Leighton Thomas, Founder and Managing Consultant of New Life Franchise Consultants, LLC is an accomplished business owner who transitioned from the Private Sector to Government Consultant and now a Franchise and Business Consultant with an impressive educational background. Holding both a Master of Public Administration and a Master of Business Administration, Leighton brings a unique blend of expertise in both management and operations to his work.
As a serial entrepreneur, he has successfully founded and grown two businesses, later selling them as his exit strategy. His hands-on experience in the fields of Construction, Media, Retail, Consultancy and Franchising, coupled with his education, positions him as a trusted advisor for individuals looking to enter the world of franchising or seeking guidance on growing their existing franchise businesses. With a proven track record of business success and a passion for helping others achieve their entrepreneurial dreams, Leighton, a Certified Franchise Consultant, and our team here at New Life are valuable resources in the franchising industry. We help guide you to find the franchise that is right for you and will be with you every step of the way—from Discovery to Opening Day and Beyond.
Starting a franchise can be an exciting and rewarding venture and collaborating with us as your franchise consultants can greatly enhance the process by providing expert advice and insights. Here’s an 8-step guide on how to research and start a franchise with our help your consultant:
You should begin by evaluating your personal and financial readiness to start a franchise. Think thru your interests, long-term objectives, risk tolerance, and the type of lifestyle you desire. Once you decide to move forward with your research and engage us as your Franchise Consultants, we will help clarify your goals and guide you on whether franchising, and ultimately which franchises fit your profile.
You need a consultant who understands your industry of interest, and demonstrates a clear understanding of your goals. As professionals, we help to guide you through the discovery process and work with you right up to opening day and beyond. Our services are at no cost to you. We are compensated by the franchise you ultimately choose to go with, so we have your best interest at heart, as your success is our success.
We will meet thru Zoom, Google Meet, Phone calls and more to discuss your options. This is the moment to explore different sectors and the pros and cons of various franchises. We will provide insights into market trends, growth sectors, and the subtleties of franchising models.
We help you with determining your financial capabilities and requirements. We help you understand the full range of franchising costs, assist in preparing financial documents, and guide you on securing financing. If required, we can connect you with our network of banks and financial institutions experienced in franchise and business financing.
With our guidance, narrow down your choices to a handful of franchises. This stage involves deeper research into each option, including understanding operational requirements, franchise fees, and profit potential. We help arrange meetings with franchisors and existing franchisees.
With our assistance, you will receive a FDD for each potential franchise. These crucial documents contain information about the franchisors, your legal and financial obligations as the franchisee, and other essential details. We help interpret these documents and highlight any red flags and we have a minimum review period of 14 days.
Before making any commitment, thorough due diligence is necessary. This includes verifying franchisor claims, checking the viability of the franchises’ business models, and speaking with current franchisees. As your Consultant, we play a critical role in this process, ensuring that you have all the necessary information to make an informed decision.
This is where you make your final decision with our guidance. Once you have chosen a franchise, we will assist with the launch preparations, including negotiating with the franchisor, setting up your franchise, training, and initiating marketing strategies. Then comes Opening Day! The 1st day of your New Life.
By following these steps with the aid of a franchise consultant, you can increase your chances of successfully establishing a profitable franchise business.
Find Your Niche.
When considering whether to start a franchise versus a regular business, there are several key advantages to keep in mind. Franchises offer a proven business model with a well-established brand, which can provide a higher likelihood of success compared to starting a business from scratch. Franchisees benefit from the training, support, and resources provided by the franchisor, helping them navigate the complexities of running a business more effectively.
Additionally, franchises often come with built-in marketing strategies and customer bases, saving time and effort on establishing brand recognition. Franchise businesses also tend to have a lower risk of failure compared to independent ventures, as they operate within a framework of support and guidance from the franchisor.
Overall, starting a franchise can be an attractive option for individuals who value a balance between entrepreneurship and the security of a proven business model, making it a compelling choice for aspiring business owners.
Investing in a franchise is a significant decision that can pave the way to business ownership and entrepreneurial success. However, before committing to a franchise, potential franchisees should engage in thorough due diligence. Asking the right questions during the evaluation process is crucial to understanding the business model, the franchisor's support, and the overall potential for success. Here are the essential questions to ask a franchisor before making your investment decision.
Asking these crucial questions can help you gauge whether a franchise opportunity aligns with your financial goals, lifestyle, and business aspirations. The responses from the franchisor should provide transparency, reveal the level of support you can expect, and indicate the potential for success within the franchise network. Remember, the more thorough your due diligence, the better informed your decision will be, setting a solid foundation for your venture into franchising.
