Educational Video #3 – Questions to Ask a Existing Franchisees

What should you ask an existing franchisee?

This is Part 3 of my 11-part series of educational videos to teach you all about the franchise industry, and about working with a franchise consultant.

In just under four minutes, learn about the questions you mush ask existing franchisees when you are vetting a franchise opportunity.

Franchise education video 3 of 11, “Questions to Ask Existing Franchisees,” by Kim Marinoff.

Talking to existing franchisees is a critical step in the process of evaluating a franchise opportunity. I’ve honed my list of questions over the years, and they include some that you may not have thought of.

It’s important to understand the background of any franchisee you speak to. What was their background? What led them to this experience? What skills did they have, and how do their skills and experience compare to yours? Can the franchise training program help you fill in any gaps? Why did they chose this opportunity? Why did they pass on others?

Ensure you know about the training and support available to you. What is the biggest mistake they made and how can you learn from and avoid that?

How do you market your business? What are the biggest obstacles to success? What are their sales? What are expenses? What was ramp-up time? When did the business first break even? Did they hire a manager? Would you do this over again? Why or why not?Talking to existing franchisees is a critical step in the process of evaluating a franchise opportunity. I’ve honed my list of questions over the years, and they include some that you may not have thought of.

It’s important to understand the background of any franchisee you speak to. What was their background? What led them to this experience? What skills did they have, and how do their skills and experience compare to yours? Can the franchise training program help you fill in any gaps? Why did they chose this opportunity? Why did they pass on others?

Ensure you know about the training and support available to you. What is the biggest mistake they made and how can you learn from and avoid that?

How do you market your business? What are the biggest obstacles to success? What are their sales? What are expenses? What was ramp-up time? When did the business first break even? Did they hire a manager? Would you do this over again? Why or why not?

Get my complete list of Validation Questions to Ask Franchise Owners” at this link, as a PDF.

If you have questions, please comment here, or send them to me via email at kim <at> a2bfranchiseconsulting.com.

Learn more about me and my services, find valuable resources about franchising on this website, and check back here on my All About Franchising blog as I introduce the other eight videos in my educational series.

I’ll also be posting news here about my clients, news from the franchise world, address other industry topics, and I always welcome your comments and questions.

Thank you!

Smiles,

Kim Marinoff

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