If you answered “yes,” fantastic. You don’t need to read any further.
But if you answered “no,” or “I think so,” keep reading, because I’m going to show you how to research a franchise. The right way.
The only way.
The way to make sure you’re only looking at franchise opportunities that can enable you to reach all of your dreams and $$$$ goals.
Just imagine the profound impact owning a money-making franchise business could have on your life!
Instead of grinding it out to help someone else make money, instead of looking over your shoulder wondering what your employer has in store for you, next, you could rest easy knowing you’re finally working for you.
And in this case, working for you means owning a franchise. But you need to choose the right one to own. But how?
By doing incredible research.
How To Research A Franchise
If you’ve never researched franchise opportunities, it’s tough to know what to do, and what not to do. Now here comes the good part.
The franchise business model is the only business model that enables you-the aspiring franchisee, to learn just about everything you need to know about the brand and the business before you plunk down any of your hard-earned money.
But getting the precise information you need to make a smart decision on which franchise to buy isn’t always easy.
That’s because, when it comes to doing research on franchise opportunities, your I.Q., business experience, and/or high-level deal-making ability won’t get you very far unless you first learn how to do it.
But once you learn how to do excellent franchise research, you’ll be transformed into a powerful fact-gathering machine.
I’m talking about information most franchise buyers don’t get, because they don’t have a clue on how to get it. And we both know how their stories end.
They end with business closures. Lawsuits from creditors. Even bankruptcy.
But the final nail on the their coffin?
They’ll need to go out and find a job.
Let’s make sure that doesn’t happen to you. Okay?
On Doing Great Franchising Research
In order to get the data you need to make a smart decision on a franchise to buy, you need to ask
good great questions. But which ones should you ask? And who should you ask? Maybe if I show you what I mean…
Here’s a question you need to ask your Franchise Development Representative (salesperson) at franchise headquarters:
“Can I please have concrete examples of specific problems your franchisees have experienced, along with how your team was able to help solve them?”
In truth, asking this question may require your sales representative to “get back to you.” Why is that?
Because she may have never been asked that question, which means she’ll need to talk with the franchisee support staff (that’s exactly what you want her to do).
But more importantly, if she can provide specific examples of situations where franchisees have had their issues resolved, it will show that the support team can and does provide support. And that’s a good thing.
Here’s Another Question You Need To Ask Your Franchise Salesperson
“Where does your franchise company stand among competitors?”
Most franchise reps will tell you (in a light-hearted way) that “there’s no competition!” It’s to be expected.
But the good sales reps will tell you who their competition is, and then share why, specifically, their products and/or services stack up better. And who knows; if things don’t work out, you may end up looking at some of their competitors.
Does that make sense?
It gets better.
This Is Where The Magic Happens
To be more specific, the magic happens when you talk with and visit existing franchisees.
Talking with existing franchisees of the franchise opportunity you’re looking into is the most important part of the franchising research process.
Nothing else you do matters as much as talking with and visiting franchisees that are in business doing what you think you want to be doing.
And if you ask them the right questions (at the right time and in the right way), they will give you the information you need.
Like how much money they’re making as franchisees. How long it takes to make money. How supportive the franchisor is. And much, much more.
Want some examples?
“How long did it take you to open your franchise?”
The answers you get to this question may surprise you.
That’s because signing your franchise agreement (and sending in your check) only gets the ball rolling. It takes time to open a business.
For instance, if your franchise requires a location, it can take several months to secure the right one, and get the lease signed.
And if it’s a home-based franchise, you may be able to open your business within a couple of months of signing.
So find out because it will help you plan things out.
This One May Surprise You
Here’s another question you need to ask franchisees.
“Does the franchisor set sales quotas?”
Hmmm. I bet you didn’t know about that.
Even though quotas are always spelled out in the franchise agreement, I still want you to ask franchisees about them.
And if quotas do exist, you need to ask if they’re strictly enforced.
For instance, some franchisors state sales goals in their franchise agreements, but they don’t enforce them-while others do-and they can make things difficult for lower performing franchisees.
FYI: Hardly anyone thinks to ask this question. This is a great chance for you to get inside information from the franchisees.
Would you like more questions you need to ask the folks at headquarters and the franchisees?
The Definitive Guide To Franchise Research
Allow me to introduce you to The Definitive Guide To Franchise Research, my powerful, truth-finding, easy-to-follow franchise (research) guidebook that will help you become an expert franchise researcher.
My Guide contains everything you need to help you make a smart, informed decision on the purchase of a franchise…including questions to ask franchisors and franchisees. Like the ones I showed you above.
Now the questions you need ask headquarters and franchisees are super-important, but there’s several more things you’ll need to do. Things that will get you all the information you need, so you can make an educated yes or no decision on a franchise to own.
You’ll Be Able To Use My Research Guide While You’re On The Phone With Franchisors And Franchisees!
Since my Guide is a digital download, you’ll have it right by your side (on your Mac or PC screen) as you talk with the sales reps at franchise headquarters and all of the existing franchisees you’ll be calling as part of your due diligence.
Plus, you can use it over and over again for any of the franchises you’re investigating. Your investment?
You’re hesitating. I feel it. I do the same thing before I invest in something that will help me with something I’m working on. But know this.
The Definitive Guide To Franchise Research Comes With A 30-Day, 100% Money Back Guarantee.
Go ahead and use the Guide, the free worksheets I’ve included, and the tips and tools I recommended.
If you don’t feel it’s a super tool to use for your franchise research, send me an email and I’ll refund your money. You have no risk.
What My Franchise Research Guide Includes
- A huge list of powerful questions to ask franchise salespeople, so you can get specific (and sometimes hidden) franchise market research data on the franchises you’re investigating
- Never-before revealed online franchise industry research techniques you can use immediately to obtain information on any franchise opportunity currently being offered
- Techniques on how to easily get real information on your potential earnings as a franchise owner so you get a clear picture about what life could be like when you make your decision
- Specifics about when and how to contact franchise owners, including a powerful, one-of-a-kind technique that will enable you to find out how much money they’re making in their franchise business without looking foolish
- A comprehensive list of franchise research questions to ask franchise owners when you contact them by phone or pay them a visit, that will practically force them to tell you everything they know
- Specific franchising research techniques you can use to find unhappy franchisees, so you can find out some of the negative aspects of the franchise
And a lot more!
Of Course You Could Learn How To Research A Franchise As You Go
If you’re an “I’ll figure it out on my own” type of person, I’m thinking now might not be the time to learn as you go. Why?
Because experience tells me if you don’t do franchise research the right way, your chances of choosing the right franchise to buy are somewhere between slim and none.
And if you don’t know what you’re doing, you won’t be able to get the specific answers you need to make a smart decision. And in this case, making the wrong decision on a franchise can (and does) lead to financial ruin. Yours.
Why Should You Learn The Top Franchise Research Techniques And Franchise Analysis From Me?
I’m The Franchise King®, Joel Libava.
In addition to writing The Definite Guide To Franchise Research, I’m the author of “Become a Franchise Owner” (Wiley Publishing, 2011), and have been advising people on how to carefully choose, research and buy profitable franchises since 2001.
Moreover, as a result of the trust I’ve built over the years, I’ve been featured in numerous publications, and have written hundreds of informative articles on franchise risk, the franchise industry, franchise ownership, and franchise research for some of the most highly-trafficked websites in the world.
Examples include The New York Times, CNBC, Entrepreneur®, Franchise Direct and Fortune® to name just a few. And up until the pandemic, I wrote a monthly franchise article for the U.S. Small Business Administration’s website (for 8 years.)
“Joel Libava’s passion, experience and honesty is invaluable for anyone interested in pursuing a franchise. I look to Joel as one of the true experts in the franchise industry”.
– Rush Nigut, Franchise and Business Attorney, Brick Gentry, P.C.
Last but not least, I’ve been a franchisee, a franchise consultant, and have managed franchise businesses. I know franchising. And I can teach you how to do franchise analysis for your “franchise research project,” so you can get the truth about any franchise you’re interested in purchasing.
Now all that’s left for you to do is click the “Buy Now” button below to get instant access to “The Definitive Guide To Franchise Research!”
Plus You Get 3 Special Bonuses!
I’ve included 3 special bonus sections in my franchise research guide.
Bonus Section #1 teaches you how to arrange in-person franchisee visits-and teaches you how to make the most of them
Bonus Section #2 features inside information about the Franchise Disclosure Document and the Franchise Agreement
Bonus Section #3 provides an easy-to-follow, step-by-step way to do powerful research on new franchise opportunities-including what questions to ask new franchise owners
All This For Only Only $49!
There’s More! You’ll Have Private Access To Me!
I’ve created a Private Email account for you to send me your most burning questions about the franchises you’re researching. And believe me, you will have questions!
Note: Only people who have purchased my Franchise Research Guide can access this Private Email address. It’s for you…and you only!
Plus You Get Free Worksheets!
I’ve included two printable worksheets to help you stay super-organized as you research and analyze franchise opportunities that interest you.
Both worksheets include every single question you need to ask franchisors and every franchisee you talk to-along with plenty of space underneath to record their answers.
And the best part? You can use the worksheets over and over again. Just print a worksheet out every time you need one.
You’re going to love having these worksheets and the franchise data you gather right by your side as you pursue your dream of being your own boss!
Here’s What They’re Saying!
– Tim Berry, Co-Founder, Palo Alto Business Plan Software Company
“Your guide was incredibly helpful in preparing me for franchisee validation calls with the franchises I am looking at. Made the validation calls easier for both sides since I was prepared with good questions to ask. I will be in touch soon before I attend any discovery days to get some independent consulting from you.”
“The Franchise King does it again. If you’re even remotely thinking about buying a franchise, this e-book on how to do great research has to be on your ‘must read’ list. Joel lays out very definitive steps to follow and guides the reader through a maze of franchise research dos and don’ts. If you don’t follow The Franchise King’s directions, you’ll only have yourself to blame!“
– Christopher M. Ernst, Esq., The Entrepreneurial General Counsel
“Anyone interested in buying a franchise shouldn’t make a move before reading Joel Libava’s The Definitive Guide to Franchise Research. As the subtitle of the guide indicates, you’ll find little-known ways to learn the truth about potential franchise investments. The tips are easy to understand and cover all aspects of the franchise investigation process. The modest price of the guide is peanuts compared with the costly mistakes you’ll find out how to avoid.”
“You speak true words that I knew from your book and our conversations before I began my quest. Do your research, FDD doesn’t tell the whole story, talk to franchisees and the money isn’t everything. Having taken all this into consideration I found my franchise family and am more than happy with it.
– Wolfgang Willems, Franchisee of Assisting Hands, Frisco, Tx
“I just finished The Definitive Guide to Franchise Research by Joel Libava. Joel shares an excellent list of questions for candidates. Making the answers easy to find should be a priority for franchise marketers. Nice work, Franchise King!”
– Jack Monson, CRO at Social Joey
“This eBook’s content is top notch! Joel is definitely the ‘go to’ expert when it comes to helping people learn what they need to know before they dive into a big commitment. I have no doubt anyone who is considering a franchise would make a far more informed decision knowing all the tips and tactics in this book.“