Questions To Ask About Buying A Franchise – This checklist is written for people who are considering buying a franchise and contains questions that are important and relevant to ask before making any final decision.
To be successful with franchise investments, you don’t necessarily need to be an expert in the industry in question, but you do need to know what questions to ask when doing your due diligence. This checklist covers the essential areas you should focus on when considering a franchise investment.
Questions To Ask About Buying A Franchise
The questions cover general concerns, the quality and experience of the franchise owner, you as a franchisee, and the finances involved in this type of investment. With this checklist, you’ll be well equipped to research franchise investment opportunities to help you make an informed decision.
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The most important questions How experienced is the franchise owner? How much training and assistance will the franchise owner provide? What is the product you will be selling?
In general what makes this franchise special and unique compared to other franchise alternatives? Why do you like this franchise over other franchises? If you were to play devil’s advocate, what are the negative things about this franchise?
About You A franchise is usually dictated by standard operating procedures and specific rules that must be followed in order for the franchise owner to ensure product uniformity. Does your personality type suit this type of day-to-day operations? Buying a franchise will take a lot of time – especially in the beginning. Do you have the support of your family to invest this time? What are your core competencies? And do they match the ownership of this type of franchise?
Investment Does the franchise owner require you to make an initial investment? What is the amount? Where does the money go?
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Franchise Owner What guidelines does the franchise owner provide? Does the franchise owner offer any financing? What are the terms of this financing?
Competition Are there other direct competitors from the same franchise in the region? Are there other competitors from similar franchises in the region? Are your competitors thriving or struggling?
Product What are the profit margins? Which product generates the most revenue? What are the best selling products?
Location Do you or the franchise owner decide on the location? What considerations went into choosing the location? Is there any market analysis that confirms the demand for the product or services that the franchise offers, in that specific location?
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Day-to-day operations Who keeps the bookkeeping? Who controls the flow of money? Do you or the franchise owner hire employees and take care of payroll?
Exit If one day you want to do something else or retire, how does that work? Can you sell the franchise to others or do you need the franchise owner’s approval? What is the expected resale value of such a franchise?
Other questions Have you talked to other franchisees? What are they saying? Are they satisfied with the day-to-day operations?
Gain knowledge about other investors’ research. After purchase, you will be able to download this checklist in various formats. Click here to see an overview.
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