10 Steps to buying a Franchise Business, Step 4 – Request Franchise information

Bees avoid decision-making pitfalls by considering several options, but they make fast and effective decisions in order to react to opportunities. Businesses need to evaluate, respond and act taking in new information put it into good use, and modify or eliminate ineffective ones.

OK, so by now you have a pretty good idea of the franchise business you would like to work with and now it’s time to request the Franchisor’s brochure/plan. The franchise plan is a brochure that outlines the opportunity on offer should be clear, concise and give adequate information about the franchise business. It should give you a general overview of the franchise operation and may also contain financial information of pilot franchises and should include something like:

  • The Franchisor’s story
  • Their Why, how they do it & what they do
  • Their Mission and values
  • Why franchising?
  • Their Customers’ profile
  • Steps to becoming a Franchisor
  • Training, support & development
  • The Franchise Brand
  • Franchise deal
  • FAQs
  • What their customers say about them
  • A Franchisee’s Case Study
  • What do you need to do next!

With this plan you should have a pretty good idea of what the Franchise is about and in addition you may want to check out their website, any videos, and other franchisees’ recommendation, how strong is the brand, how long have they been in business and how well known the company seems to be. Do a little research on the selected Franchise, how feast is the competition in this industry in your chosen territory, a little competition isn’t a problem as long as there enough work for everyone.

At this point it is important for you to spend a lot of time researching the Franchisor to make sure you know as much as you can about the company you are going to work with, because if you love it and it feels right, it will be time to take this “enquiry” to the next level…

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