Finding franchise opportunities that seem like a good fit for you can feel exciting, but don't be tempted to jump in too quickly. Investing in franchise business opportunities too quickly can lead to regret and financial losses. While a franchisor can offer some insight into their business, their perspective is limited. You need to speak with their existing franchisees to get the whole picture. Here are a few questions to ask when interviewing franchisees.
1. Can You Tell Me About the Training That You Received?
Receiving in-depth training is one of the primary advantages of business franchising. Inquire about how extensive the training was. Also, ask about the quality of the training. Did the franchisee feel adequately prepared for opening day or was there panic because of a lack of resources or knowledge? If you're entering an industry that you have experience in, then thorough training may not be as high of a priority for you. However, if you're entering restaurant franchising, for example, and have spent little time working for a restaurant, then this instruction will be invaluable.
2. How Accessible Is the Franchisor When You Need Them?
Each franchisor provides a varying level of support once training is complete. Your local representative will only offer a certain amount of help, so it will be up to the corporate office to work with you when there are bigger concerns. Ask if the franchisee has had to contact senior franchising team members and, if so, ask why was it necessary and if they were happy with the end result. Having your concerns heard is one aspect of making these complaints, but having changes implemented shows that your input is legitimately heard and valued.
3. What Does Your Typical Work Week Look Like?
The number of hours worked will look different for franchisees in different industries. Those involved in restaurant franchising will likely work more evenings than someone running a home improvement franchise. Though running a franchise means being your own boss, a lot of time and dedication needs to be spent to get things going in the first few years. Does the franchisee work more, less, or about the same number of hours that they anticipated working? Do they go home at the same time every day? What advice can they offer you in terms of time management?
Once you've asked these questions and more, you should have a better idea of whether or not a particular franchise is right for you. According to Statista, in 2020, there were an estimated 753,770 franchise establishments in the United States. That's plenty to choose from! To narrow down which opportunities are right for you, be sure to make the most of the services offered by Franchise Recovery!
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