When it comes to meeting with potential franchisors, it is important to see it as a two-way meeting. Not only are they trying to determine if you would be a good fit for their company, but you are trying to determine if their franchise structure will provide you the opportunity to thrive.
By asking the right questions when meeting with potential franchisors, you can make the most of your conversation and gain a lot more information than you would if you stuck to the textbook questions about the business.
This will help you as you make the difficult decision of what franchise to pursue and grant you peace of mind that you are making the correct choice.
What to Ask Potential Franchisors
1. Do you have examples of issues that have come up for other franchisees and how you’ve been able to support them?
The way a potential franchisor answers this question will tell you a wealth of information about the quality of their support system and how they work with franchisees to promote success. Though, hopefully, no issues will arise for you right away, it will be good to know that if they do, your franchisor has your back.
2. Is there a type of person who tends to be more successful with your franchise system?
Every franchise has its own operating system and guidelines that franchisees will have to follow. While this gives a lot of options to franchisees, it can also be difficult to know which one will work the best for you. Understanding the types of people that tend to be successful within a company will help you determine if you identify with those characteristics.
3. Are there any common reasons that you have decided a prospective franchisee will not be a good fit?
This will let you know more information about what the franchisor is looking for, but also how serious they are about selecting franchise owners. It is best to work with a company that is selective in its process of awarding franchisees in order to ensure they only choose the best and most qualified candidates.
If you are in the process of becoming a franchisee, we’re here to help. We are passionate about assisting our clients through the difficulties of franchise law in New York and New Jersey. Set up a free consultation today to learn more about what we do.