New Neighborly® Franchisee Started Training 30 Days Sooner By Utilizing FranchiseNow Funding Solutions

Neighborly case study

For the past six months, FranchiseNow has beta tested the DreamStart™ Funding Program with referrals from early adopters, like Neighborly’s Julie Davis, CFE, who worked with the candidate featured in this case study. Like many prospective franchisees, this candidate simply lacked access to the capital needed to close the deal.

The candidate was extremely motivated to get the ball rolling, but wary of the bureaucratic red tape that typically bogs down the funding stage. Having done their own research on the traditional funding process, the candidate was dreading the inevitable next steps: arranging prequalification calls, getting the right contact person to help, the back-and-forth emails, miscommunication, and even the possibility of scheduling in-person appointments to sign paperwork during normal business hours. These are the type of challenges and frustrations that blunt momentum, hinder progress, and can draw the funding process out over the course of several days and sometimes weeks.

The Client Challenge

In this case study, we showcase the benefits of FranchiseNow’s platform and the DreamStart™ Funding Program, which drastically reduce the traditional development timeline by prequalifying candidates early and advancing payment of franchise fees upon execution of agreements.

As you’ll see in the results, this approach allows new franchisees to commence training more quickly, complete their onboarding process, and launch the business of their dreams up to 60-120 days faster than traditional financing methods. Likewise, franchisors benefit from an accelerated development timeline that increases conversions, improves the overall candidate experience, and expedites royalty payments.

FranchiseNow, while offering funding solutions, is at its core an innovative technology platform. It’s designed to transcend the traditional funding timeline, offering more accountability, control, and transparency to achieve new levels of speed and efficiency.

Introduction

Contact us today for a demo. If you like what you see, we can help you set up your onboarding profile and integrate the platform with your own workflow development software. Once you’re officially signed up with FranchiseNow, you can immediately begin sending your candidates through our safe and secure online portal.

Thanks to FranchiseNow’s accelerated funding timeline, the candidate was able to begin their training right away - a full 30 days ahead of their anticipated start date. Needless to say, the candidate was thrilled with the outcome and amazed at the simplicity of FranchiseNow’s accelerated process.

This case study demonstrates the true value of operational speed and maintaining a level of momentum that the candidate wasn’t expecting but readily embraced. In this instance, the process moved at the candidate’s pace without cutting any corners. Compared to the traditional lending timeline, this motivated candidate was able to complete the early-stage funding process overnight and had a franchisor-ready prequalification letter in hand before the next business day even began.

Needless to say, Neighborly’s Julie Davis, CFE, came away from this experience dutifully impressed with FranchiseNow’s accelerated platform – not just for the sheer speed involved, but also the full transparency. It’s given her added confidence – and peace of mind - to know exactly where her candidates stand in terms of their funding exercise without always having to track down someone to ask.

The Results

The candidate had a specific goal in mind – to move their training up 30 days to continue the onboarding program and get their franchise operation up and running as soon as possible. Having been introduced to FranchiseNow’s platform, the candidate was about to experience an entirely new approach to the workflow associated with the funding stage of the process.

From the comfort of their own home, the candidate logged into FranchiseNow at 1:00 a.m. The intuitive platform guided the candidate through the process step-by-step, and they successfully submitted their application through the secure online portal in less than 30 minutes.

By 8:00 a.m. the next morning, the FranchiseNow team thoroughly reviewed the candidate’s file, issuing a prequalification letter just 15 minutes later. This letter was all the franchisor required to move forward with the candidate’s territory offering and get their training scheduled right away. FranchiseNow subsequently advanced the candidate’s initial franchise fee, which was paid in full upon receipt of the signed franchise agreement.

The Process

FranchiseNow
understands that time is money and they’ve streamlined the funding process in ways that saved us both capital and manpower. I’m absolutely blown away with the results!

It’s definitely a well-defined departure from the traditional funding exercise we typically follow and one that I greatly look forward to using again.

Julie Davis, CFE
Franchise Development Executive for Neighborly

Our goal was to access the AI-powered DreamStart™ Funding Program and take advantage of its compressed timeline so the candidate could begin their training as soon as possible.

We made it happen. But equally impressive to me was the simplicity of it all. What we experienced with FranchiseNow’s platform is more accountability. More control. And much more transparency throughout the entire funding process.