Business Franchise (Winter 23)

In this Business Franchise (Winter 23) article we discuss the benefits of franchising and owning a franchise business.

Our consultant Charlie Dickson delves into the advantages of franchising. He outlines what is so great about franchising and what to do when you find a franchise opportunity that you are interested in.

Read the article and also access the full edition of the magazine.

As mentioned in the Business Franchise (Winter 23) article, talking to existing franchisees is a great way to learn more about a franchise opportunity.

Moreover, asking existing franchisees about their experiences can provide valuable insights into the realities of operating a franchise within the network you are interested in. Here are some questions to consider asking:

General Experience and Satisfaction

What has your overall experience been like as a franchisee with this company?

Would you make the same decision to invest in this franchise again? Also, what is your reason, either way?

How long have you been a franchisee with this brand?

Financial Performance

What was your initial investment? Also, were there any unexpected costs?

How long did it take to break even and become profitable?

Are you satisfied with your return on investment?

What are your typical monthly expenses and revenue?

Support and Training

How would you rate the quality of the initial training program?

What kind of ongoing support do you receive from the franchisor?

How responsive is the franchisor to your needs and issues?

Franchise Operations

What are the biggest challenges you face in running this franchise?

How much time do you personally spend managing the franchise?

What kind of operational guidelines and restrictions are there?

Marketing and Competition

How effective are the franchisor’s marketing and advertising efforts?

Do you face significant competition from other franchisees or local businesses?

How are marketing and advertising funds utilized?

Relationships and Community

Is the relationship between the franchisor and the franchisees good?

Is there a sense of community among franchisees? Also, do you share best practices?

Have you ever experienced conflicts with the franchisor? If so, how were they resolved?

Growth and Future Prospects

What are your plans for the future with this franchise?

Do you see potential for growth within this franchise system?

Specific Advice

What advice would you give to someone considering investing in this franchise?

If you could change one thing about the franchise system, what would that be?

By asking these questions, you can gather a comprehensive understanding of what it’s like to operate the franchise. Therefore, you can find out what the challenges and opportunities involved are, and whether it aligns with your business goals and expectations.