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As you’re investigating franchise opportunities, one of your goals should be to listen to what the franchisees are saying.
Why? So you can get the answers you need on the franchises you’re interested in—from the perspective of the people who are doing what you may want to do.
Because there’s nothing like getting first-hand information on franchise opportunities you may want to own, I’m going to show you how to find out what franchisees who own the franchises you’re interested in are saying.
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How To Find Out What Franchise Owners Are Saying About The Businesses They Own
The #1 source of information on the franchise businesses you’re considering are the franchisees.
With that in mind, here are three ways to get first-hand information about the franchise opportunities you’re looking into.
1. Watch Franchisee Videos
There are several different ways for you to get information these days. One of the most popular ways? Videos. According to smartinsights.com, “It’s estimated that the average person will spend 100 minutes every day watching online videos in 2021.”
No wonder more and more businesses are producing videos, including franchises.
That said, not every video is created equal.
For instance, it’s one thing to sit in front of your screen and watch a highly scripted video that’s obviously been made with one thing in mind: making a sale. It’s quite another to watch a video that’s not scripted, featuring people talking from the heart.
And it’s the “talking from the heart” videos you want to watch when you’re trying to find out what franchisees are saying about the businesses they own.
Would you like to see a few? Check out these franchise videos.
2. Contact Franchisees
Another way to find out what current (and former) franchisees are saying is to contact them directly.
However, make sure you reach out to them at a specific time in the franchise discovery process.
But before I tell what the correct time is, you need to know what the wrong time is.
The wrong time to contact franchisees is at the beginning of the process. And interestingly enough, it’s at the beginning of the discovery process that you’re going to be most tempted to do it. That’s because your enthusiasm level is generally pretty high, and you want to find stuff out now.
Don’t do it.
Why not call franchisees right away? Because if you contact franchise owners too early in the process, the questions you ask will be too general, as you don’t know enough about the business.
So when should you reach out to them?
Without exception, the best time to contact franchise owners is after you’ve had several calls with the franchise representative from headquarters, and after you receive the Franchise Disclosure Document (FDD).
Plus, the FDD is where you’re going to find contact information for most of the franchisees currently in the system.
3. Meet Them In-Person
This is where the rubber hits the road.
The best way to get a feel of the franchise business you’re thinking of buying, is to visit one that’s up and running.
But again, your timing needs to be correct. I’ve had to stop clients from visiting franchise owners in their area too early in the process.
However, as tempting as it may be, you need to refrain from making in-person visits until you’ve done the following:
A. Educated yourself on the franchise concept, including how the business operates, what business systems are in place, their marketing strategies, and a clear understanding of what your role will be as a franchisee.
B. Made sure the startup costs and ongoing costs fit well within your budget.
C. You’ve had several phone calls with franchisees.
Listening to what franchisees have to say about the franchise system you’re thinking of becoming part of is one of the most important things you can do as you try to find the best franchise for you. Happy franchise hunting!
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.