Two-part questions can get you to the heart of the matter, quickly.
Why ask only one question when you can squeeze in two?
Especially if it can help you lower your franchise risk.
Don’t Be Shy
You may be about to embark on one of life’s greatest adventures-business ownership.
This isn’t the time to be shy. You need to ask the questions that will help you make an intelligent, fact-based decision on the franchise (s) you’re investigating.
If you’ve been keeping up with my 40-part series…reading every post I’ve published on “The Top 40 Franchise Research Questions To Ask Current Franchise Owners,” you’re probably past the “dreaming of owning my own business someday” stage. Right?
Did you catch the last Top 40 post? (It’s Star Trek-themed)
Two Franchise Research Questions Are Better Than One
- “What is your favorite part of the business?”
- Don’t you want to know what gets the current franchisees out of bed in the morning?
- Don’t you want to know what will possibly get you out of bed each morning-as the owner of a franchise business?
The answers you get from the franchisees that you’ll be calling may or may not be what you expected.
For example, what if one of the franchisees that you contact tells you that his or her favorite part of the business is all of the opportunities for community involvement that their franchise business affords?
Or, maybe you learn from one or two franchisees that they like the fact that they get to come and go as they please during their normal business hours-and that’s their favorite part of the business.
The answers you get when asking this question will probably be as different as the franchisees themselves.
So, call 10-15 current franchisees and ask them what their favorite parts of their businesses are.
Maybe one of their favorites will be yours, too. (If you become an Owner.)
I promised you that Question #37 had two parts.
Here’s part two:
“What is your least favorite part of owning this franchise?”
Ask it-even if you’re afraid of their answers.
Most franchisees dislike parts of their day-to-day business activities. It doesn’t mean that they are unhappy franchisees.
It means that they’re human.
Think about it: How realistic is it for a business owner to like everything about their business?
This is your chance. This is really your only chance to find out the good, the bad, and the ugly about the franchise business opportunity that you may about to invest your money in.
Wouldn’t you rather find out what’s good and what’s not so good before you write a big check?
Great franchise research enables you do to just that.
Image courtesy of den99 on Flickr
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"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 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, Franchise Buyer, Cincinnati