The Making of a Home-Based Franchise – Part II
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By Michelle Rodriguez
In my last post I talked about coming to grips with the idea of offering Well Styled as a franchise. Looking back, I’ve realized one key thing: If it feels right, then hang on and enjoy the ride!
Along the ride to franchising, research is fundamental step! Although I love internet research, to me, there is nothing like being advised by an actual live person. My first resource to contact was BigAustin, which is a one-stop educational resource for local entrepreneurs. I called BigAustin and explained to them my scenario, and in their kind, BigAustin way they said, “I don’t know off the top-of-my-head, but I’ll get you in touch with someone who can help.” Within the next hour I had a call from Mike Pagani of Franchise Resources and we set up a meeting for that same week.
Again, as a person who had never imagined to franchise, I had no idea of what logical questions to ask on the day of our meeting. And since most of my questions were of the “at risk and emotional” kind, (Who else is doing this? How much time will this take away from being with my family? How much will this cost? Am I in way over my head? What if I do it and nobody wants it or buys it?) I took the approach that, “knowledge is power”, and this is where I sourced online information on the subject.
I very quickly learned that franchising is a popular subject, and several sites did have very questionable “get rich quick” promises to them, but after sifting those out, I did come across a couple that gave me a general idea of how a franchise presents itself to potential franchisees. The Franchising section of the Entrepreneur.com website provided me with pricing categories, the type of businesses under those categories, and how a franchiser provides a quick summary of its franchise offering.
Another site that provided a good overview of franchising was Franchise Chat. This site felt like a Franchising 101 course – no fluff, just your basic terminology and descriptions of the different business models under franchising. Finally, the How to Franchise blog provided good to the point information.
For me, the balance of online sources and human interaction worked very well. If I would’ve only gone just by what the internet provided, I’m not sure that I would have moved forward with franchising of Well Styled. Not only that, but I would’ve missed the opportunity to meet with Mike, which truly cemented the “evolution of Well Styled.” My first meeting with Mike was so information packed that I will post about it in Part III of this series.
Read Part I of Michelle’s, Creating a Home-Based Franchise.
Learn more about Michelle and Well Styled.