Where to get the best franchise adviceSo, you are thinking of buying a franchise.
No doubt the franchisor or business broker has given you loads of information to digest and you have probably talked to friends in-the-know, and scrolled the internet for reviews, tips and advice. Your accountant can also provide valuable information, so too can your lawyer. But for the best franchise advice, the really good stuff, the stuff that really matters, there’s only one group of people you need to talk to - other franchisees.
Getting the best franchise advice:These are the people who were just like you not so long ago. They had the same questions you have; the only difference is now they have the answers. So before you sign on the dotted line, here’s what you need to know from your like-minded fellow franchisees:
What is the relationship with the franchisor really like?The thing with a franchise is that even though you own your own business, you are still part of a team and, like any team, it’s important you all get along.
How did the opening or takeover go?This answer to this question will give you insight into the effectiveness of the initial training and set-up support. It will also help you to be prepared; surprises are the last thing you want during your first few weeks.
What sort of training is provided?Learning is a two-way street. Sure, training is delivered but how you receive it is up to you. If you are prepared you can maximise on the opportunity. Come armed with questions and identify what you want to get out of it, don’t just rely on what is being taught.
Is there any ongoing support from the franchise company?Support for franchisees comes in many different forms. It could be little, it could be a lot. When problems spring up, and they always do, how effective is the franchisor in addressing them? And how does the franchisor support the business to succeed?
How much can I really earn?If you strike a helpful franchisee, you might be surprised by the honest responses they are prepared to give. But save this question until last, once you’ve earned their trust.
What have you learned?This is the most open-ended question but it can provide the most valuable answers. Every franchisee relies on the success of the franchise company so it’s in everyone’s best interests to support each other and that includes helping new players in the game. If you are seriously considering buying into a franchise , the more you know the better. Go in with your eyes wide open and with realistic expectations. This way you can avoid nasty surprises. And remember, you and the other franchisees are on the same team, support each other and you are supporting not only your business but also the franchise company to succeed. For more buying a franchise resources.
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