Never buy a franchise without asking these five critical questions.

Buying a franchise – whether it’s your first or your tenth – is a huge decision. It’s important that you ask the right questions. These questions will ensure that you receive the support and drive that you need to be successful no matter the industry.1.     What individual support will I receive from you during the first year Im in business?

Not only will this question give you an idea of exactly what type of support to expect and the level of hand-holding you will receive year one, but it will also give you an idea of how involved your franchise partner will likely be over the long-term.

2.     What are the biggest mistakes that first year franchisees might make? How can I work to avoid these mistakes?

This question will pay dividends in obvious ways. Understanding what challenges you might face can help you make an educated decision, and if you decide to purchase the franchise it will also help you to ensure your success early on.

3.     How will the training that is offered prepare me for owning and operating this specific business?

This is another question that will give you an indication of how supportive and hands-on your franchise partner is gong to be over the long term. It will also help you determine whether the business model they’re operating will fit with your personality and business style.

4.     Do you have a positive rapport with your franchisees? What do these relationships look like and how do they achieve future success from these relationships?

Clearly a positive rapport is a non-negotiable in this situation. Having the franchise partner lay out what their current partnerships look like will paint a picture for the type of relationship that the two of you will have going forward.

5.     What growth projections do you have for the business? What obstacles do you see challenging these projections?

This question is strictly business. What is the vision from the Franchisor’s standpoint? What if any possible future challenges such as regulations could impact your business down the road? Understanding the potential roadblocks, challenges, and pitfalls that you may come upon before you begin will help you once you get in.  These all should be asked to existing franchisees in the system as well as part of your evaluation and validation efforts within your due diligence.

Careyann Golliver is America’s Franchise Matchmaker™ and  founder of Franchise Logic. As a trusted advisor and business consultant in Denver, Colorado, she can be that guiding light in your entrepreneurial journey. With over two decades of experience in entrepreneurship and franchising, she can provide critical feedback and guidance. Contact Careyann today 303.805.5078.

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