Buying a Franchise - Step four

Here we have step four of our Buying a Franchising series. Once you’ve received the information from the franchisor, your next step should be to speak to existing franchisees from within the franchise model. There is perhaps no more telling test of a franchise system than to speak with a range of current franchisees. The validation of the franchise system by the current franchisees is a key test of the success of a franchised network.

Don’t just limit yourself to those suggested by the franchisor – they will undoubtedly pick the happiest franchisees.

Speak to a range of franchisees and ask them:

• Are they satisfied with their investment and the business?
• Would they recommend this franchise to their friends and family?
• Would they sign up again knowing what they know now?
• What support does the franchisor provide?
• Is the franchisor reasonable?
• Is the franchisor willing to listen?
• What problems are other franchisees experiencing?
• What would they change?
• Are the marketing campaigns delivering customers?

Once you’ve spoken to existing franchisees, and only if you are happy with the answers you receive from them – you can look at the next steps in buying a franchise.