So you’ve explored franchise opportunities and decided on one (or a few) that you’d like to investigate further. The next step is to schedule a call with the franchisor. But what do you talk about? We have 5 questions for you to ask during your first franchise call.
1. What is the brand’s mission statement?
The answer to this question will help you determine whether or not your values match with the brand’s. And, conversely, it’s a good way for the franchisor to make sure you understand what the brand is about and how they bring those principles to each franchise location. Is the brand focused on creating memorable experiences for customers? Or maybe a brand that wants to help clients plan for a stable future? Regardless, you want to make sure the franchisor you’re considering has values that don’t clash with your own.
2. What are the financial investment requirements?
This response should include not only the franchise fee, but also the total initial investment. The initial investment amount encompasses training travel costs, equipment, possible buildout, any required licenses, and more — in addition to the franchise fee. Also, take this opportunity to ask about the net worth and liquid capital requirements the brand requires of franchisees. This will help you figure out if you are qualified and willing to make the franchise investment.
3. How would you describe the type of franchisee you’re looking for?
As much as you want to make sure this particular franchise is right for you, you also should make sure you are right for the franchise. Are they looking for franchisees with a background in a certain industry, like healthcare or education? Or are they looking for those with a more general business acumen? Find out by having your franchise development representative lay out the brand’s ideal franchisee profile.
4. How would your brand describe the franchisee / franchisor relationship?
Whether you are looking for a brand that offers a lot of support or one that is a little more hands-off, this question will help you determine how closely this specific franchisor works with franchisees. Are there regular trainings? Who at the corporate office can franchisees reach out to? How often do you hear from franchisees? Get a glimpse into the franchisee/franchisor relationship so you know what to expect if you choose to consider your franchise journey with this brand.
5. Is there anything else I should know that I didn’t ask?
A nice catchall question, a good franchise development representative will answer it by providing you with new information or by taking a deeper dive into a question you already asked. In addition to passing along more knowledge that will help you make your franchise decision, you might also learn what questions previous franchise candidates have asked. Trust those predecessors and garner more nuggets of knowledge that will ensure your franchise decision is an informed one.
Now that you’re ready for your first franchise call, you just need to find a franchise that will be the perfect fit and reach out. Explore all of the franchises America’s Best Franchises has to offer and reach out to them for more information.