The Biggest Summer Franchising Myth

A lot of people who want to start their own business do not make the first step because they think now is not the right time. We're in the peak of summer. You might be sipping a piña colada or an iced coffee by the swimming pool, enjoying and thinking now is not the right time. Let me prove you wrong with this video. On average, to make a franchise inquiry, sign an FDD, and open your franchise location, it takes between 9 to 12 months. Here's the breakdown of all the steps that you need to go through. So if you're lucky and if the process is on the faster side of things, maybe there's no brick and mortar involved and it's a service franchise you want to invest in, it might take you about 9 months. So before the start of the summer, early spring next year, you'll be able to start operating. Month 1 to 3 is usually the evaluation vetting process where you do your research, your due diligence, you have a look you look at the FDD, you do franchise validation, discovery days, and so on, and you make sure the franchise opportunity suits you, and the franchisor evaluates whether you fit their system. From month 3 to 6 is planning and preparation period where you start looking for the lease and negotiating the lease if you're going to have a brick-and-mortar physical location. You talk about the financing, the territory approval, permits, lease negotiations, and so on. Months 6 to 9 is when you build out the location, when you get trained by the franchisor, onboarded, you start recruiting staff and so on. And most importantly, you start the marketing before the launch. This is something what Franchise Fame can also help you with. So if you're lucky, on month 9 you can have your official launch, and more negative forecasts would take 9 to 12 months. In some cases, it can go even further and take longer. Now is the right time to make an inquiry, do your due diligence and research, and start to find franchise opportunities that fit you.