OK, we’re ready for the “Big Reveal” as they say on those reality TV shows. The franchise I’ve decided on is called Big Frog Custom T-Shirts & More, based in Tampa. There was a lot of work to do to get to this point, including:
- Contact Rick and get a current list of the franchisees.
- Review the current copy of their Franchise Disclosure Document.
- Contact a sampling of the franchisees and start learning things from their perspective.
When you’re in this stage, there are a lot of things you need to ask about, both from the franchisor and the franchisees. From training programs to territories, management structure, advertising funds, etc. That’s why we make sure we give our clients separate lists of questions to ask each. It makes sure nothing is missed and the whole process is easier.
With Big Frog, I already knew what I needed to know about the franchisor. I’d recently helped my Houston client with his Big Frog purchase. Then I got on the phone with a sampling of their franchisees and found out what I could about their experiences, their sales, and the key expense items. As I did this, I entered the data info into a spreadsheet and began building my own set of projections. I’ll use this to project my profits but also as a tool for any funding I might seek.
Enough for now. The suspense is over and I still have a lot to do.
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