If you’ve decided to begin your entrepreneurial journey by becoming a franchisee, your head is likely swimming with questions about your potential business and what it will entail. Franchises offer some advantages over starting a new business, and one of those is having a franchisor.
Unlike an unproven business, franchises come with established and proven business models as well as franchisors who will assist you in setting up your new business and running it properly. But before you set that meeting to make a final decision, here are four questions to ask your new franchisor.
1. Policies and Procedures
Every franchise is unique in its own way, which means policies and procedures will vary. As a franchisee, it’s your job to adhere to the rules and guidelines that are established by the franchisor, so you’ll want to have a good handle on what they are. Be sure to ask your new franchisor what policies and procedures are an integral part of the business and what role you play in enforcing them.
2. Training Opportunities
When you build your own business, you know what your vision is and how you want to train your employee network. With a franchise, the business model is set, so you’ll need to learn a great deal about the company before you open the doors of your new business. Most franchisors offer countless training programs not just for the franchisee, but also for new employees joining the family. You’ll want to discuss which training opportunities are mandatory and what other opportunities are available in the future to help you grow and maintain your franchise.
3. Brand Image
Franchises are all about branding. On some level, franchises evolve because one business becomes so strong that the business model can be recreated in other locations, thanks to the public’s strong recognition of the brand itself. Once you purchase a franchise, it is your responsibility to maintain that brand image in a way that your franchisor approves of. Each brand has different rules and expectations of how to manage its brand image, so you’ll need to ask thorough questions about their standards, branding guidelines, and ethos as a company.
4. Financing Opportunities
The cost of a franchise varies greatly depending on the industry and renown of the franchise, but one universal truth remains the same — franchises cost money. Not every entrepreneur hoping to invest has the total cost of purchase available to them. This is why most franchises have multiple financing opportunities available to their franchisees to help them be successful. Before you empty your life savings, be sure to ask about all available opportunities and how you can utilize them.
Hundred Acre Consulting
Investing in a franchise is a decision that shouldn’t be taken lightly. As a large financial decision, you want to make sure you are investing in the right brand, at the right time. Here at Hundred Acre Consulting, we work with a wide variety of different franchises in multiple industries so we can ensure you make the right investment.
Ready to pursue your dreams of business ownership? Contact us today to start your entrepreneurial journey on the right foot.
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