Evaluating the franchisor
Evaluating the franchisor
Firstly, are they a member of the bfa (British Franchise Association)? This is the organisation that acts in the interest of the UK franchise industry; accrediting franchise companies and helping to maintain and develop the standards of good franchise practice in the UK. Our website, whichfranchise.com, only promotes bfa members.
Other questions you should ask the franchisor are:
Is the franchisor financially sound?
What is the director's background?
What did they do previously and why did they go into franchising?
Does a comprehensive operations manual support the training?
Has the franchisor run outlets in similar areas to yours?
How successful is the franchisor and existing franchisees?
How thorough is the training at the start-up stage and thereafter?
How many franchises have they opened in the last 12 months?
How many applicants do they reject?
One of the most important sources of information on a franchise company is the franchisees. You should visit existing franchisees to learn from their experiences and to find out their opinions on the services provided by the franchisor. Good franchisors will always allow you free access to any franchisees in their network and, in most cases, existing franchisees will be happy to talk things over with you.
Some of the questions you should ask are:
Is your franchise profitable now?
Is the franchisor aware of changes in the marketplace and quick to adapt?
If there is illness, does the franchisor offer to help?
What kind of on-going support do you get?
Did you get good training, systems and manuals?
Is the franchisor keeping their end of the bargain?
How long did it take to recoup your investment?
Does the franchisor welcome suggestions from franchisees?
Asking these questions should help you self-evaluate the franchises you are interested in, and come to a conclusion as to whether to pursue your interest further.
Evaluating the franchisor - To learn more about this author, visit Suzanne Donald's Website.
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We regularly get asked is this is a good franchise?, and though we cannot give feedback on specific franchises, we can help you ask the right questions. As you are entering a two-way relationship, it is vital that you have confidence in the franchisor you choose, and so you must ask questions about their business and structure of the organisation at the early stages.
Firstly, are they a member of the bfa (British Franchise Association)? This is the organisation that acts in the interest of the UK franchise industry; accrediting franchise companies and helping to maintain and develop the standards of good franchise practice in the UK. Our website, whichfranchise.com, only promotes bfa members.
Other questions you should ask the franchisor are:
Is the franchisor financially sound?
What is the director's background?
What did they do previously and why did they go into franchising?
Does a comprehensive operations manual support the training?
Has the franchisor run outlets in similar areas to yours?
How successful is the franchisor and existing franchisees?
How thorough is the training at the start-up stage and thereafter?
How many franchises have they opened in the last 12 months?
How many applicants do they reject?
One of the most important sources of information on a franchise company is the franchisees. You should visit existing franchisees to learn from their experiences and to find out their opinions on the services provided by the franchisor. Good franchisors will always allow you free access to any franchisees in their network and, in most cases, existing franchisees will be happy to talk things over with you.
Some of the questions you should ask are:
Is your franchise profitable now?
Is the franchisor aware of changes in the marketplace and quick to adapt?
If there is illness, does the franchisor offer to help?
What kind of on-going support do you get?
Did you get good training, systems and manuals?
Is the franchisor keeping their end of the bargain?
How long did it take to recoup your investment?
Does the franchisor welcome suggestions from franchisees?
Asking these questions should help you self-evaluate the franchises you are interested in, and come to a conclusion as to whether to pursue your interest further.
Evaluating the franchisor - To learn more about this author, visit Suzanne Donald's Website.
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