Franchise guides are quite common these days, but before potential franchisees begin downloading ebooks or attending discovery days, one business expert believes they should ask themselves the following four questions before investing in a franchise.
Over at Entrepreneur magazine, consultant and FranChoice CEO Jeff Elgin has outlined the essential questions that entrepreneurs should ask themselves before making their big investment. He lists them in the following order:
- How well does the franchisor prepare new franchisees to succeed?
- How strong is the ongoing support?
- How good is the marketing program?
- How much money can you make?
As Jeff begins, “sometimes knowing which rocks to look under is the secret to discovering what you're looking for.” There are hundreds of questions to ask a franchisor, but in his experience, he finds the following four questions kept popping up most often. In the story, Jeff outlines how entrepreneurs should approach and tackle the following question, while adding the following final thought.
“Once you find a company that meets your expectations in all four of these critical areas, make sure you match up well with the people involved. You should like them and feel comfortable about working with them.”
If you’re looking for some free advice before purchasing a franchise, you can’t do much worse than the following.