So you have researched franchise opportunities and made a list of those you wish to know more about. The next step is to reach out to the franchise development department. You can do this by completing an information request form on the franchisor’s website.
The Franchise Representative Will Get Back To You
You are going to receive a phone call or email from the franchise company acknowledging your information request. Don’t be worried. You’re not obligated to purchase the franchise. Completing the information request form only means you have piqued interest in the franchise opportunity and that you would like to speak with someone at the head office.
Note: Franchise representatives get many information requests per week…at times every single day. So, if you are not contacted within a few days, it’s okay to reach out to franchise headquarters and request to speak with a franchise development representative. You will not be seen as being too eager. It’s possible that the franchisor has received many information requests and is lagging behind in responding to them.
10 crucial questions to ask
Your first call with the franchise rep is a very crucial one. You can expect it to last an hour or even more. It will be better if your spouse or partner can take part in the call.
The first call with a franchise is important for both parties. You (the potential franchisee) want to determine if the opportunity may be good for you and is promising. The franchisor, on the other hand, wants to know if you are eligible and could be a good franchise owner.
This call is crucial because, by the time it ends, you will probably know whether or not you want to move ahead with the franchise opportunity.
Below are 10 questions to ask your franchise rep during the first call. Make sure to ask all of them if possible. If time does not permit, ask if you can send them an email.
- How long has the franchise sales rep been working with the company?
- How long has the franchise brand been operating?
- How many franchisees or franchise units do you currently have?
- What do you usually seek in a franchisee?
- How much is the total initial investment?
- Do you have available territory in my area?
- How long will it take to learn everything I need to know?
- Does the franchise company provide any financing options?
- What is the failure rate of franchisees, approximately?
- What new products or services may be introduced in the future?
The representative’s answers to these questions will help you know whether you should keep researching this franchise opportunity or consider other options. If you are still unsure of what to do, proceed to the next step in the franchisor’s process to see what you will discover.
