Franchise – 10 Questions to ask Franchise owners (before getting your own)
Before you commit to any franchise, you should call a few of their current franchisees and get answers to your questions from their perspective. They went through the whole process and could give you really good advice before you start!
Is this your first franchise? What were you doing before?
The question about their background may help you understand the personality type and the skill set that the franchise aligns with.
Was the initial training provided by the franchisor sufficient?
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Do you feel like you were prepared for everything that happened since the opening?
Has the franchisor’s support been adequate since you have opened for business?
You will be supported be an assigned representative that assists you in day-to-day operations and makes sure you are following the guidelines.
Is the franchisor accessible when you need them?
Do you feel like your investment was important to everyone in the corporate offices?
This question will give the franchisee an opportunity to talk about any difficulties they’ve encountered when asking for help.
How many hours a week do you spend working on the business?
Has running the business provided a better work-life balance?
Are you getting your money’s worth with regards to their contributions to the marketing fund?
Franchisors have a designated marketing department that should support franchisees. This question will help you find out how efficiently that system works.
Have you found any hidden fees or unexpected costs?
If so, how did the Franchisor approach it when asked about these?
Are you happy with your financial performance since the opening?
Do you feel like you’re meeting all of your financial goals?
Not everyone might be happy to answer this question, but it’s an important one to ask, so make sure to adjust the tone of it to the person you’re talking to.
If you had to do it all over again, would you make the investment with the same franchisor?
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Disclaimer: This article is for informational and educational purposes only, and should not be considered as professional advice. We don’t guarantee the accuracy or completeness of the information. It’s not a recommendation or offer to buy or sell any financial products and doesn’t apply to specific personal circumstances. You should evaluate the risks and merits yourself before making any financial decisions based on this content.