subject: Get Franchise Business Information From Existing Franchisees [print this page] Aspiring entrepreneurs planning to establish themselves as business owners are finding franchising opportunities a better deal. However, if you are a novice player in the business players it is important to follow some franchise guide available online. Detailed information regarding franchise system, franchisors and franchise policies is a good way to safeguard against franchise frauds.
However, one easy way to avail information about a particular franchise business and the franchisor is by talking with the existing franchisees. Existing franchisees already have first-hand experience about a particular business format and thus they can become your true franchise guide. One more thing not just one franchisee but you must take the initiative to talk to at least three to four of the existing franchisees.
Here are some guidelines regarding what need to be discussed with the existing franchisees:
Information regarding initial trainings:
When you meet an existing franchisee, the most essential point that needs to be discussed is the initial training provided by the franchisor. For smooth and easy set-up of any popular franchise opportunities, the trainings provided by the franchisors play a very important role. In paper a franchisor can promise thousands things but at times the real picture can be different. Well, the existing franchisees can get the picture clear for you.
Supports provided by the franchisors:
To help establishing a franchise business, franchisors provide their support during location selection, lease negotiation, loan arrangements and anything required for setting up a franchise outlet. All these valuable information regarding the support system of the franchisor can be provided by the existing franchisees. Ask them directly whether they are satisfied about the support services or not.
Franchise fee and other investments:
Discuss with existing franchises about the franchise fee and other initial investments that they were required to pay for starting the franchise fees. This is important as there are many hidden costs associated with many franchising opportunities that can turn out to be quite a burden for any entrepreneurs.
Marketing support offered by franchisors:
As far as leading franchise opportunities are concerned, most of the franchisors provide marketing support to their franchisees. Hence, it is essential to enquire the existing franchisees about the advertising and marketing assistance they received from the franchisor. Also ask them about the marketing expenses that they had to deal with.
Relationship with the franchisor:
A healthy relationship between the franchisor and the existing franchisees goes a long way in enjoying a successful business. Ask the existing franchisees of a particular brand about what type of relationships they share with the franchisor. Do they find the franchisor supportive, caring and helpful or they have grievances against him. If a franchisee has some compliant about the franchisor, try to find out the reason behind it.
Business profits:
Last but not the least, you need to ask the existing franchisees about the return on Investment (ROI) that they have achieved in a particular franchise business. Remember that you are planning to make some investment in a franchise business to make your future secure.
Lastly, this franchise guide will provide a clear picture of leading franchise opportunities before investing your hard-earned money in any business.
by: Franchise India
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