When you get an active franchisee of the concept you’re looking into on the phone, I want you to look at each and every minute you have with the franchise owner as being golden. That’s because if you’ve approached the franchisees that you’re calling in the proper fashion, you’ll be able to easily find all the answers you need to make a yes or no decision on the opportunity before you.
If you don’t ease into things during your franchise research phone calls and/or in-person visits with franchisees, you’re going to get shut-down fast. Real fast.
In my continuing series, The Top 40 Questions to Ask Current And Former Franchisees, I’m providing you with a blueprint. All you have to do is follow it. If you do, you’ll have all the facts you need…right in front of you. I know that the prospect of asking 40 questions to every single franchisee you contact sounds like a colossal undertaking. But, once you get going, you’ll see that it’s really not as hard as it sounds.
And, it really is all in the approach.
For example, would it be fair to say that the #1 question you want to ask franchisees revolves around money? Income? How much they make as franchise owners? I thought so. I want you to read this post- How Much Can You Make As A Franchise Owner. Are you starting to get it?
Question #18 to ask franchisees is this one;
“Do you have any repeat business? If so, do you have more or less that you originally thought?
A franchise with repeat business is a franchise that I’d want to learn more about. Do you want to know why?
Because new customer-new client acquisition is a huge expense. But, it’s not too huge of an investment, (mentally ) if the customer/client keeps coming back to purchase your products or services.
Over and over again.
Now, not all businesses have repeat customers…I understand that. And, if the franchise concept you’re looking at doesn’t, it’s Okay. (As long as the revenue from their single purchase is significant.)
For example, if you owned a property restoration franchise, you wouldn’t expect to see the same customers over and over again. And, you don’t need to. And, the payday is pretty darn good, most of the time.
But, if you owned a retail service business like this, repeat customers are what your business thrives on.
If you’re interested in a franchise opportunity that needs repeat customers, find out if the current crop of franchisees feel that they’re getting their money’s worth. After all, they’re paying marketing fees to their franchisor, presumably to keep the flow of repeat customers coming in.
All you have to do is ask the question. Believe me; you’ll get an answer.
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