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Perhaps one the biggest pieces of advice you’ll read about starting a franchise is this — talk to other franchise owners about their experience owning and operating that specific business first. Those conversations are eye-opening on a variety of levels. Not only will you get more insight into what to expect as a franchise owner, but you’ll also get more insight into what to look for as you choose where to open your franchise location too.
Walking into a conversation with a current franchisee might feel intimidating. Having a checklist of what to ask can help ease that overwhelm and help you get the answers you need to make a sound decision for your future as a franchise owner. Here are seven questions we suggest asking.
1. Tell Me About Your Experience Operating This Franchise
Before you dive into all of the questions relating to your personal experience as a new franchise owner, it’s a good idea to unpack what the person you’re interviewing has experienced. Often, by kickstarting the conversation with this open prompt, you’ll be able to quickly see which areas of the franchise journey rise to the surface. Sometimes, these areas can help highlight the parts of franchise ownership that aren’t as big of a deal as you might initially imagine it to be when you’re further removed from the daily operations.
2. What Were the First Things You Invested In When Opening the Franchise (and Would You Invest in It Again)?
Investing in a franchise is just that — an investment. There are upfront costs to getting started in the business. The last thing you want are hidden costs that you don’t plan for or budget accordingly for. In addition, you don’t want to spend on areas where you don’t need to.
In asking the franchise owner about their initial investments, you will have a more accurate budget in mind as you plan for your first few months as a franchise owner. This can also help you save money when you get started by not overspending in areas that won’t make a difference at startup.
3. What Kind of Training and Support Did You Initially Receive?
Almost every franchise offers new franchisees the opportunity to receive training and support when getting started. However, the breadth and depth of this training varies depending on the franchise itself. If you’re new to the industry, you may want more hands on training opportunities when getting started. If you’re not, then you might not need the extra training. Regardless, it’s a good idea to know what you can expect, and what’s expected of you, when you get moving in your new business.
4. What are the Biggest Challenges You’ve Faced With This Franchise Specifically?
Every franchise has its share of challenges. The best way to tackle those challenges head-on is to plan ahead and know what to do when they arise.
As you speak to another franchise owner, don’t be afraid to broach the topic of hardship in the franchise journey. The more open you can be about it, the more realistic you can be about your experience as a new franchise owner. That anticipation of challenges will allow you to be prepared for hardship as it arises and find ways to avoid it before you ever encounter it.
5. How Often Do You Communicate With the Franchise Corporate Office or Team?
One of the benefits of being a franchise owner is that you’re never in business by yourself or fully for yourself. You have a corporate team to lean on for marketing collateral, training support, and more.
While every corporate office will communicate with the franchise owners, the communication styles and frequency often shift from franchise to franchise. Asking about what you can expect in terms of regular communication is important so you know how often you can expect to receive updates or check-ins.
6. Describe the Day-to-Day Lifestyle and Work Requirements With This Franchise
You’ve likely already narrowed down what type of franchise you want to start based on personal workstyle and preference. For example, if working from home is important, you’ve likely narrowed your search to home-based franchises. Likewise, if you want to work in the fitness industry because you also love to work out and stay healthy, you might have narrowed your search to fitness franchises.
While you now have a clear idea of what type of franchise you want to start, you might not be clear on what the daily operations look like in practicality. Asking about the day-to-day lifestyle will help you maintain the work/life balance you anticipate when you start.
7. If You Had to do it All Over Again, Would You Start This Same Franchise?
This question is perhaps the most telling about the other franchise owner’s journey — if you had to do it all over again, would you start this same franchise? Their answer will help you to better understand their true level of satisfaction as a franchise owner.
Remember the person on the other side of the conversation as you listen to this and all of their responses. Are they like you? Do they have the same goals and dreams as you when starting their franchise? Ultimately, this is your journey and your decision. Equipped with the right knowledge, you can start carving your path as a franchise owner in the right direction for you. Having insight from these conversations is valuable, but it isn’t the sole determining factor in your experience.
Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.