Wizard offers the opportunity to become involved in a vibrant and dynamic franchise network. See other franchise information. Wizard offers the opportunity to become involved in a vibrant and dynamic franchise network.
Every Wizard Franchise is established as a separate legal entity owned by the franchisee but trades as Wizard in a particular area. To qualify for a franchise, mortgage origination would need to constitute the primary business activity of the potential franchisee and if you have an established business, we would still welcome offering you a franchise opportunity. Franchisees will receive assistance in setting up their operation. In addition, guidance will be given regarding branding, business development and how to sell a mortgage product. The potential franchisee will also be assisted in complying with the statutory obligations connected with setting up their own business. Bond applications received are submitted via our proprietary Accelerate software and electronic switch to the major banks. We also offer a processing service, inclusive of answer management. Following registration, we can make payments of any third party commissions and account to you, as the franchisee, for the balance. As a Wizard franchise, the franchisee operates under the franchisors registration with NAMO, the current industry regulator. Any consultant employed however, would need to register as a consultant in their personal capacity.
PROFILE OF A LIKELY FRANCHISEE
A likely franchisee would need to be a motivated and disciplined individual who is driven by a desire to achieve sales and service excellence. As you will be running your own business you should have an entrepreneurial spirit focused on building a sustainable venture. The intention is that the owner should be actively involved in the running of the business. From our experience this is the best way to ensure the success of the venture. Knowledge of the residential property market and/or financing would be an advantage but is not essential if the prospective franchisee possess the correct selling attributes.
The intention of the franchisor is to ensure that a successful sales orientated person should not be burdened by administrative demands. The processing unit has been put in place to support the franchisee and allow them to focus exclusively on the successful development of their business.
DEVELOPING THE BUSINESS PLAN
The first step in applying for a franchise involves the development of a business plan.
Area Analysis The potential of the area needs to be established. Market activity is crucial if sustainable levels of applications are to be received. In areas of high activity though it must be understood that competitors are also likely to be active. Questions to be asked:
1. Is there a niche that is not currently being serviced? 2. Can I introduce a competitive advantage? 3. What costs would be involved in attracting business from the identified target markets? This analysis is essential if a realistic indication of turnover and cost of sales is to be included in the business model.
A potential franchisee will need sufficient capital to set up and brand their offices. Given the number of variables it is difficult without an indepth analysis to give an accurate estimate. More importantly however is the reality that the franchisee would need to carry the operating costs of the business until regular cash flow is established. Ordinarily it would take some six months before cash flows are truly established.
Applying for the Franchise
Once a suitable business plan has been produced and the viability of the proposal analysed, the franchisor will assist the applicant in ensuring that the appropriate training is given to staff and that all the required statutory requirements have been met.
Mortgage Origination offers an exciting and challenging opportunity for the entrepreneur. This industry is very competitive and for those who can meet that challenge, being part of the Wizard family will be financially advantageous and rewarding.