Homework. That word can conjure up some pretty ugly visuals.
When it comes to franchise research, homework needs to become your friend…
When your interest level in a particular franchise opportunity gets to a high level, it’s time to start focusing on the franchise due diligence process. If you know how to thoroughly research and vet a franchise, your risk will be lowered significantly.
If you rush through your due diligence, or skip a step in the process, you’re going to kick yourself for not spending a measly $21.95 on my franchise eBook that features all of the essential steps you need to properly research a franchise business.
Here are the top 3 things you need to do:
1. Request the FDD. (Franchise Disclosure Document.)This used to be called the UFOC.
The FDD is the document that the franchisor will be giving you to review. This is the most important thing that you will be receiving from the franchise company that you are investigating. It may come in the mail, but most likely you will be given an access code to use on the franchise company’s website in which you can access the FDD at your convenience. The FDD has all the data about the franchise company. On second thought, forget what I just wrote. Read this, instead.
2. Seriously now; read the FDD, from cover to cover. Boring stuff. Really boring stuff. Really important that you read it from cover to cover. Write questions down as you go. It’s ok to write on it. (If you read through this rather large document, and have no questions, then you should be afraid. Very afraid.)
3. Commit to calling at least 10-15 franchisees of the franchise company that you are interested in. Calling this many franchise owners will enable you to find happy ones, and unhappy ones. The most important question you need to ask: “If you could do this all over again, would you invest in this franchise, again?”
Those are the basics.
Click the cover of the eBook below, and get the whole shebang.
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