Where “Helping People Realize Their Dreams” is more than just a slogan
AN INTERVIEW WITH: FranChoice
FranChoice is a franchise consulting firm that assists would-be entrepreneurs with a franchise opportunity that best matches their needs, skills and interests. The home office, located in Eden Prairie, Minnesota, provides training to franchise-savvy consultants who currently number over 100. These consultants, based all over the U.S., work with the candidate to develop a detailed history and then use that information to match them with several franchise opportunities from a select group of pre-screened companies that fit the candidate’s profile.
How does it work? “The first thing that usually happens,” says Hockett, “is that someone looking for new opportunity horizons types words like ‘own a franchise’ into an Internet search engine. After clicking on the link to FranChoice, the information seeker will learn about what we do, how we do it and, very importantly, that the service we provide is free.”
The next step, says Hockett, is for the potential franchise owner to fill out a short questionnaire to request a free consultation. “After the inquiry is sent to one of our consultants, the person will receive a call right away,” says Hockett. “From there, the consultant will work with the candidate to find out what they want in a franchise business.”
There are several reasons why FranChoice is considered the premier franchise broker. “One of the keys to our success,” says Hockett, “is that we have carefully hand-picked each of the franchise companies in our inventory. We only work with companies that have successful franchisees in their systems. They must validate well and have a strong operations model in place.
“We have frustrated many franchisors who want to work with us by making them wait while we go through our validation process,” he adds. “But FranChoice was not built on making a sale; it was built by making a genuine match between a franchisor and a franchisee.”
“The key to making a great match,” says Hockett, “is really listening to the person so we know what motivates them. We have relationships with franchise companies across all sectors, including coffee houses, business services, automotive care, children’s learning, small space retail, cleaning services and many, many more. Whatever the person’s interests or previous experience, we have numerous stable, growth-oriented, franchisee-friendly companies that we can introduce. More times than not, it is a company that the candidate has never considered or even knew existed. Our service expands both the possibilities for our candidates and the potential franchisee base for our franchisors.”
A second reason for the success at FranChoice is the strength of its consultant network. “Our independent franchise consultants represent our brand to the public and we work diligently and continually to make sure they are serving their candidates in the best possible way,” says Hockett.
“First we work only with men and women who have extensive franchise experience. They have either worked for a franchise company or been a long-time franchise owner – and many have done both,” says Hockett. “This means they can really relate to a candidate and provide tried and true advice, all based on experience!
“Our consultants must go through a thorough and rigorous training program over a six-week period,” adds Hockett. “Again, it is not enough that they can make a sale. They must be trusted advisors to their candidates and to do that, they need to truly understand each of our franchise companies so they can represent the business accurately.”
As franchise companies and consultants are added at regular intervals, the training never stops. FranChoice offers many opportunities for consultants and franchise companies to interact, including semi-annual conferences, weekly conference calls, and an extranet site.
“We work very much like a realtor,” says Hockett. “First we find out what the candidate is looking for and then we do research to find those companies that will provide the lifestyle, income potential and long-term equity the person is looking for. Personality and job skills are equally important because just as a person must select the franchise, the franchisor must approve the person and then ‘award’ the franchise.”
A FranChoice consultant will then present a selection of companies to the candidate. It is up to the candidate to then do his own research by calling existing franchisees in the system, talking to people in the franchisor’s home office and, if there is interest by both parties, to schedule a “discovery day” to visit the home office.
If a candidate is awarded a franchise, the franchisor pays FranChoice a commission, which is why the service is completely free to the candidate.
“This is totally a win-win situation,” says Hockett. “Franchisors love working with us because our consultants present them with people who are well-qualified and well-prepared to learn about their business. Candidates love working with us because we do so much of the work for them and the franchise fee the candidate pays is exactly the same whether they use FranChoice or connect with the franchisor on their own.”
With over 1,600 franchise concepts in the US today, it can be difficult and overwhelming for someone to even begin to look for a franchise opportunity. FranChoice consultants can whittle down that number to a few that will match a person’s interests, skills, personality, experience and desired location.
FranChoice, which was founded in 2000, is now five years old and has been growing steadily. “We are finding that a number of people now come to us through referrals – someone who has used our service recommends us to a friend or family member,” says Hockett. “Of course, that is a great compliment and we are humbled by the confidence that has been placed in us. It makes us want to work even harder.
“One of nicest parts of our business is knowing that we have helped so many people achieve the independence and success they have been looking for,” says Hockett. “Our consultants keep in touch with those they have helped find franchise businesses and so have the opportunity to hear how things are going down the road. When someone calls a year or two or three later and says, ‘I just want to thank you again – this is the best decision I ever made,’ it really touches us.
“It’s one thing make your own company grow and be successful,” concludes Hockett, “but knowing we’ve contributed to the happiness and success of a great number of people is even better.”
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This web site and the information contained herein does not constitute the offer or sale of a franchise. There are certain states that require the registration of a UFOC before the franchisor can advertise or offer the franchise in that state. This franchise may not be registered in all registration states and may not offer franchises to residents of those states or to persons wishing to locate a franchise in those states. The offer and sale of a franchise can only be made through the delivery and receipt of a Uniform Franchise Offering Circular (UFOC).
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