A lot of people talk about being their own bosses. Some of them look at franchises for a while, but never end up doing anything. Their reasons vary, but one of the most common reasons for dropping out of the franchise search process is lack of information.
But I’m not referring to a lack of information from franchisors. Most of today’s franchisors provide a ton of that.
Instead, I’m referring to the lack of information obtained by folks who are looking for franchises to buy. A lot of the would-be franchise owners I talk to aren’t getting enough information. They’re only taking a cursory look at a franchisor’s website and making their yes or no decision right then and there. That’s a huge mistake!
Keep reading to learn what to do when you find a few franchise opportunities that interest you.
The First You Need To Do
When you find a franchise that peaks your interest, scroll down to the “Total Investment” section and see if it’s in your budget. If it’s not, move on. If it is...
Fill Out the Request More Information Form
At first, filling out a web form to get more information on a franchise may not seem like a big deal. But it is. That’s because the act of typing in your name, address, phone number and email address changes things, psychologically. It means you may be getting a little more serious about becoming your own boss. It also means that you’ll be contacted by a salesperson.
Your Call With The Franchise Salesperson
The first call you have with the franchise salesperson (sometimes called a franchise development representative) is an important one. You’ll be asked a lot of questions. Basically, the salesperson is trying to determine if you’re qualified for the franchise opportunity -- and not only financially.
But you get to ask questions, too. And the answers you get will help determine if you should continue learning about the franchise opportunity.
5 Great Questions to Ask Your Franchise Salesperson
What follows are 5 questions you need to ask every franchise salesperson you talk with. Don’t be shy. Ask them!
1. How long has the franchise company been in business – and how long has the business been franchising?
Sometimes, a company has been around for 10 years, but has only been selling franchises for 3 years. (Which is perfectly fine, by the way.) But find out.
2. How long have you been with the company?
In franchising, longevity is important. If the salesperson has been around for several years, he or she knows a lot about the inner workings of the company, and knows who the successful (and unsuccessful) franchisees are.
3. What are the top qualities you look for in a franchisee?
The answers you get will help you determine if you are right for the opportunity.
4. Can you describe the process we’ll be going through, and tell me approximately how long it will take?
Knowing these two things ahead of time will enable you to setup a timeline for things like writing your business plan and applying for a small business loan.
5. If I was one of your family members who was interested in the franchise you represent, what things would you tell me about the opportunity?
The goal of this question is to get your salesperson to share things with you about the opportunity that aren’t generally shared with franchise candidates. You never know what things you’ll end up finding out when you ask this question of your franchise salesperson!
Getting your questions answered early in the process will allow you to judge whether you should continue investigating the franchise(s) you’re interested in, or continue looking.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.