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The Axxiom Process

The Axxiom process can be broken down just 10 easy steps.  

·         STEP 1: The Initial Contact  

·         STEP 2: The Interview  

·         STEP 3: Complete the Axxiom Confidential Questionnaire (CQ)  

·         STEP 4: Research  

·         STEP 5: Presentation  

·         STEP 6: Introduction to the Franchisor  

·         STEP 7: Review of the FDD  

·         STEP 8: Call Franchisees  

·         STEP 9: Narrow down choices, consult with your Attorney, and attend Discovery Day  

·         STEP 10: Final Decision  

 

Step 1: The Initial Contact 

 

Your Axxiom Advisor will spend time answering any of your questions about franchising. The Advisor will explain the benefits of working with Axxiom and the 10 Steps of the Axxiom Process. Depending on your interest and time, the Axxiom Advisor will conduct the interview or will set a future appointment to conduct the interview. 

 

Step 2: The Initial Interview 

 

The Axxiom Advisor will conduct an interview with you in order to collect thorough information that will be used to match you with appropriate franchise opportunities.  In order to present franchises that will be the most appropriate choice for you, it is imperative that you provide as much detailed information as possible. 

 

BELOW IS JUST A SAMPLE OF THE INFORMATION THAT THE AXXIOM ADVISOR WILL BE ASKING. 

 

·         What are you currently doing?  

·         Why are you looking to change your current career?  

·         Why are you interested in owning your own business?  

·         Are you looking at other options to owning a business including:  

o   Becoming an independent consultant  

o   Developing a startup business  

o   Purchasing an existing business  

·         What goals have you set for yourself in your new business?  

·         When would you like to have your new business open?  

·         What is timeframe for opening a business, and what is driving this timeframe?  

 

PROFESSIONAL HISTORY  

 

·         Your work history from present back to college or high school.  

·         Past or present business ownership?  

·         Likes and dislikes about your work experience or previous business?  

·         Education?  

·         Veteran? What did you do in the military? Rank?  

·         What part of your current, past jobs or businesses owned have you liked doing the most? The least?  

·         List your skills and evaluate how well you perform each.  

·         Describe the work environment that is most appealing to you most?  

·         Does it matter what the product or service of the franchise business is, or does the business potential matter more?  

·         Do you have sales experience? Business development? Consulting experience? Management experience?  

·         Are you comfortable with sales and the sales process? Cold Calling?  

·         Do you have experience managing employees? Did you enjoy it?  

·         Do you want a business that is related to your past work experience or business ownership?  

 

OTHER DECISION MAKERS & INFLUENCES 

·         Will your spouse be involved in the business? In what capacity?  

·         Does your spouse support the concept of you going into business?  

·         What is your spouse’s profession? Income?  

·         Will you have any partners? Will they be active or passive participants?  

 

BUSINESS GOALS 

 

·         Are you interested in a home-based, office-based, mobile, retail or food-related business?  

·         Do you plan on being an active (owner-operator) or a passive (absentee) owner?  

·         Part-time or fulltime business  

·         Would you want your business to provide services or products to other businesses, to consumers or both?  

·         Are you looking for a business that will build equity or build cash flow?  

·         What is your exit strategy for the business that you buy?  

·         How many years you are expecting to operate your new business?  

 

BUSINESS SEARCH TO DATE 

 

·         How long have you been looking for a business?  

·         What businesses have you looked at?  

·         Why didn’t you buy any of the businesses that you looked at?  

·         Even though you didn’t buy what did you like and dislike about the businesses?  

·         Are there any types of businesses that you would like to explore - disregarding experience and financial consideration?  

·         Are there any types of businesses that you would definitely not like to explore?  

 

LIFESTYLE CONSIDERATIONS 

 

·         How many hours per day are you willing to work in your new business?  

·         Weekends? Holidays? Nights?  

·         Do you want a business where you can have family involvement?  

·         Where do you want the location of your business? Close to home? Within 30 minutes? Open to location? Willing to relocate?  

·         What are your hobbies and other interests?  

·         Do you like to help people, coach, or teach? Take care of people or animals?  

 

FINANCIAL CONSIDERATIONS  

 

·         What is your investment range for a new business?  

·         How much capital do you have to invest? Liquid Capital? Net Worth?  

·         Can you afford to go without a regular income during the start up phase of your new business? For how long?  

·         What are your financial goals? Year 1, Year 2, Year 3?  

·         How do you see your lifestyle changing as a result of meeting your financial goals?  

·         How do you feel about the risk of becoming a business owner?  

·         Are you considering financing options? Family? Home Equity? SBA? Other?  

·         Do you have a 401K or other retirement plan that could be used to buy your business?  

·         How much equity do you have in your home?  

·         Do you know your credit score?  

 

OTHER?  

 

·         Are you the type of person that would be more comfortable in a “tried & true” business, unique business, or new and innovative?  

·         Franchising is all about following someone else's system. Can you picture yourself in this role, executing a system you didn't create?  

 

STEP 3 – Complete the Axxiom Confidential Questionnaire (CQ) 

 

The Axxiom advisor will provide you with the Axxiom Confidential Questionnaire. This questionnaire will provide the Advisor with additional information needed to find the best franchises to present to you. 

 

The Axxiom Confidential Questionnaire includes a financial statement. The franchise companies require that Axxiom provide them qualified prospects, and this includes being qualified financially. The financial statement will also insure that the Axxiom Advisor doesn’t waste your time showing you franchises that you can’t afford or franchises where you do not meet the franchisors qualifications. 

 

The more complete and accurate information provided to Axxiom, the better selection of quality franchises the Advisors will be able to introduce to you.  

 

Another significant advantage of completing the Axxiom Confidential Questionnaire is that each franchise company your Advisor introduces to you usually requires a similar questionnaire. We have contracted with most of the franchise companies to accept the Axxiom CQ, so that you may not have fill out several different questionnaires with redundant information. 

 

STEP 4 – Research 

 

Once the Axxiom Advisor receives the completed Axxiom Confidential Questionnaire, they can begin researching franchises for you. Given that you have provided detailed information, the Axxiom advisor should be able to set an appointment to present 2-4 franchises. 

 

There are over 2,500 franchises available, in the United States, and for you to find the right fit could take weeks. The Axxiom Advisor has access to the Axxiom proprietary database of franchise companies.  Therefore the Advisor can quickly filter out franchises that do not match your requirements. Your Axxiom Advisor should be able to complete the search and set an appointment to present these choices in 2-3 business days. 

 

STEP 5 – Presentation 

 

Your Axxiom Advisor will present the franchise opportunities that were identified in his/her research. Please keep in mind that these franchises have met your goals and requirements that were highlighted in the interview and the Axxiom Confidential Questionnaire. You should let the Axxiom Advisor know of any reservations that you may have, but it would be best that you have an initial conversation with the franchise people before making any decisions to eliminate a choice. We have found that many times people are reluctant to go forward with a franchise because of a preconceived bias and/or lack of information. They have listened to their Advisor and discovered it was the perfect choice after all. 

 

 

STEP 6 – Introduction to the Franchisor 

 

For each of the opportunities that you have an interest, the Axxiom Advisor will introduce you directly to the Franchisor. The Franchisor will send materials to help you become acquainted with their franchise. They will also send the Franchise Disclosure Document (FDD), which is a document that the Federal Trade Commission (FTC) requires each franchise company to provide to individuals that are interested in their franchise.  The FDD Acknowledgement of Receipt, a document that verifies that you have received the FDD, should be signed and returned to the franchise company immediately.  

 

STEP 7 – Review of the FDD 

 

Your next step is to read the company's FDD, a document every franchise in the United States is required to provide - per Federal Trade Commission regulations. The FDD is a disclosure document that covers a wide variety of useful information for your due diligence. (Your Axxiom Advisor will discuss the 23 items contained in this document). 

 

Some franchisors also provide earnings claims in the FDD that will help you estimate the potential of the business and if it can meet your personal financial objectives. 

 

The FDD clearly explains the responsibilities of the franchisee (you) and the franchisor. Your FDD review and understanding is a very significant part of the research process. Every FDD is structured identically so they are relatively simple to navigate, read and understand. 

 

By paying attention to what you discover in a company's FDD, you can weed out franchises that just don't measure up. Pay particular attention to signs that a franchise has extensive litigation with franchisees. 

 

STEP 8 – Call Franchisees 

 

This is a major step in deciding which franchise you should buy. Never hesitate - CALL THE FRANCHISEES!  

 

Call both current and former franchisees.  A list of current and former franchisees is found in the FDD. 

 

Interviewing the franchisees will be the best source of information on any franchise company. You can find out if they are successful and happy with the choice that they made. You can find out what they did to become successful, and if they followed the procedures provided by the franchisor. You will be able to find out how the initial training went and whether the support is adequate. If there have been any problems with the franchise company, and whether they adequately resolved. Finally, you can ask them about their sales volume, operating expenses, and profit margins.  

 

You should not make any final decisions after only a few calls. Get a variety of opinions and you will see patterns forming. If you feel that the franchise company is one that you would like to pursue, then write down any concerns that you have heard and discuss them with your Axxiom advisor and with the franchise representative. 

 

STEP 9 – Narrow down choices, consult with your Attorney, and attend Discovery Day 

 

Your next step is to narrow down your choices and make a decision about which franchises you want to pursue. Discuss the advantages and disadvantages of each company with your Axxiom advisor. 

 

Your final selection should be discussed with your attorney, CPA or other advisers. You should visit the franchise company before making any final decision. Therefore, you should have all of your questions and concerns answered before spending the money to make the visit. 

 

After you have all of your questions answered to your satisfaction, it's time to go to Discovery Day (an on-site meeting with a franchisor). At this meeting you will be introduced to the leadership in the company, to your trainers, and the support staff. Remember, these are the people that you are committing yourself to have a relationship with for the next 10-15 years. Also, you may make a visit to a local franchisee, allowing you to ask even more questions and maybe to get some hands-on experience with the business. 

 

Discovery Days are very interesting and exciting. When you leave, you will have a good understanding of the franchise. Don't forget that this is a two-way street. They'll be evaluating you as thoroughly as you evaluate their business. 

 

STEP 10 - Final Decision 

 

The last step, of course, is making the final decision. Like any major decision, you will be filled with anticipation and anxiety, excitement and fear. Those are very normal feelings, experienced by almost everyone. 

 

But if you've done your homework and followed the steps as outlined, you should be very comfortable with your decision.  

 

Congratulations – you're ready to be a franchisee! 

 

 

 

 

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Consider these franchise types for your new business

 

Homebased

Service

Mobile

Retail

Restaurant

Professional

B2B

B2C