Why Work with a Franchise Coach?
A great franchise coach will help you do 3 key things as you embark upon and go through your franchise search process.
Invest In A Franchise.
Get clear on your goals from a franchise.
There are thousands of franchise options out there, but there is only one you. Make sure you are working with a franchise coach who first understands your needs before she makes any recommendations.
Move past your fears.
Does the thought of starting a franchise, breaking with your career, charting an unknown path scare you? Good! It simply means you are human. Helping clients manage their fears – and harness them to their advantage – is a key part of the work I do with my clients as their franchise coach. The coach you work with should do the same for you.
Set you up for success after you have become a franchisee.
There are thousands of franchise options out there, but there is only one you. Make sure you are working with a franchise coach who first understands your needs before she makes any recommendations.
Questions to ask Franchisors
The franchise search process will be what you make of it. In order to get the most out of it, you should ask questions that allow you to understand the business model, its marketing and operational capabilities, and much more.
1 What is the total investment required? Understand the breakdown of the various items that make up the total cost.
3 How established is the franchise?
5 What kind of support do franchisees receive?
2 What is the background of the company and its executive management team?
4 How successful are the franchisees?
6 What activities does the owner spend their time on?
As you move on in your search process, feel free to come up with additional questions that are of particular importance for you and your specific situation.
How much does it cost to work with a coach?
The services of a franchise coach are offered at no cost to you. Further, if after working with a coach you determine that a franchise is not the right option for you, you are under no obligation to invest.
So, do you end up paying more for your franchise if you work with a coach versus another potential candidate who finds the same franchise on their own? The answer is no. franchises cannot charge one franchisee one fee and another franchisee a different amount. That would quite simply be illegal.
Your franchise coach is a free – and valuable- resource. Let your coach go to work for you. It may be the best investment in expertise you made!
Questions to ask Franchisees
1 Understanding the fit between the franchisee and the franchise
- What was your background before you became a franchisee?
- Did you look at other franchises before this one?
- What made you decide to go with this brand?
- What are your responsibilities as the owner?
- What separates top performers from low performers in this business system?
3 Understanding earnings
- What were your expectations for annual revenue?
- How long did it take before you hit it?
- How long were you in business before you broke even?
- What was your annual net profit?
2 Understanding franchise support
- What initial support did the franchise give you?
- How has the ongoing support been?
- How was your launch?
- After you became a franchisee, were there unexpected challenges you faced? How did the corporate team help you handle it?
4 Understanding marketing
- How does the franchise support you in your local
marketing efforts?
Invest in a Franchise.
Are you currently in a job that you enjoy with a great salary and benefits?
Being in a thriving career is the best time to think about creating a parallel income stream through a franchise.