How was your franchise/opportunity originally conceived and started?
The concept of virtual reality has been in the public eye for a number of decades. Virtual reality has already been the subject of many stories and films, the world has simply been waiting for this technology to become feasible. When news was released that the technology had been developed, and more importantly, that it was ready for public consumption, it was a no-brainer to bring together a variety of great minds to develop a way to commercialize this technology and bring its compelling experiences to the masses through franchising.
What was your original vision for your company? How has that changed over time?
The original vision for the company has always been to encourage and foster the mass adoption of virtual reality. We want to give as many people as possible the opportunity to experience the technology first-hand, without the prohibitive expense and space requirements. We also seek to further the development of virtual reality in many different industries, such as gaming, education, simulation, training and research. We have always been focused on this vision of adoption and continue to strive towards that.
What do you believe is the single most important factor when choosing a franchise?
The single most important factor when selecting a franchise to invest in and grow with is the health of its runaway. This asks the question, will it stay profitable? Will it stay relevant? Will it stay in an environment and team that can both work and grow together? Will it grow with the times? In general… is it a healthy concept with a great runway?
Why should someone choose your franchise over other similar franchises?
The Ctrl V franchise opportunity has been refined over a variety of locations with a multitude of contributing entrepreneurs that have created an offering that is superior to any of our competitors. Ctrl V is the industry leader in virtual reality arcades because we are superior in operations, efficiency, legality, and customer experience, amongst many other reasons.
What makes your industry attractive?
Virtual reality is an attractive industry because it is a compelling market and is bridging the gap of technology across the world. It caters to many markets (gaming, training, education, etc.) as well as literally every demographic.
What types of qualities do you look for in potential franchisees?
The top qualities that we look for in franchisees is a detailed-oriented focus on customer service and marketing.
What do your franchise fees and royalties cover?
Our franchise fees cover training, deployment, designated territories, exclusive supplier agreements, proprietary software packages, and facility design. Our ongoing royalties cover regular support from head office in the form of weekly calls, marketing asset availability and review support, promotional deployment software, tech and game services, and friendship.
How do territories work for your franchisees?
For every 16 virtual reality stations, we take neighbouring zip code areas of approximately 200,000 people.
Why has your franchise model been successful?
Our model has been designed to reduce costs in as many places as possible, all while increasing the level of customer service and the quality of the customers experience. On the surface this is why we have been successful, however, the real reason behind it is an allstar team that has created a company worth expanding.
Where do you see your franchise in 5 years and 10 years?
In 5 years, we see the name Ctrl V becoming synonymous with the word virtual reality. The same way “Kleenex” is synonymous with “tissue.”
What is your favorite advice for new franchisees to help them succeed?
You have to be completely comfortable with all of the risk you may take as an entrepreneur. It is only when you are no longer worrying about the risk and stress of opening a business that you will be able to properly focus on building an incredible business.
What would you tell potential franchisees that may be nervous about the financial burdens of starting a franchise?
Financial investments of any sort come with some degree of risk, especially if you’re an entrepreneur. There is no way to sugar coat it. If you aren’t ready for it then maybe entrepreneurship isn’t for you. However, if you’re able to become comfortable with the burdens, then you can begin to move forward.
Can you explain your financial assistance?
Ctrl V is registered as part of the SBA directory. As a result, we are able to be researched and vetted by lenders. This provides support and legitimacy. We also have connections to some lenders and are able to make introductions, however we encourage each franchisee to research financers on their own.
On average, how long does it take to start a new franchise from the franchisees point of view?
If all things go as planned, a franchise can be opened within 2 months of disclosure. However, this is an optimal situation and not always the case. To be conservative, a time frame of 3-4 months should be considered.
What was your background and experience before founding this franchise?
The three co-founders come from a variety of backgrounds. One was an educator focusing on physics, mathematics, and technology. The second was an investment manager focused on buy-side investment and business analysis. The third was a regional franchise representative that eventually become a small business owner in the gemology industry focusing on customer service and operations.
Do you have any franchisee testimonials or success stories that you would like to share?
We are proud of all our testimonials and reviews and happily display them on Facebook and Google Business for anyone to view.