Frequently Asked Questions
Why would I outsource my franchise development?
Franchise Development is a long process that will more often than not result in a candidate not signing the franchise agreement. This process is long and tedious. If you are not fully focused on the franchise development process you will have lack luster results. Also, to hire an experienced person who can achieve results in franchise development for your brand that person and the staff they hire could cost you several hundred thousand dollars per year. This internal expense is yours before any results are achieved. When you outsource your franchise development to Franchise FastLane your financial risk is minimal. Our success is tied to your success. You can be sure every single candidate is a top priority as they experience a clearly defined and proven process. Most importantly, you can focus on what you do best… running your business.
How much does it cost to engage with Franchise FastLane?
Franchise FastLane costs are designed to cater to your needs. We offer a no up front cost option and we also offer a monthly retainer option that will reduce your long-term costs. When Franchise FastLane is successful at bringing you a new franchise, we earn a success fee which is a percentage of the franchise fee.
What is my Return on Investment in working with Franchise FastLane?
Did you know that there are over 4,000 franchisors in the U.S.? Of those approximately 90 reached 100 units in under 10 years. By speeding up your franchise development, you increase your royalty revenue and that royalty revenue gives you the ability to bring in stronger support for your brand. However, the greatest value in partnering with Franchise FastLane is the potential multiples on earnings. Once you hit profitability, your company may now be worth a multiple of earnings to a Private Equity firm. Private equity firms recognize the challenges to building a franchise system to profitability and the multiples they are paying now are at an all-time high.
How does Franchise FastLane acquire franchise candidates?
Franchise FastLane has years of franchise sales experience. Through the years, we have formed many relationships with the various franchise broker networks and developed proven processes to recruit organic franchise leads. Franchise FastLane will leverage their relationships to ensure your brand is top of mind when candidates are considering the right franchise opportunity for them.
How does Franchise FastLane ensure quality candidates are presented as potential franchise partners?
On average, Franchise FastLane spends 6 weeks with each franchise candidate prior to them visiting you for discovery day. Franchise FastLane works with you to understand what type of franchisee you are looking for, the net worth you require, background you prefer and personality traits that best fit your brand. Through our process, we can ensure these candidates will meet your criteria before they are invited to your discovery day.
Can I work with some of the leads directly while Franchise FastLane only works with broker leads?
No, Franchise FastLane is an exclusive, turn-key franchise development partner. It is important that the process is consistent with all leads that are considering your brand.
How long is the contract term with Franchise FastLane?
If the franchisor is established and the time it takes to prepare sales materials, marketing materials and educate the broker networks is minimal, then the overall contract term might not be as long. If the franchisor is not yet established and an extensive time investment is required to develop the materials and educate the broker networks, then the term will be extended.
Is there any data I should know when considering this opportunity?
Yes, check this out:
- An emerging franchisor is a franchisor who is not yet royalty sufficient
- There are over 4,000 franchisors in the United States
- Approximately 300 new franchisors are added each year
- Approximately 300 franchisors fail each year
- The IFA says the rule of thumb for a franchisor to have enough royalty income to cover their expenses is 100 units
- Of the 3,800 franchisors, there are approximately 680 over 100 units
- Of the 680 over 100 units approximately 90 reached 100 franchisees in under 10 years
- 51.3 % of leads never receive a phone call
- 42.9% of franchisors don’t run campaigns for new leads
- 47% of franchisors consistently miss their target for new franchisees
What should I do next?
Let Franchise FastLane move you from an emerging brand to a profiting brand. Fill out the form below to get started.