A local consulting firm is working to help prospective franchise owners identify companies that best suit their needs and those of their communities.
FranNet Dallas, a top-tier franchise consulting firm, advises its clients on selecting the ideal business that aligns with their vision and goals, making their dreams of franchise ownership a reality.
The Dallas Express visited with FranNet Market’s president, Sara Waskow, who covers DFW and Oklahoma, to discuss how ambitious entrepreneurs can move into the right business opportunity.
“Our process involves understanding the client’s goals, skills, and expectations and what they want the business to do for them, then trying to align them with an opportunity,” said Waskow.
An online profile, similar to a Myers-Briggs personality test but designed for business ownership, helps FranNet representatives understand their clients’ insights, skillsets, and interests.
“FranNet [also] facilitates by ensuring the clients get the information they need and assisting them with other resources, like lenders or attorneys, so that at the end of the process, they are confident in their decision,” added Waskow.
FranNet services are free of charge to the client. Waskow explained that the company gets paid similarly to how an executive recruiter is compensated.
“We work with a portfolio of around 200 brands, and they have an agreement with FranNet to pay a referral fee if we bring them a candidate who moves forward with the business,” said Waskow. “There is no cost to our clients.”
Waskow noted that one of the biggest misconceptions that clients have is they only think of fast food and retail when they think of franchise opportunities.
“Certainly, fast food and retail are a part of franchising, but it is not even 50% of the types of opportunities that are out there. Many franchise opportunities do not require brick-and-mortar,” said Waskow.
Utilizing artificial intelligence, FranNet offers an online tool for researching industries that clients might be interested in pursuing, allowing the client to do “preliminary research on their brands of interest,” explained Waskow.
In her twelve years with FranNet, Waskow noted the change in the type of client the company assists.
“When I started, most of our clients were in their late 40s and up — outplaced executives who were burned out in corporate America,” she said. “We have so many more clients now who are in their 30s and even late 20s.”
Regardless of age or experience, education is a critical part of learning about the franchise industry.
“We want clients to understand the franchise industry and how it differs from independent business ownership,” explained Waskow.
As such, FranNet offers webinars, podcasts, live events, and articles available to interested entrepreneurs.
FranNet broker consultancies are “in all 50 states and five Canadian provinces,” according to the company’s website. “We give you everything you need to make an informed decision about business ownership: Resources, support and guidance the whole way.”
“Not all franchises are created equal,” concluded Waskow. “Our role is to help clients obtain the facts and information they need to make the best decisions.”