Becoming a franchisee is a great way to be your own boss and develop your business with the help of a recognised brand and industry knowledge at your fingertips. Once you’ve decided to take the plunge and researched potential franchisors, it’s time to start the interview process.
Think of your franchisor interview like a First Date. You both need to get to know each other and assess whether you’re a good fit for their franchise model. So, what should you be asking in your franchisor interview?
#1 – How Qualified is the Franchisor?
You’re going to be investing a lot of time and money into their business model. You want to make sure that you’re investing into a business that has seen proven success with their current franchisees! Asking to speak to their current franchisees is a great way to gain a better understanding of how the franchise model works.
#2 – What will the Franchisor do for you?
Regardless of whether you’re becoming a franchisee or starting a business, working for yourself is a daunting task.
It is crucial that the franchisor offers a great support system to all franchisees throughout the duration of the agreement. When you buy into a brand you want to review what support and training you are getting in order to get the best out of the franchise model.
Support may come in the form of:
- Initial one to one training
- Written play-by-play manuals
- Tutorial videos
- Top-up training throughout the agreement period
- Marketing support
- Day to day support and advice in the form of a mentor or point of contact with the franchisor.
- Funding advice
- Help with fitting the franchise showroom.
Knowledge is key and presentation without demonstration is just conversation. At Award Leisure, training days throughout the year are provided to support and encourage better efficiency, increased sales and marketing as well as overall business growth. Both office and field-based training are provided as we like to talk and show our franchisees how to get results.
Marketing support is constant, this ensures all franchisees have new and up to date marketing materials such as website updates, social media support, national and local advertising, POS material and mailers/e-shots.
We offer a direct business mentor for each franchise giving them a continued point of contact, building a trusted and valued relationship between the franchisor and franchisee.
#3 – What does the Franchisor expect from you?
It is imperative for us when interviewing franchisees, that the prospective franchisees have done their research.
We want to see that they have investigated all aspects of the business, industry, markets, competitors and consumers in order to have gain better understanding of what we do.
Research beforehand proves enthusiasm and helps to appreciate the full concept and additional information which is provided during the interview. Going to an interview and knowing nothing about the business shows lack of commitment and interest which isn’t a great start for a franchisor who is looking to partner with ambassadors to promote and grow the business!
If you have a successful interview and proceed with taking on a franchise, you’ll want to know what does the franchisor expect from you?
Will you have sales targets to meet, what fees are involved, how regularly do you need to provide updates to the franchisor?
It’s great to know what is expected of you as a franchisee before taking on the business so you can be clear on the processes that help to make the franchise model a success.
#4 – What are the costs of becoming a franchisee?
The costs of becoming a franchisee vary on the specific company and business market. The Award Leisure franchise fee not only covers the operations manuals but EPOS and CRM systems, uniform, a business plan as well as training, systems, POS. We also layout total capital investment costs which cover; stock, website, marketing, equipment, launch budget, store set up and shop fit.
Before becoming a franchisee it’s important to plan your finances to ensure you can afford to step into owning your own business. As a franchisee, you will need to know what capital is required, what the ongoing costs are such as staff members and stock and what turnover to expect in each year of trading. There needs to be a clear plan of growth from year to year – your franchisor should be able to help you with this.
#5 – Does the Franchisor take an interest in your personal and professional goals?
This is one of the more important questions to ask as its vital to look at your lifestyle and make sure you can work for yourself while continuing to live your life. It is also important that the Franchisor respects and understands this!
Franchisors should ask you about your long-term goals and where you see yourself. For example, where do you see yourself in the next 5-10 years? This is not the Franchisor being nosy into your personal life, but they want to understand and measure your commitment to making money, running and business and growth. They need to understand and feel a drive and passion for success and why you want this success.
You need to feel confident that the Franchisor understands your reasoning behind setting up your own business and what lifestyle goals you aim to achieve. This way, you are both assessing whether this partnership with help or hinder the success of your aspirations.
These 5 points are a great start to preparing yourself for an informative, successful franchise interview. If you want more guidance on what to ask, check out this handy checklist from the BFA!
Becoming a franchisee is great way to work for yourself and adapt a new challenge into your existing lifestyle and be successful whilst doing it. With a proven model, recognised brand and great support, you can be developing your business with continued guidance from experienced experts. You can enjoy being part of a dedicated network to share business practice and knowledge to better performance of all businesses under the franchise brand.
Here at Award Leisure we are actively seeking to grow our franchise network in a range of dedicated retail territories across the UK. If you are in becoming a franchisee, take a look at our Free Prospectus or get in touch with us to get started on your exciting adventure to becoming your own boss.
