The Importance Of Franchise Reviews

This is one of those "homework" items that cannot be over emphasized. Conducting franchise review, talking with other successful franchisees and understanding what has made them successful is one of the most important activities you can do when determining if a franchise is a good fit for you. 

You can easily be mislead by the franchisor's own sales information, only because you see only what you want to see and the franchisor is not going to go out of their way to emphasize the negative aspects of the franchise. Details in company advertising can be overblown on the one hand and certain points can be skewed to favor only certain aspects of franchise ownership. Most franchisors provide truthful facts, but sometimes these facts don’t tell the whole story. Remember, it's in a franchisor's best interest to sell you a franchise - making it work to your benefit is up to you. 

Talking with Franchisees

You need honest, unbiased information from others that have already made the leap of faith and are operating their own franchise. Seek out franchisees who have already gone through the process you are now considering. In addition to talking with them on the phone, ask if you can visit with them in person to talk about the experience they have had in owning the same franchise that interests you. Find franchisees with varying levels of experience - one that has been in the business for less than a year, another with 3 to 5 years experience, and another with over 5 years experience. You need to understand the various phases of the business. 

Meeting with Franchise Owners

When looking for franchise reviews, meet with those who are willing to talk to you in a comfortable setting. You’ll get better information. Also, don't waste their time. Be direct and get right to the questions. Here are some open-ended questions to get you started:

1. Have you had a good experience as a franchisee?
2. What were the worst and best parts of the experience?
3. Has the franchisor been supportive and honest with you?
4. Are there things you regret? If so, what are they?
5. Would you go through the process again?
6. If you could change something, what would it be?

Using questions such as these gives you an overall assessment of the experience of being a franchise owner. If you are still excited about the franchise after the franchise reviews, then consider assessing yourself. 

Assessing Yourself 

Put yourself in the position of a funding a franchise owner and ask the following questions:

1. Are you willing to sacrifice the time needed to get the franchise going?
2. Are you willing to be flexible as the franchisor’s model changes and evolves?
3. Are you a "people person"? Do you have the temperament for dealing with the public and employees on both good days and bad?
4. Do you have the personality for franchising?
5. Are you passionate about starting a business?
6. Can you weather seasonal ups and downs that may come or are you the type of person that worries about everything?

Franchise reviews are a critical step in your franchise evaluation process, however, it won't give you all the information you need. You have to look at yourself for the rest. Make sure the franchise meets your standards and make sure your standards also match the franchise. Only then will you find a combination that leads to success.

Evaluating The Top Franchise Opportunities

In today’s times, franchise options could be one of the best opportunities to be accessed. The franchises utilizing their top franchise opportunities could be the next McDonalds or the Tim Hortons! 

WHY ONLY FRANCHISE? 

Being in the right place at the right time is one important thing. Franchises offer a reasonable measure of independence without the possibility of future layoffs leaning on another employees. The chances of risk in a franchise business are quite low. A franchise that is an initial start up may have quite hidden growth potentials which may reap results later in the future. The upcoming franchises might have newer possibilities for a greater scope of growth. The company that shows growth on its charts indicates that it is doing good. The faster growth of the franchise also makes one accessible to the various advertising and promotion activities for the franchise. If a franchise is expanding, then it indicates the growth of the franchise. This will help you analyze the long term future of the company. So if the company progresses means that it can have a promising solid future. 

EVALUATE THE BEST OF FRANCHISE OPPORTUNITIES. 

The best way to owning a franchise is by first calculating the number of upcoming franchise and evaluating the growth potential of each of them. To consider your interest in one of them is another important factor. Testimonials from the previous customers could be a help. The next steps could be: 

CHOOSE A LOCATION OF THE FRANCHISE – either visiting the physical location of the business to becoming its customers are a better option to start of with. Evaluate the quality of the service, product or the merchandise being offered. Consider the testimonials of the customers. 

HAVE A WORD WITH THE FRANCHISE OWNERS – determine the various franchise owners and make sure that their business is not in the same area as you have considered for yours. By conducting a franchise review you can evaluate the top franchise opportunities. Calculate the positives and the negatives of the franchise opportunities to the best. 

MAKE YOUR OWN JUDGEMENT – calculate the extreme profit and loss conditions. Is the amount of profit suitable for you? The product or the service of the franchise you want to avail is suitable to your area where you want to sell? It is necessary for the people to respond to the products or the services that you want to make them avail with. Does the business have the potential to retain the customers? Is it a fad or a mainstay? It is important for the product to last longer. 

MAKE YOUR DECISION 

To be a pioneer can be profitable. Top franchise opportunities can be availed if you start up first in your area. It is always better to start up early. There are always some first mover advantages. If you move in first you might get served with more number of people and you would have enough time to establish trust on them. Anticipation for the top franchise opportunities can be achieved by the local media. A budding franchise might result into great rewards in future. Evaluate the hidden opportunities to reap sweeter results in future.