurs lower startup costs, comprehensive training, high-impact marketing assistance, and ongoing support provided by a team of experts and a network of franchise owners. The Growth Coach simultaneously benefits franchisees and the business clients they serve.
Launching your business - Once you make the decision to invest in a franchise, it is time to get started. Initial and ongoing training is provided when you become a franchise owner, so you just need leadership skills, a commitment to success, and a willingness to trust the guidance of the franchisor. The proven Growth Coach model leverages the power of a diverse group of leaders, managers, and sales associates from an array of industries to help business owners build organizational capability and improve the individual skills necessary to grow a profitable business.
Ongoing training and support - Owning a franchise allows you to go into business for yourself, but not by yourself. One of the most underestimated and under-recognized aspects of franchise ownership is the support that comes from peers within the system. The collective knowledge of this existing network is a powerful resource for new business owners to tap into. While a new franchise owner will often rely on the built-in support of the franchisor, over time it is the support of the peer network that becomes invaluable.
When you are ready to join Entrepreneur’s #1 ranked Business Coaching Franchise, check out our 8 Steps to Owning a Growth Coach Franchise, and contact us to get started. Owning a Growth Coach franchise has never been easier and you can be up and running in just a few months.