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HOUSTON BUSINESS REVIEW
Making a Sound Decision - What Questions Should You Ask Franchisors?
By Adrienne Leigh
Adrienne Leigh is the President of FranNet of Houston, a franchise consulting firm that provides coaching to clients who are exploring franchise opportunities. She has over 20 years of experience in franchising and entrepreneurial start-ups. Each week, she will provide comprehensive information on the $1.5 trillion franchise industry.You can reach Addrienne at 713-586-8836 or via email. To learn more about Adrienne Leigh, check out here.
The following categories and questions will give you a starting point for your discussions with potential franchisors. Add any others that you may have and be prepared to take good notes!
Exploring these areas will introduce you to the representative as a serious and thoughtful prospect, exactly the type any franchisor wants in his system. It will give you good information in the critical areas of franchise selection, which will help you during further due diligence
Ask the representative what makes this business more attractive to you, as an owner, and more attractive to a customer.
How is your system better than competitors?
Who are your competitors?
How does your business match up?
Ask the representative to describe in broad terms how the system works, how long they have been at it, and what improvements they have made recently. Generally, ask them to describe the system.
How long have you been franchising?
How many franchise units do you operate?
How many units have you closed in each of the last three years and why?
How many units have been transferred or sold in each of the last three years?
How many units have you opened in the last three years?
How many units do you plan to open in the next three years?
What is the function of the business?
What is the function of the owner?
What is the initial investment?
What do we get for that?
Please describe any fees you have
Do you make an earnings claim and if so could you describe it?
Coming next week: Questions to ask Franchisees – Getting down to brass tacks!
FranNet - The Franchise Connection provides FREE SERVICES for those looking to purchase their own franchised business. Ethical, experienced consultants give guidance, information and support while coaching clients to achieve their goals safely and affordably.
Meet real franchise experts and ask them questions, live!
FranNet - The Franchise Connection will be offering a series of free webinars, each featuring a specific franchise opportunity, with valuable insight from an experienced FranNet expert.
Upcoming Dates
- Thursday, December 14th – 7:00 PM Central Fitness and Health Industry
Call Adrienne Leigh at 281-213-3337 or
email aleigh@frannet.com
To register or to receive your personal Blueprint For Success and a free consultation with Adrienne Leigh, president of FranNet of Houston. Call 713-586-8836 or email aleigh@frannet.com Visit our website at www.frannet.com/aleigh
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NONE OF THE OPINIONS EXPRESSED HEREIN ARE THOSE OF HOUSTONBUSINESS.COM™, THE HOUSTON BUSINESS SHOW, THE HOUSTON BUSINESS REVIEW, OR ANY OTHER FIRM OR COMPANY REPRESENTED OR REFERENCED HEREIN. FOR ADVICE OR OPINION, WE SUGGEST YOU CONTACT A QUALIFIED PROFESSIONAL OF YOUR OWN CHOOSING.
Adrienne Leigh
- Sound Decisions - What Should I Know About Franchise Rregulations and The UFOC? (March, Issue No. 1, Thursday Edition)
- Challenges to Finding the Right Franchise For You: Why Looking on the Internet can Actually Steal Your Dream of Business Ownership (January, Issue No. 3, Thursday Edition)
- Making a Sound Decision - What Questions Should You Ask Franchisors? (December, Issue No. 2, Thursday Edition)
- Franchise Selection Decision Plan (December, Issue No. 1, Thursday Edition)
- Solidifying Your Financial Plan (November, Issue No. 5, Thursday Edition)
- Business Preferences Questionnaire (November, Issue No. 4, Thursday Edition)
- YOUR Business Model (November, Issue No. 3, Thursday Edition)
- Framework of a Successful Franchise (November, Issue No. 2, Thursday Edition)
- Can You Do It? Do You Have the Drive? (November, Issue No. 1, Thursday Edition)
- Achieving Your Dream (October, Issue No. 4, Thursday Edition)
- So You’ve Found a Franchise… Now What? (October, Issue No. 3, Thursday Edition)
- Tired of Corporate America? (August, Issue No. 2, Thursday Edition)
- Myths vs Facts when Deciding if Franchising is Right for You – part 2 (May, Issue No. 1, Thursday Edition)
- Myths vs Facts when Deciding if Franchising is Right for You – part 1 (April, Issue No. 3, Thursday Edition)
- How Do You Choose A Franchise Consultant? (April, Issue No. 2, Thursday Edition)
- The Benefits of Owning a Franchise (April, Issue No. 1, Thursday Edition)
- Do You Have What It Takes To Be A Franchisee? (March, Issue No. 5, Thursday Edition)
- Adrienne Leigh – Houston Business Show Advisor on Franchising (March, Issue No. 4, Thursday Edition)
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