My career started in the healthcare industry. I got my first job out of college because I impressed someone at a cocktail party when I explained the difference between a PPO and an HMO.
My point is that each industry has its own lingo. Franchising is no different. Here are four vocabulary terms to help you as you explore franchise opportunities:
Franchisor - a company with a replicable business model; they award licenses to people who want to own their own business using its brand and operating systems. This is a “Zor.”
Franchisee - a person who owns a franchised business; a small business owner with a franchise license; a person who signed a franchise agreement with a specific franchisor. This is a “Zee.”
Franchise candidate - a person who is going through the franchise granting process; someone who is being considered by a franchisor for the award of a license, in other words, a potential Zee.
Franchise Granting Process - this is similar to the job interview process where a candidate is considered for an opportunity. Both the franchise candidate and the franchisor are getting to know each other over a period of approximately six weeks. This usually involves a series of one-on-one phone calls and webinars.
Call or text me at (706) 736-0579 or email me at anna@selectfranchises.com with questions about franchise lingo or how to get started finding the franchise right for you.