Frequently Asked Questions
We do not get paid if you decide to buy a franchise.
We are not affiliated with any franchise in any way.
If you decide to buy a franchise, great.
If you decide not to buy a franchise, great.
We get no money either way.
We just want you to decide, as a family unit, that buying a franchise is the right step for your family to take. No business EVER, should cost you your family.
We respect and applaud franchisors for building great businesses but we are there to help you to buy the right business for you and your family. We are not accountants, lawyers, or salespeople/brokers for franchisors.
Our aim is to have informed and passionate franchisees who own successful businesses. We have seen many family issues within franchises and that is THE pivotal reason for the creation of The Franchise Parentpreneur.
Our first step:
We have a chat with you and your partner about why a franchise, how you both feel about buying a business, what you are excited/worried about, etc. Link to consultant form.
If you decide you like us and trust us, then we work alongside you through the research and buying process:
1st – WHY Why are you considering a franchise?
2nd – WHO Who in the family is the driving force behind this decision and is everyone on board?
3rd – WHICH Which franchise has caught your eye, if one at all, and what is it about that franchise that they like? What information do you have about this franchise?
4th – EXPECTATIONS Do your expectations match the reality of owning a franchise, based on our experience.
5th – YES OR NO Do you move forward and begin the application process with the franchisor, or do you (as a family team) decide that this is not the right move for you.
The first three months especially can be a massive learning curve. We can be by your side during this time so that you don’t lose your mind! We can help with setting up systems, ideas for staff training, etc.
Some franchises will provide area managers/business consultants to give you ongoing support. Others don’t. These area managers often have anywhere between 6-30 locations to look after and the amount of time they have to spend just with you is low. This can leave new franchisees feeling unsupported and overwhelmed, leading to buyer’s remorse. You can have us be focused just on you.
Also, many of these area managers have varied experience and the majority (in our experience) have not been business owners. Their role is to make sure you are sticking to the franchise rules and can’t empathize with you as a stressed out business owner.
In this relationship the rules do favor the franchisor, which makes sense as they have a brand they need to protect. You just need to make sure that your chosen franchise is sound and can provide the results you need. You need to be able to look past all the glossy brochures and see the real picture. That is where our experience can help you.
As mentioned above, some franchises will provide area managers/business consultants to give you ongoing support. Others don’t. These area managers often have anywhere between 6-30 locations to look after and the amount of time they have to spend just with you is low. This can leave new franchisees feeling unsupported and overwhelmed, leading to buyer’s remorse. You can have us be focused just on you.
Also, many of these area managers have varied experience and the majority (in our experience) have not been business owners so are really there to make sure you are sticking to the franchise rules and can’t empathize with you as a stressed out business owner.
The husband (driving force) comes to us –
Typical story –
“I am the sole bread winner. I hate working so much and not seeing my family. I want to be my own boss and have more control.
My wife is nervous about me quitting and is not really on board.”
Link to More information – Driver FAQs checklist/workbook
Wife (reluctant partner) comes to us –
Typical Story –
“My husband wants to buy a business and all I see is these ‘coaches or advisors’ out there that want to sell us something and I don’t trust or connect with them. I want to know what it is really like, how much money we can really make, and how much he will have to work.
He is the main bread winner and this makes me nervous.”
Link to More information – Reluctant partner FAQ post
Couple (both on board) comes to us –
Typical story –
“We want more control over our lives, so we are looking at buying a business. We are both working crazy hours, we don’t have much time with our kids or each other and something has to change. We are sick of working our guts out for someone else. We want to put all that effort into something for us.”
Link to More information – We are ready to build something for us FAQ post
We work to make sure everyone is on the same page in this decision. Business is hard on its own, without having problems on the home front. We have seen divorces happen because of the stress a business can bring into a family. We work to make sure this doesn’t happen to you.
For example if you are a pastry chef and love coming up with new and spectacular desserts then buying a bakery franchise might not suit you because you can only produce what is in the recipe book to the franchisor’s specifications.
Link to SYBAF
Everything we do and talk about is from our own experience. For us, franchising works. We like operating within a system and leveraging a faster result in profit by using a known brand, versus beginning something on our own.
Since 2000 we have we have personally been franchisees in 3 franchised systems (one of which we have owned in two countries) so we know the power of franchises and how they can help you to succeed. Some of these have been extremely successful and a couple have not been profitable and caused many sleepless nights. We still believe in franchising though because of what it can do for you and your family.
According to many in the franchising world, you are infinitely more likely to succeed in a franchise than if you open your own business. However, according to the Small Business Administration in the US the success rates are similar and that the once touted 95% success rates for franchises is flawed and inaccurate.
Having said that, franchises offer you brand recognition, an existing customer base along with support, training, and systems that increase the time you can spend building your business rather than trying to put all the pieces of running a business together yourself.
How much money do you make in a franchise?
Do you really get more time with family in a franchise?
What is the day to day running like?
What is the franchisor like and what do they do for you?
How hard is it to get staff?
Can you look at these figures from the franchisor and tell me if this is a good business to buy?
Are you happy in this franchise?
Are you glad you made the decision to be a franchisee?
Is it hard to learn everything in the training time that they have with you?
Is there someone who can help me get everything sorted out once I open?
Is it a good idea to work with your spouse?
How does this franchise compare to some others that you have been in before?
Why did you get out of those franchises?
Was it hard to get financing for your franchise?
Was it hard to find a buyer for your franchise?
What process does the new buyer have to go through with the franchisor to be approved?
Is the marketing department good at doing all the advertising?
Is your business growing?
How does this franchise stack up against other competitors?
How much support do you really get from the franchisor on going?
How much are the royalties and what do they pay for?
We work to answer these for your chosen business so that everyone in your family is satisfied and are on board with this move so that everyone is comfortable with the decision to buy a franchise and be supportive.