Joel Libava
I’ve been telling aspiring franchise owners (as part of their research) to call 10-15 existing franchisees for 21 years. There’s a reason for it.
It’s because talking to lots of franchisees gives you access to the facts about the franchise organization you may be about to partner with. And more.
Call Existing Franchisees To Get Your Money Questions Answered
Let’s face it.
The #1 thing you want to know before you buy a franchise is…wait for it…how much you can make.
And while it’s good that some franchisors reveal franchisee earnings information, you still need to verify the numbers. How do you do that?
By talking to franchisees.
Both on the phone and in-person.
But you need how to do it.
Are Franchisees Open To Talking To You?
In most cases, franchisees will talk to you. Especially if you approach them correctly.
This is how.
“Hi, Chuck Stake here. I’m thinking about buying a Bison Burger franchise here in Reno, and I’d love to ask you some questions about your Bison Burger business. I’d be super-grateful if you could spare some of your valuable time with me.”
As opposed to…
“Hi. My name is Chuck Stake, and I need to know how much money I’ll be able to make if I open one in Reno. Can you tell me?”
Do you see the problem there?
Chuck was too aggressive. He only wanted numbers. And he won’t get them. Why?
Because Chuck didn’t attempt to create a relationship. He didn’t give the franchisee a reason to help him.
Instead, he gave the existing franchisee he called a reason to not give him “the numbers.” You’ve got to ease into it.
Note: You’re going to need to put together a formal business plan for your franchise business. Good thing you don’t have to do it alone.
Franchise Business Plan Creation Help
Buying A Franchise?
You're Going To Need This!
Which Franchisees Should You Call?
There are two groups of existing franchisees you need to call.
The first group are what I call “practice franchisees.” I explain what I mean in the video below.
The second group of franchisees you need to call are the ones who will tell you things the first group probably won’t. Important things.
Find out who they are by watching the short video I produced. It will help you a lot.
Finally, I’ve included a few questions you need to ask every franchise owner you call.
Watch my franchise video now!
