So, you’re considering taking the plunge into franchise ownership? Smart move!
But before you sign on the dotted line, there’s one invaluable resource you absolutely need to tap into: current franchisees.
These folks have been in your shoes and can offer insights you won’t find in any glossy brochure or franchise expo.
To help you make the most of these conversations, We’ve put together a list of questions that’ll get you the real scoop.
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What does a typical day look like for you as a franchise owner?
First things first, let’s talk about the day-to-day grind. Ask them, “What does a typical day look like for you?”
This question can reveal a lot about the workload, challenges, and rewards of running the franchise. You might discover that it’s more hands-on than you expected, or that there’s a surprising amount of paperwork involved.
Either way, it’s better to know now than to be blindsided later.
How long did it take for your franchise to break even?
Next up, dive into the nitty-gritty of finances. “How long did it take for you to break even?” and “Has the business met your financial expectations?” are crucial questions.
Remember, franchisees have invested their hard-earned money, just like you’re planning to do. Their answers can give you a realistic picture of the financial journey ahead.
Don’t be shy about asking, “What’s been the biggest challenge in running this franchise?” Every business has its hurdles, and knowing what they are can help you prepare. Maybe it’s finding good staff, dealing with seasonal fluctuations, or navigating local regulations. Whatever it is, forewarned is forearmed.
What do you enjoy most about being a franchisee?
On the flip side, ask about the rewards too. “What do you enjoy most about being a franchisee?”
Their answer might surprise you and could align with your own goals and values.
It’s not all about the money – sometimes it’s about the flexibility, the sense of community, or the satisfaction of running your own show.
How’s your relationship with the franchisor?
Here’s a biggie: “How’s your relationship with the franchisor?” This can reveal a lot about the support you can expect.
Do they feel like they’re part of a team, or just a number? How responsive is the franchisor when issues arise? A good relationship with HQ can make a world of difference in your success.
Don’t forget to ask about training and support. “Did you feel adequately prepared when you opened your franchise?” and “What ongoing support do you receive?” can give you an idea of how much hand-holding (or lack thereof) you can expect.
Some franchisors offer extensive training and continuous support, while others take more of a sink-or-swim approach.
How’s your work-life balance owning a franchise?
Here’s one that often gets overlooked: “How’s your work-life balance?” Owning a business can be all-consuming, and it’s important to know what you’re signing up for.
If family time or pursuing hobbies is important to you, you’ll want to know if this franchise allows for that.
Where do you see this franchise in five years?
For a bit of crystal ball gazing, ask, “Where do you see this franchise in five years?”
Their answers can give you insights into the growth potential and future challenges of the business.
Are they optimistic? Concerned? Their perspective can be incredibly valuable.
If you could do it all over again, would you still buy this franchise?
Lastly, hit them with the million-dollar question: “If you could do it all over again, would you still buy this franchise?”
This one often elicits the most honest and revealing responses. Pay attention not just to their words, but to their tone and body language too.
Remember, when you’re having these conversations, be respectful of the franchisee’s time. They’re running a business, after all.
Consider offering to buy them lunch or coffee in exchange for their insights. And don’t just limit yourself to one or two franchisees – try to speak with several to get a well-rounded view.
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Becoming a Franchise Owner with Confidence
Buying a franchise is a big decision, and these questions can help you make it with confidence.
The experiences of current franchisees are like a crystal ball, giving you a glimpse into your potential future. So go ahead, pick up the phone or arrange those meetings.
The insights you gain could be the difference between a good decision and a great one.
Happy franchising, and here’s to your future success!
Still have unanswered franchise questions? Then schedule a time to speak with one of our franchise consultants. They have tons of experience helping people just like you deciding if franchise ownership is a good option and then assisting in the selection of the right franchise. There are tons of options to explore.
Franchise Options provides no-cost franchise consulting, guidance, information, and networking to individuals who are interested in starting their own business through franchise ownership.
Contact Franchise Options today to find out more about franchising options that may suit you.