Franchise Research Tips

Trusted Sources For Researching The Right Franchise

Where do you find the most trusted information regarding franchising? This is a tough question to answer because there is not one specific place on the Internet that you can guarantee the information is 100% accurate or reliable.

When researching a franchise you must do your homework. This means that in addition to reading all the marketing documentation provided by the Franchise Brand, reading the Franchise Disclosure Document (FDD) provided, and reviewing in detail all the exhibits to the FDD, you must do more.

“Like what?” you ask. Here are some examples:

1. Contact at least 10 existing Franchisees and ask the questions that are important to you. For example, your questions might be:

• Did the Franchisor provide you the training that was promised and was it sufficient enough for you to run the franchise?
• Was the cost estimate for your start-up in the budget you expected?
• Has the marketing plan provided delivered the results you expected?
• Knowing what you know today, would you purchase the franchise?

2. Search the Internet and franchise blogs to find comments about the franchise and collect feedback about the franchise’s operation. You may search for customer reviews about the franchise as well. Do not expect to view all positive comments regarding the franchise, but do be alarmed if you only find negative comments about the consumer experience.

3. Contact competitors to the franchise you are seeking to purchase and see what they say about the brand you are interested buying.

4. Spend time (a minimum one day or more) shadowing a Franchisee to view a-day-in-the-life. Make absolutely sure you will enjoy working in your new career.

These recommendations should help:

• Ensure that you are engaging in a quality long-term relationship with the Brand.

• To avoid being surprised after you ‘join the family’ so to speak.

• In making your final decision to move forward with purchasing a franchise.

This content is sponsored by Franchises For Sale, a team of successful franchise development professionals that have created the first content driven website that focuses on the franchise award process.