What Information Does the Franchisor Want About Me?

Guest post by: Ken Hollowell
Become an Author

Free PDF Download
A Funding Consultant Could Show You An Easier Way to Raise Capital in the United States - By Ken Hollowell

When you request more information on a franchise, or meet with a franchise consultant they will generally all want a great deal of information about you. Half of it can seem like a job application and the other half more like a bank loan, but try not to let it worry you as it's something we all have to do and for the most part, you will be dealing with professionals who respect your privacy.

Why does a franchise need all this information about me?

Easy. Not all franchises are for all people. In fact, owning a franchise period is not for everyone. All franchises are different and require different types of people to run them. Different personalities, skill sets, experience, goals and of course financial positions. Finding the right owners and operators is just as critical to a franchisor as choosing the right franchise is to you. Both parties are facing significant risks with each new franchise.

"But I'm the only one investing any money so I'm the only one taking a risk" - Not true!

While franchises do incur significant costs with each new franchise developed it is true that you the investor is the one that actually lays out most of the cash for your franchise but the success or failure of your franchise will have an impact on every other sister franchise across the country. With each transaction you are not only representing yourself and your franchise, but the entire brand and all it's franchises. If you receive bad service from a business that happens to be a franchise you generally assume that all of those franchises give the same level of service.

To this day there is a certain fast food restaurant that I won't set foot in based on 1 single experience from 1 meal in 1 single franchise. Because 1 of thousands of franchises failed to maintain a certain standard it has damaged the reputation of everyone of it's locations. Now that's a pretty strong example, but it demonstrates the point.

In addition to a customer's point of view, your success or failure with a given franchise will impact the overall perception of that franchise as a business opportunity. A franchise with many success stories sounds like a better investment than one with many stories of failure. It's important that franchises find people who resemble the types of people behind their successes.

So - when you start your franchise information research and quickly learn that most want as much information about you as you do they - don't be surprised and don't take it offensively. They just want to make sure they have the right fit and that you are someone who could potentially succeed with their particular unique system. When you do finally find your perfect franchise opportunity you will be grateful that they use the same scrutiny in developing future franchises to protect what is now, partly your brand.

Qualities to Look for in a Franchisor

Franchisee checklist - assessing the franchisor

The Ten Golden Rules

Before you Buy: How to Interview Franchisees to Get the Real Scoop

Evaluating the franchisor

Franchisors Need Four Cs When Working with Brokers

The FTC on Earnings Claims Statements

Maintain a good working relationship with your franchisor

Big Changes Coming in Franchise UFOC Meet the FDD

What support do franchisors provide?

Find the Right Franchise Opportunity for You

Don't Let the Franchise Fee Scare You!

Evaluate Complaints Against Franchisors Before Signing The Agreement

Make the most of your franchisor's marketing plan

The franchise sale

Franchisee/Franchisor Relationship Requires Mutual Trust, Respect

Make the Most of the Franchisee/Franchisor Relationship

Selling Your Franchise: What Are Your Rights?

An Overview of the UFOC Franchise Disclosure Requirements

Franchisee checklist - the franchise agreement

Home > Franchises > Ken Hollowell > What Information Does the Franchisor Want About Me > Google +

Free PDF Download
A Funding Consultant Could Show You An Easier Way to Raise Capital in the United States - By Ken Hollowell

About the Author: Ken Hollowell

RSS for Ken's articles - Visit Ken's website
– Ken M. Hollowell, founder of both Prfran Consultants, Inc. and Profran Capital Group, Inc. and is a leader in the field of franchise development and non traditional methods of raising capital since 1980. Ken Hollowell has lectured before many business organizations, Universities and Colleges on the subject of franchising and hosted a radio talk show of radio for years.

Ken Hollowell conducts numerous seminars annually on franchise development and investing in a franchise business throughout the United States.Ken Hollowell is regularly requested by the Small Business Administration in Washington, D.C., S.C.O.R.E., Learning Annex and the International Franchise Association to speak on franchising. Ken. Hollowell's well-rounded experience and practical knowledge in both development and marketing have led him to be one of the most sought after franchise consultants in America. Ken Hollowell has written many articles on both developing a franchise network and buying a franchise. Mr. Hollowell sits on no less than a dozen boards of directors. Ken Hollowell works with as many as 120 new clients each year on teaching techniques and methods of raising capital through the SEC's Reg D Series of Offerings

Click here to visit Ken's website.

More from Ken Hollowell
Does Your Company Need Capital
About the Report
PROTECTING YOUR BUSINESS NAME
HOW CAN A FRANCHISE EXPERT HELP YOU
Learn How Life Policy Assets Gets Yes From Investors

Share this article. Fund someone's dream.

Share this post and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

What Information Does the Franchisor Want About Me?

Related Articles

Related Forum Posts

Share this article. Fund someone's dream.


Name:
Email: