Many people express a desire to start their own businesses. Some even spend time researching franchise opportunities to invest in but don’t go any further. There are various reasons for this, but one major reason why people stop at the franchise research stage is the lack of information
No, we don’t mean a lack of information from potential franchisors. The vast majority of franchisors today offer a lot of that to would-be franchisees. What we mean is the lack of information gotten by people who are searching for franchises to purchase. Most prospective franchise owners don’t receive enough information while looking up franchises. They only browse a franchisor’s website for a few minutes and immediately decide whether or not to join up with the company. That’s a big mistake.
Continue reading to know what to do once you see a couple of franchises that you like.
The first thing you need to do
Once you see a franchise that you are interested in, you should first go to the franchisor’s website and move down to the “Total Investment” section. Check if it is not more than your budget. If it is, take a walk. But if it is within your budget…
Complete the request more information form
Completing an online form to get more information about a particular franchise is more important than it may seem. Why? That is because entering your name, phone number, home address, and email address into a web form makes a big difference, psychologically. It shows that you might be getting a bit more serious about starting your own business. You can also be sure that a salesperson of the franchise will get back to you.
Your first call with the franchise consultant
Your first call with the franchise salesperson (also known as a franchise development rep) is very crucial. The salesperson will ask you plenty of questions to find out whether you are eligible for the franchise opportunity, and these questions will not be about your finances alone.
You will also have the chance to ask questions. The answers you receive will let you know whether you should proceed with the franchise opportunity or consider other options.
5 Important Questions To Ask Your Franchise Consultant
Below are five bold questions to ask every franchise sales representative you speak with. Feel free to ask them.
1. How long has the franchise brand been operating- and how long have they been selling franchises?
A company may have been in business for ten 10 years but started franchising just three years ago. While that’s completely okay, it’s good to know when the company began to sell franchises.
2. How long have you been working with the company?
Longevity is key in the franchising world. If the sales representative has been working with the company for a couple of years, he or she will understand how the company operates and know the successful franchisor owners as well as those who have not been able to succeed with the business.
3. What are the important qualities you are looking for in a prospective franchisee?
The answers you receive will help you know whether or not you are eligible for the franchise opportunity.
4. Can you tell me the process I will have to undergo and how long that will take me?
When you know these two things in advance, you will able to schedule a timeline for important things, such as drafting your business plan and seeking out a small business loan.
5. If I were a member of your family who wants to join the franchise company you are working for, what are the things you would like to tell me about this opportunity?
The aim of this question is to make the salesperson tell you things they don’t normally share with other people who want to become a franchisee. Who knows what you will discover when you ask your franchise sales representative these questions!
By asking your franchise salesperson questions early in the process, you will be able to know whether you should do more research on the franchise you are considering or continue searching.
