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Forum Newbie
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Last Login: 6/29/2009 2:30:10 PM
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I am a prospective franchisee in the early stages of researching different firms to find the right fit. In your opinion, what are the right questions to ask current owners, and franchisors regarding their businesses? How do I cut through the fluff and get right to the "meat" in order to get an accurate risk assessment?
Cheers,
Matt
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Forum Newbie
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Last Login: 7/2/2009 4:54:08 PM
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| Look at this link; http://www.franchise.org/FranchiseeSecondary.aspx?id=3188 Lots of good questions for you to you and from you to the franchise company. Here are some good questions copied from some of the links referenced above for you to ask existing franchise holders.
Where is the franchise located? What was their total investment? Were there any hidden or unexpected costs? How long did it take them to cover operating costs and earn a reasonable income? Are they satisfied with the cost, delivery, and quality of the goods or services sold? Was the franchisor's training adequate? What ongoing assistance does the franchisor provide? Are they satisfied with the franchisor's advertising program? Does the franchisor fulfill its contractual obligations? Would the franchisee invest in another outlet? Would the franchisee recommend the investment to someone with your goals, income requirements, and background?
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Forum Newbie
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Last Login: 2/17/2010 12:16:41 AM
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Prospective franchisee and business owner,
What questions need to be asked?
From the perspective of a small business owner and 35yr+ career manager for single and multi-unit companies, one question that is usually left out in this process of buying a franchise (or business) is, "What is the personality profile for the ideal franchisee/ business owner of your company?" Each company has a culture and organization unique in at least a few ways if not many. The person at the company helm sets the tone, or atmosphere, in and by which the unit(s) attempt to perform the SOP's, operate the budget and achieve the objectives roughed out in the pro forma and outined in the annual company goals. This determined by personality.
Denis Waitley and William Winslow have said "If the wrong career choice is made or the wrong person is selected for a position initially, there is no motivational program or training course, regardless of reputation for effectiveness, that can offset or compensate for that error! However, once your personality strengths and liabilities are know, you can arrange to play to your strengths and, while working to reduce the affects of your liabilities, make adjustments to compensate for them.
Plato said, "Know thyself". Everything in a business starts with the owner and is the result of his or her individual and collective character traits. As a result, the personality profile of the owner, first and foremost, needs to be well suited for the businesses peculiar demands. There you have it! Profiling is valuable after all and should be continued throughout the entire organizational chain of command using the same format.
Get the right people in place and then work on the business model.
Bill Woodcock
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Forum Newbie
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Last Login: 8/11/2010 3:21:02 AM
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| Well, the first thing to ask is their requirements, like the capital purchases or the experiences needed. Then, you should also consider the training or other assistance that they will provide. Here, check out this franchise model offered by a car wash franchise in the US. It is a professional detailing services that uses steam cleaning method.
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Forum Newbie
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Last Login: 12/21/2010 7:11:30 PM
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Good luck with your franchise! It's definitely an adventure to delve into the world of franchising, as well as a big business step that has the potential to really benefit you.
I definitely recommend getting in touch with professional franchising experts. They'll be able to steer you in the right direction, answer your questions professionally, and even help you along the way to establishing your business.
I recommend the professionals at Upside Group. You can check out their website at http://upsidegroup.biz/.
Good luck!
Check out Upside Group today for the best franchising consulting company on the market today. Go to Upsidegroup.biz for more information.
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Forum Newbie
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Last Login: 5/13/2011 1:52:04 AM
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yesterday i was check your website and i found a lot of very helpful information that will help me in future.
virility ex and idol white are two best health care products.
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