Chief Development officer...?

Woohoo! You signed your Franchise Agreement...now what? Where will you build your business? Who will help you find locations to consider? Is your Letter of Intent compelling? Should you lease or buy? Do you have an attorney? Do you have an architect? Do you have a General Contractor? These are just a few of the top line questions that must be addressed early in the franchising process to avoid timely and ultimately expensive delays before you open for business. Remember during the first 12 - 18 months your new business will not generate any revenue while simultaneously incurring a consistent stream of cash outflows necessary to open. 

The Brand Chief Development Officer should have all of these questions and numerous other questions answered for you very early in the process; Hopefully, before you sign a Franchise Agreement. If the Brand under consideration does not have this individual or team in place, then I would walk away and consider other Franchise options.

So what are the questions you should ask of the Brand during the due diligence period? The first one you might consider is if someone can walk me through and provide a copy of the Development process from beginning to end. Upon receipt or during this discussion, can they provide the names and contact details of the 3rd party companies and/or individuals that will be supporting you throughout this process. You may then reach out to these contacts and ask about relevant costs associated with opening your business. This is important as when you attempt to secure financing, reputable institutions will ask about supporting documentation for your business model assumptions. Risk mitigation is the key to securing favorable lending terms.

Another important question to ask is the project management tool(s) that will be implemented for your project. As each subject matter expert should be competent within their respected area, someone should oversee all the experts to ensure the seamless transition from one expert to another. Remember, all track and field relay race runners are fast, however it is the transfer of the baton that ensures the overall efficiency of the race and the ultimate winner. 

The Brick and Mortar development process is fraught with expensive and often unnecessary pit falls. Having a qualified Franchise consultant helping you navigate this process is key to the opening of your Franchised business, especially someone who has successfully repeated the process frequently with strong demonstrated results. tomharperconsulting.com