What does a franchisee really want? It’s the eternal question for franchisors. Thankfully for everyone in the franchising industry, someone has done the simple thing and gone ahead and asked the franchisees themselves.
Franchise Times magazine and PR firm Campbell Communications have been conducting a survey of food franchisees over the past few months. Information like this is invaluable for franchisors who are figuring out certain demands of their franchisees, such as what it will take for them to open a second or third unit.
The full study is set to be published around May. Below we’re reprinting some summarized preliminary findings. Franchisors will be interested specifically in some of the findings about Discovery Days and funding.
- Multi-unit franchisees aren’t willing to sit out the present recession.
- Factors considered more important include visibility of the brand and the sales of stores in the area, which were No. 2 and No. 3 respectively.
- These franchisees found that the best sources of information on franchise opportunities included friends in the industry, business and trade publications and Web sites.
- When it comes to closing the deal, the most important factor was being able to contact existing franchisees, according to 54 percent of respondents.
- Respondents considered Discovery Days or the time it took from signing to the store opening its doors as much less important than other factors.
- Almost half of the respondents said their franchisors didn’t offer either financing or help arranging financing, but they wished the franchisor would step up and help.
We eagerly look forward to the publication of the whole study. Food franchisees also have time to participate if they are interested.