Choosing a franchise is an exciting time for an aspiring franchisee. There is so much to learn and take away from this new opportunity that has been presented to you. But before you begin your franchising journey, it can be helpful to speak with franchisees of the franchise you are interested in to get a better idea of how it operates.
This blog will offer up the questions you should ask your fellow franchisees about the franchisor, costs and the daily operation of the franchise.
Questions About the Franchisor
There is no relationship in franchising more valuable than the one between a franchisee and a franchisor. When speaking to your fellow franchisees, you should ask questions that focus on the dynamic between the two. It can be helpful to know how involved the franchisor is in the decision-making process and whether they offer training and support to their franchisees.
It would be best if you also asked about the franchisor’s background. Try to get an idea of their level of experience. These questions can help you understand how the franchisor works and what you should expect if you join that franchise system.
Questions About Costs
You will want to know everything you can about the costs and fees for the franchise you are interested in. When speaking with fellow franchisees, it may be helpful to ask questions about the initial investment for the franchise and how fees are structured.
You should also ask about any hidden fees or unexpected costs that they may have encountered. And while it may be an uncomfortable conversation, you should ask about the return on investment. This is information that can be helpful to you.
Questions About the Day-to-Day Operation
To get a sense of what you will be doing from day to day, you should ask questions about the daily operation of your franchise. You can ask questions about customer relations, managing staff and any common challenges they face. It may be helpful to ask about their daily schedule and how many hours they work.
Don’t hesitate to ask what they like and dislike about owning a franchise. Finding out all you can about the franchise will help you to be more prepared!
If you are ready to start your career as a franchisee, get in touch today to get started with a free consultation.