One of your objectives while researching franchise options should be to hear what other franchisees within a particular network have to say. Why? So that you can obtain the answers you need about the businesses you’re interested in from those who are already doing what you would like to do. There’s no substitute for getting details directly from operators who own the franchise you’re considering purchasing.
The more research you conduct and the more you learn about the business, the better you can mitigate any risks. Never rush into a potential business venture because things seem pretty on the outside. You need to dig a little deeper and check what’s happening at the ground level of that franchise network. These are some ways to determine what the other franchisees have to say.
The franchisees are the best source of information on the franchising businesses you are considering. Here are some ways to get direct information about the business possibilities you’re interested in.
There are several methods to get facts in the modern day. Videos are one of the most common methods. More and more companies, including franchisees, are making videos. However, not all videos are created equal.
For example, you may sit at your PC and watch a carefully scripted video that has been clearly created with one goal in mind: to make a sale. It is a different experience to see an unscripted video of individuals speaking from the heart. And you should watch the latter and see what other franchisees have to say about their own businesses.
Contacting present (and past) franchisees is another approach to get their opinions. However, ensure that you contact them at a particular stage of the franchise discovery phase.
But before you can determine the opportune moment, you must first recognize the wrong time. Contacting franchisees at the start of the process is inappropriate.
And curiously enough, you will be most inclined to do so at that point. This is because your interest level is usually relatively high at that point, and you need information immediately. You want to collate all the possible information about the venture you plan to enter.
Please don’t do it. Why not contact franchisees immediately? Because even if you approach franchisees too early in the process, the queries you make will be overly generic because you lack sufficient business knowledge.
Without exception, the optimal time to contact franchise owners is after receiving your FDD (Franchise Disclosure Document) and after multiple conversations with the business representative from headquarters. In addition, the FDD contains contact information for most franchisees inside the system.
The best way to get a feel for the franchise company you’re considering purchasing is to visit an operational one. However, your timing must be impeccable. As mentioned earlier, never visit local franchise owners too early in the process. However tempting it may seem, you must avoid making direct visits until you have completed the following:
These are just some basic checks you need to conduct before making your final decision about becoming part of a franchise business. Discussing your options with people with experience in the field is also a good idea.
If you want more franchising information, contact the experts at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact form, and one of our experts will contact you as soon as possible to answer all your questions. It’s essential to go slow and steady and check all possible aspects before deciding on the best franchise option.
Thanks for reading,
The Franchise Institute Team
1300 855 435