What To Ask Before Buying A Franchise
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When you’re thinking about purchasing a franchise, there is much to do as a responsible business person before signing your name. The biggest asset you’ll have to ensuring your decision won’t come back to haunt you is by reaching out to current franchise owners. Their testimony and experiences can help you decide whether or not a franchise is reputable, trustworthy, and free of unnecessary headaches.


Before you sign, make sure you follow these next steps coming from the “Franchise Bible.”


Step 1 

Find a list of current and former franchisees and contact as many as possible. You’ll find greater security in numbers. If there are way too many to manage, at least start with the franchisees relative to the geographic area you would set up in. Then, contact former franchisees. They might have a bias opinion or be reluctant to talk, but any information will greatly help in your research.


Be professional when reaching out. You will likely have to set up an appointment to talk on the phone or meet in person. Don’t come on too strong as if you’re interrogating them, just get the information you need in a casual manner.


Step 2

Make a list of questions. Often you will get answers to questions you have that don’t appear in the franchise brochure. Don’t waste time asking about information you can find quickly online. Ask questions that benefit from answers with personal experience, such as:


  • Was the training helpful?
  • Did the franchisor follow through on promises before/after you opened?
  • Did you use a franchise attorney or accountant to help you?
  • Are you/did you earn the money you expected?
  • What would you change about the business?
  • Knowing what you know now, would you do it again?
  • What advice would you give a hopeful franchisee?


Ask some of these important questions and any more that would be of value to you. Come prepared with these questions to make sure that you get as much value as you can from your meeting.


Step 3

Finally, you have to follow through. The last step to finalizing your franchise choice is to power through to the end. Meet with the franchisees and finish your research. You might lose stamina towards the end and feel like simply asking for the paper work, but if you power through you’ll truly benefit in the end.


Don’t get too excited about new opportunities and let the allure of a franchise blind you. Make sure it’s in an industry you would enjoy, that franchisors work in your best interest, and that you’ll be benefitting financially.

Research thoroughly, seek out all your options, and make the most informed choice that you can. If you’re a vaper or interested in the booming vape industry, start by looking into franchise opportunities with Vapor Galleria!