Q & A
Welcome! Listed below are the typical questions that people have asked us. If you don’t see a question listed below that you have, please feel free to contact us directly.
About Franchising in General:
Q: What is franchising?
A: Franchising is like starting a business with "Training Wheels". It's a way to go into business for yourself, but not by yourself, by using a proven business model. It can be a really great way for women to have a new future and a new life and not feel like they're stuck in Corporate America. My little book offers the cliff notes of franchising to give you an overall idea of what it's all about.
Q: What are some industries involved in franchising besides food?
A: Most people (90%) think food when they think franchise, but food is only 25% of the industry. Other industries may include pets, healthcare, automotive, education, and sports for children. Home services, medical, and kids' franchises are currently hot.
Q: What are the benefits of franchising?
A: Franchising provides a proven business model, so you don't have to spend all the time and effort on research and development like the founder did. It's like starting a business with training wheels. You also get the benefit of a recognized brand. The franchise company provides systems and support.
Q: Is franchising only for people with prior business experience?
A: Not necessarily. For example, in the kitchen and bath remodeling franchise, less than 5% of franchisees have any prior industry experience. Many come in with a passion for home service and a desire to give customers a better experience. The franchisor provides the training and systems you need.
About Finding the Right Franchise:
Q: How do I find the right franchise for me?
A: At Your Franchise Coach, we specialize in guiding entrepreneurs through the vast franchise landscape to find the perfect match for their skills, interests, and goals. With over 4,000 franchises to choose from, our personalized approach ensures you discover the opportunity that's perfect for you. My book, Your Amazing Itty Bitty™ Considering a Franchise Book, outlines 15 steps to help you find a suitable franchise.
Q: What should I consider when looking at a franchise?
A: Consider what you love to do. Think about your skills and interests. It's also important to understand the culture of the franchise company and whether it resonates with you.
Q: What is "validation" in the context of franchising?
A: Due diligence is one of the wonderful things about the franchise business model. You're looking at a proven business model and you just need to make sure you believe in the systems they've developed and are passionate about. Validation involves talking to existing franchise owners to learn about their experiences. You can legally talk to anyone you want and should ask them about their experience, surprises, what they like and dislike, and corporate support.
Q: What are some questions to ask franchise owners during validation?
A: Some questions to consider asking are: How long have you been in business? Were there any surprises that you had before, during, or after you opened? What’s the best thing about this business? What’s your least favorite thing? How is corporate support? Would you do it all over again? What are your annual sales?.
Q: I'm feeling overwhelmed by the franchise options. What should I do?
A: Many people feel overwhelmed by the choices. That's where a franchise coach can help provide personalized guidance to find the right business for you. We can help you navigate the options and make a smart and safe investment.
About Working with "Your Franchise Coach" (Phyllis Pieri):
Q: How can you help me find a franchise?
A: I specialize in guiding entrepreneurs through the vast franchise landscape to find the perfect match for their skills, interests, and goals. I have a structured process that makes this self-discovery very efficient. I interview you to ascertain your wants and needs and match your skillset to several candidate franchises. My service is FREE.
Q: What is your experience in franchising?
A: I am a franchise expert with over 40 years in the industry. I've been around the industry for a long time, starting by working for and owning a Sir Speedy franchise, and then selling franchises for many years.
Q: What is your book about?
A: My book, Your Amazing Itty Bitty™ Considering a Franchise Book, is a concise guide that outlines 15 steps to help you find a suitable franchise. It covers crucial aspects such as due diligence, financing, legal considerations, and selecting the right franchise fit. It’s the cliff notes of franchising.
Q: What kind of person is your ideal client?
A: My ideal client is often a woman between 40 and 60 who is looking for more freedom and control in her next chapter. She may have been laid off, feeling unfulfilled, or simply ready for a new challenge and is considering business ownership but is overwhelmed by the options. She values independence, financial security, personal fulfillment, and guidance.
Q: I'm scared of making the wrong decision. Can you help with that?
A: Fear is the number one reason people don’t make life-changing decisions. It's normal to feel fearful and anxious. We can discuss your fears and help you determine if they are valid concerns or just "Louie," the little green monster of fear, talking. My process helps you make an informed decision.
Q: How can I get started with you?
A: You can book a call with me to discuss your goals and explore your options. My service is free, and I promise we will have some fun.
About Mindset and Success:
Q: How important is mindset in owning a franchise?
A: Mindset is very important. It's about managing your thoughts and picking the ones that are serving you best. Having a willingness to try new things and to just get going is also key. Living in a world of abundance and not scarcity is important for success.
Q: What role does passion play in business success?
A: You need to find the purpose and the passion within your business. Find where you find the juice and the joy. People who have a strong interest and passion for the industry they enter into tend to be more successful.
Q: I've heard that franchise owners can't be innovative. Is that true?
A: Some of the best ideas come from franchise owners themselves. While there needs to be consistency across the brand, there's a balance between having high standards and enabling some innovation within a defined structure.
Q: How important is networking for business owners?
A: Networking is very important. You only know what you know, and connecting with other like-minded community members can provide new skills, strategies, and support. Find your "home" and build a strategic power team.
Why should I use a Franchise Consultant instead of contacting Franchise Companies directly?
If and use our proven franchise selection and investigation process, it will save you time and money — while also helping you avoid making costly mistakes. Also, our years of experience and careful pre-screening of franchise companies will help you understand why certain opportunities are better than others. We will show you the safer and most attractive business opportunities. If you have never evaluated a franchise company before, you will quickly see it can be an ominous task. It is easy to lose your objectivity without the guidance of an experienced person who is NOT beholden to counsel you to choose to take advantage of our expertise and any-one franchise company.
With so many variables involved, how will you help me find the right Fit?
Our consultants will guide you through a very thorough and proven process designed to help you first assess and document your skills and goals — then to pre-qualify the types of business models you want to work with then to match you to franchise businesses within these models. They will obtain your responses to a great number of questions, such as:
- What characteristics are important to you in a business? Hours, the number of employees, physical plant, office location, etc
- What kind of business would excite you?
- What would you like to do day in, and day out, 40 to 60 hours a week?
- What are your strengths and weaknesses in operating a business?
- What kind of experience, training, and education do you have?
- What role do you want to play in the business? Sales? Operations? Marketing? Management? Customer Service?
- How would you like to finance your business and what more do you need to know to do this?
- Are you seeking a one-level or a two-level system?
- Would you prefer an opportunity that affords multiple locations? An established system, or a new system? A new territory or a resale territory? And do you know the advantages or disadvantages of each choice?
- How soon do you want to be open for business?
- Do you have a partner? Are you planning on having investors?
With this information and more, I will be able to guide you and suggest franchise opportunities that match up well with what you seek in a business. With the thousands of franchise opportunities available today the search can be almost overwhelming. We have done a great deal of the work for you. We have carefully pre-screened hundreds of franchises and determined the best opportunities. We have companies in the fast food, specialty food, retail, business to business services, home based, serviced oriented, auto aftermarket. Opportunities range from $50,000 to several million dollars
Why buy a Franchise?
- ongoing support
- excellent training
- a solid business plan
- proven marketing and advertising programs
- experts from the franchise company providing day to day advice and assistance
- a proven method of doing business
What financial assistance is available?
Financing doesn’t have to be a daunting subject — there are many resources available to you (SBA Loans, 401K Rollover Loans, Home Equity Lines of Credit just to name a few) to raise the amount of investment capital you will need. But because the subject of financing is so broad and so important, we recommend you discuss this first, in general, with your consultant and then allow your consultant to introduce you to experts who can provide specific assistance.
How much cash do I need?
Each franchise company’s requirements are different but the minimum requirement to qualify for lower-priced franchise opportunities tends to be $20,000 liquid and $100,000 net worth. Few people pay cash for a new business. Typically a business loan is obtained. Our experienced consultant advisors will explain all of your financial options.
What is the Franchise Disclosure Document?
The Franchise Disclosure Document (referred to as the FDD or disclosure document– used to be called the UFOC) is the document that a franchise company is required by law to give to a prospective franchise buyer before the franchise can be purchased. This document covers information regarding the franchisor, its management, its financial history, and the material terms and conditions of the Franchisee/Franchisor relationship. It must explain to you all the initial costs of the franchise, the costs to start the business, any litigation the company has in its history, it must disclose the names and phone numbers of its existing owners, as well as past owners. The FDD was created to establish a consistent and uniform format for disclosure throughout the United States. Its intent is to provide a prospective franchise buyer with a good deal of information with which to make an informed decision. I will help you better understand information supplied in the FDD. Also, I will help you plan and organize calls to existing franchise owners for an, even more, thorough understanding of the business before you make any decision.
Do you have personal commitments or family conflicts that may affect your target opening date?
Unless you already own a suitable building, have existing office space, or are buying a home-based business, you will need to find a location for your franchise. The Franchise Agreement will include specific requirements regarding site selection and many even have relationships with real estate companies or in-house real estate departments whose jobs are to help you find locations.
Will my personal or financial information be sold to anyone? Absolutely not, this information cannot, by law, be shared with or sold to anyone without your sole permission.
