One of the most important steps in finding the right franchise for you is to speak to a number of current franchisees to get a better understanding of the business model, the support and services provided by the franchise, the potential for opportunity to meet your financial expectations, and pros and cons of the franchise from the perspective of the franchisee.
Make sure you ask the appropriate follow up questions and understand the “How”, “What”, “When”, “Where”, “Why” behind each response.
Here are 10 questions that you should always ask existing franchisees when investigating any franchise opportunity:
- What distinguishes this franchise from other franchise opportunities and why did you pick this franchise?
- How would you rate the training and support provided by the franchise? Why?
- How long did it take you to become profitable? Why? Could you have been profitable sooner if you made different choices along the way?
- Has this business met your financial expectations? How long did it take to meet your expectations?
- I need to make X dollars by X date. Is that realistic? Why or why not?
- How has investing in and running this business impacted your personal life and/or your family?
- What is your relationship like with the other franchisees in the system?
- If you were starting over from scratch, what would you do differently? Why?
- If you had it to do all over again, would you still invest in this franchise? Why?
- What are the pros and cons of this franchise from your perspective as a franchisee?
What other questions would you suggest? I'd love to hear in the comments section below.
Is Great Harvest the Right Franchise for You?