When looking into franchising opportunities, it’s imperative that you develop a good feel for the company and the brand itself before making your final decision. Franchising is not a get-rich-quick solution, although if you work at it, you can certainly be successful. Just like starting any business, though, it is an investment – one that could change your life. So, do your research and get your feet wet before jumping right in! Here are some tips to review before taking the plunge.
1. Speak to existing franchisees (as many as you can). Even pay them a visit if it’s feasible. Make up a list of questions that could help you determine whether the franchise is for you or not. Ask questions like, ‘Why did you choose to franchise here?’ or ‘What did you do before you started with the company?’ or ‘How has this choice affected your day-to-day life?’ And lastly, one of the best questions to ask is, ‘If you could do it all over again, would you?’ This will allow you to get to know the franchise owner on a personal level, so you can relate to him or her and get a feel for whether or not the franchise brand in question would suit your lifestyle, values, and direction.
2. Next, talk business. Ask about franchise costs and revenue, how long it has taken other franchise owners to get where they are now, how they deal with their employees and what they are paid, etc. These are all questions that you can reference if you decide to buy into the company in the future; and the answers you receive will allow you to get a sense of how successful you could be.
3. Create a rating system. Another way to gauge their experience with the company is to ask franchisees to rate, on a scale of 1 to 10, how they feel about various aspects of the business. This could include anything from how useful initial training was to how effective the systems are. If you speak to a handful of franchisees and their ratings are similar, you can begin to rely on the numbers and develop a well-researched picture of what to expect. You can also do some digging to see if there are any reports, such as this one, where Franchise Business Review rates Weed Man.
4. Use the tools at your disposal. In today’s technology-driven world, the Internet is a great resource for doing research. Aside from speaking with franchisees, get online and check out the company website, customer reviews and how they compare to their competitors. Be thorough when reading over any important documents, such as the business plan and what your investment includes, so you can grasp where your money is going and what you’ll get out of it.
5. Don’t forget to reflect. Lastly, when all of your research is done, take some time to reflect on your findings. Determine whether you can relate to the company and the franchisees, whether you see yourself being successful with the material provided and whether or not you would enjoy owning a franchise with the company. If you are confident that the company can help you achieve your dreams and goals, you’ve got a winner!
If owning a business is something that you’ve seriously considered, or if you already own a business and are looking for an additional profit center, Weed Man is a great option. We would be happy to meet you, guide you and help you form a strategic partnership! For more information on franchising with Weed Man USA, visit http://www.weedmanfranchise.com.