For obvious reasons, it’s important to a superb job with your franchise research. Since you’ve probably never done it before, you’re going to have to learn how. (I guess you don’t have to learn how to do great franchise research. After all, you do have choices.)
But, if you do decide that you’re going to become an expert franchise business researcher, there’s one thing that you’ll need to focus on more than anything during the entire research process. Do you know what I’m referring to?
Questions. Great Questions.
A significant amount of your time is going to spent on the phone. You’ll be calling current and former franchisees of the franchise concepts you’re interested in. During these calls, you can do one of two things;
1. You can make up questions as you go along. As soon as one pops into your head, you can just ask it. It could work. Then again….
2. You could have a list of prepared questions in front of you with a space underneath them to write down the answers you were given.
The gentle suggestion (#2) above was brought to you buy the people who commented below this blog post.
Let’s Get to Franchise Question 3
You’ve seen the previous questions in this series, right? Look
3. How long did it take you, (from start to finish) to make your decision about this franchise?
I want you to know how long the franchisees that you’re calling spent making their decision to become the owner of the franchise they purchased. I always tell people I’m working with in an advisory role that they should anticipate spending 60-90 days from start to finish on the franchise buying process. However, as my friend Chris Brogan says, “You’re mileage may vary.” And, he’s 100% correct.
If you’re detail-oriented–and data driven, you may end up spending 4-5 months on this. If you’re a little more like me–and just want to git er done, you may be able to get to a yes or no decision in 2 months or less.
The point here is you want to find out what most of the franchisees that you’re talking with are like. One way to do that is to learn a little about their decision processes. Did they go slow, or did they make their decisions relatively fast? Are the ones that took their time, and maybe even got a bit stuck in the details, remind you of yourself? Are most of the franchisees that are in the system like that? Does it really matter.
You bet. Most people choose things that align with their styles.
Keep digging. You’ll start to see what I mean.
It will all start to make sense.
Important! If You're About To Buy A Franchise, We Need To Talk
(Before You Send In Your Money & Sign Your Contract)
"I was pretty focused on a particular franchise opportunity when I reached out to Joel Libava. In the course of a 1-hour conversation, Joel was able to ask questions and provide direct advice to help clarify the process for me and help guide me through the next steps in my vetting process. He even put me in contact with other professionals who were able to help educate me further in my particular industry. The time and money were well spent."
-Brian Grayson, Cincinnati