Today’s Insider Tips and Tricks focuses on the best practices for evaluating a franchise.
When you and a franchisor start working together, you will engage in a discovery process that takes several weeks. The franchise representative will help you understand what their business is all about.
You’ll have a series of weekly webinars where you will learn about the various aspects of owning their franchise, including the investment level, marketing strategy, operations management, and technology applications.
Once you have a good working knowledge of what it’s like to own the franchise, you are invited to call current existing franchisees and ask them about their experience with the franchise. Talking with the franchisees is called “validation.”
Validation is the most important part of the discovery process. The purpose of these conversations is for you, a potential franchisee, to validate what you have learned from the franchisor. You will have the incredible opportunity to learn from people who have made the investment you are considering. Who better to ask than current franchisees about what living the life of a franchisee is like?
There are three main areas to focus on during a validation conversation with a franchisee. This article explains what they are.
To learn more about validation, give me a call at (706) 736-0579 or schedule an appointment with me. I’m happy to walk you through the process and share with you my list of sample questions to ask franchisees.
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