If you want to learn exactly how to research a franchise business, keep reading.
Because there’s only one way to do it…to do it right.
Who’s Your Teacher?
Before I begin, it’s important for you to know who you’re dealing with. After all, you don’t want just anybody teaching you how to determine if the franchise opportunity you’re thinking of buying is legit.
I’m The Franchise King®, Joel Libava.
I’m the author of “Become A Franchise Owner!”
And I’ve been teaching and advising people on how to choose, research and buy a franchise since 2001.
“I invited Joel to be a guest lecturer on franchising for the entrepreneurial studies program at Ashland University. I confidently recommend that your family and you consider using Joel Libava as a professional advisor in your consideration of a franchise purchase.”
– Read Wakefield, Director, Morgan Center for Entrepreneurial Studies, Ashland University
In my experience, I’ve found that most people don’t know how to do franchise research.
Not only that, most of the people who contact me for franchise purchasing advice aren’t doing even the most basic things. Like:
Using search engines to get background information on the franchisor/franchise executives (I’ll teach you how)
Working with local agencies to determine market potential (I’ll show you a free, local resource)
Talking to and visiting franchisees (I’ll provide a list of the best questions to ask franchisees)
Hiring a competent franchise attorney (I’ll show you how to find one)
And much, much more.
Having said that, when you think about it, how would you know how to do good franchise research if you’ve never pursued franchise business ownership?
And considering the investment you may be about to make ($150,000-$250,000 or more), I think you’d agree that it would behoove you to take some time to educate yourself so you know exactly how to do it.
Important Franchise Research Tip
When you’re contacting franchisees, you’re first thought will be to call the ones who own franchises close to you. Don’t do it! Here’s why.
First of all, calling franchisees can be a little awkward at first. Especially since you’re going to be asking them to share lots of personal information. (Like how much money they’re making!)
Secondly, since you’re potentially opening a franchise business in the same vicinity, they may clam up. That’s because they may not be too excited about another franchise opening up in their area that could potentially* affect their pocketbook.
Think about it. If you owned a franchise business and received a phone call from someone who was thinking about opening a new franchise of the same brand a few miles away, you would probably be a bit paranoid, too.
*Most franchise systems are careful about putting too many franchises in one area. They don’t want a revolt!
Nevertheless, don’t call franchisees that are close to you first.
Instead, call franchisees that have businesses in other states before you call local ones.
That way, you’ll have more knowledge about the opportunity, and you’ll sound like you know a thing or two about the operation.
Learn How To Research A Franchise Business
The tip I just gave you is only a taste of what you’ll learn in my complete online franchise course.
And not only will you learn specific, proven franchise research techniques, you’ll learn how to find, choose, and buy a profitable franchise business.
A business that will allow you to reach your goals, and live your dreams.
Click the image below to learn how to research and buy a profitable franchise.
“I worked as a partner in a franchise business for the last 9 years. My partner and I recently sold it, and I decided to research franchise opportunities with the possibility of purchasing my own franchise in the near future. I was a little anxious about the idea of buying a franchise by myself and wanted to make sure I was making a good business decision. After some extensive web research, I found Joel Libava’s franchise course.
Joel’s course was engaging and very easy to follow. It had a great balance between text, articles, and videos. It walked me through all of the considerations involved in making a good decision as to whether to become a franchisee or not. I especially liked the section of his course that discussed at length what questions to discuss with the franchisor (and other franchisees) before deciding to move forward with a purchase. The icing on the cake for me though was the personal consultation with Joel. Joel understands the franchise business model, as well as the players involved, and provides great advice to persons that are considering the purchase of a franchise.
I would strongly recommend Joel’s course and setting up a consultation with him if you are considering a franchise opportunity. I trust you will find it well worth the investment and it will definitely assist you in determining whether or not franchise ownership is for you or not.”