Are you interested in investing into a franchise?
Part of your due diligence and research process should be to connect with as many Franchisees in the brand as possible. Try and visit as many locations as possible, call numerous Franchisees, email those Franchisees you cannot call, look Franchisees up on LinkedIn, Twitter and Facebook. Make every effort to ask Franchisees questions, as they are the best source of information.
There are multiple questions to ask Franchisees:
- Would you invest in the franchise again?
- How many hours a week do you work?
- Are you profitable?
- What problems have you encountered?
- Why did you pick this franchise system?
- What is your background experience?
- What is your opinion of the franchisor?
- Does the franchisor respond to your concerns?
And many more.
But, the number one question to ask every existing Franchisee is:
“Would you recommend this franchise investment to a family member or friend?”
Why this question? A Franchisee may be willing to invest again as they’ve been through it, and know what to expect.
But, would they subject their family or friends to the same experience? If you want a very honest answer from a Franchisee on how they feel about the franchise system, that’s the question to ask.
Franchising and Murphy’s Law
When it comes to franchising, Murphy’s Law comes into play more often than desired. In many cases, a new franchise takes off slower than anticipated.
Growing Your Franchise System Takes More Than Leads
The emphasis on franchise system growth is as old as franchising, having been accepted as the indicator of a quality franchise.
The Two Traits You Need in A New Hire
After owning 4 successful businesses, in different business sectors, there are two common attributes my good hires have shared; Curiosity and Tenacity.
Monitoring your Consumer Sentiment Is Key to Selling your Franchise
In the franchise industry, franchisors can view comparisons and relationships between consumer satisfaction for the products or services a franchise offers.
The TOP 4 Traits Of A Successful Franchise System
These traits lead to low franchisee turnover, an attractive investment opportunity, outlet growth and brand recognition and consumer satisfaction.
The #1 Reason You Are Scared to Open Your Own Business
Owning a business is hard. Each venture has its differences – different customers, different go-to-market strategies, different business partners.