QUESTIONS TO ASK YOURSELF BEFORE FRANCHISING?
ONE. How much can you afford to pay for a franchise? Where is the money coming from?
TWO. What territory (geographical location) are you interested in? If that’s not available would you be open to being in another city/state?
THREE. Are you emotionally prepared for working the hours required to succeed?
FOUR. Do you plan on working in the business? If so, how much time are you willing to commit? What about your family, do they expect to work in the business?
FIVE. Are you coachable? Are you willing to learn another persons ideas and completely adopt their systems?
SIX. Do you even like the ides of being the boss? You might not have ever held the title of "manager" but do you possess those types of skills?
QUESTIONS TO ASK YOUR POTENTIAL FRANCHISOR?
ONE. Ask the representative when their business last filed a Franchise Disclosure Document (FDD)? The representative should be able to confirm for you that an FDD was filed for your state within the last 12 months.
TWO. What are the initial franchise fee, expected startup costs, and ongoing royalty and marketing fees? How do these compare with your competitors?
THREE. What kind of training and ongoing support does the franchisor provide?
FOUR. Are there any special requirements or training for joining the system (for example, must the franchisee have previous experience in the industry)?
FIVE. Can you help me obtain financing?
SIX. Are you currently offering any limited-time deals on franchise costs?