Frequently Asked Questions

Glossary of Franchise Terms
Q: What is a Franchise?

A: Definition: franchise noun plural franchises fran chise | \fran- chiz| A franchise is a type of license that grants a franchisee access to a franchisor's proprietary business knowledge, processes, and trademarks, thus allowing the franchisee to sell a product or service under the franchisor's business name, in exchange for initial start-up fee & annual licensing fees.

The "Franchisor" is the brand, for example, Taco Bell is the franchisor. The franchisee is who is granted access.
Franchise Basics
Q: 5 Simple Questions to Ask a Franchisor.
A: Here a a few simple questions to help start a conversation with a franchisors.
  1. Tell me about your franchise.
  2. How long has your company been franchising?
  3. What does it take to be a successful franchise owner?
  4. What sets your brand apart from its competition?
  5. Will I have a protected territory?  
Jot these down for when you start your franchise search.
Q: Why Should I Own My Own Franchise?
A: Business ownership offers you the opportunity to take control of your career, income, time and future. Franchising offers you an avenue to own your own business using a proven franchise model. If you are a first time business owner, the franchise model is like speeding down the entrepreneurial highway with solid guard rails. You will be your own boss, work hard for yourself, following a proven business model and looking to reap the rewards that franchise business ownership can offer.
Q: How Do I Select the Right Franchise?
A: Finding out which franchise is right for you starts by understanding what you want out of your franchised business. The right franchise should not be just focused on your favorite hobby, but if you believe the investment will return the profits that would provide you with the goals you are looking to achieve (for example, more free time, financial security). Moreover, any enterprise you pick should address a marketplace not currently being addressed in your community. If there is no market demand or the location is already saturated with similar franchise businesses, then look for another franchise. Do your studies before signing a franchise agreement. Talk with other franchise owners in the franchise system you are looking to invest in. Don't make a decision, yes or no, until you have done your homework. The old saying, don't judge a book by it's cover, applies here, dig deep into the business model of the franchise. 
Q: How Many Franchisors Should I Evaluation?
A: As many as it takes to find the one that you feel fits your requirements. Most start with about 6-8 franchisors. They inquire and start setting up phone calls and zoom meeting to learn more about the franchisors business model. Don't get too focused on the product or service, focus on the business model. After the first few calls with each franchisor, eliminate the ones that you are not interested in and replace them with new ones. Repeat this process until you settle in on 3-4 brands then roll up your sleeves and learn everything you can about these franchise models.
The Inspection Boys Home Inspection Franchise
Mobile Pet Grooming Franchise

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