As you get started researching franchise brands, no doubt you have many questions. Afterall, this is a big investment of your time and money, so having a clear understanding of what you’re getting into makes good sense. But even obtaining necessary information about a brand during the discovery process may seem overwhelming. How do you know what’s important and what’s not? Here’s some guidance on how to ask for franchise information as well as what to ask to gather the most accurate details to help you decide on a franchise to own.
Benefits of Franchising
What attracts most people to the franchising industry is the turnkey opportunity. After paying a franchise fee or entry fee to the company, you begin your ownership journey by utilizing a proven business model and operating system while being trained by franchise experts. Many franchises also provide access to marketing and continual support for your success.
But these details are not standard with every brand, so questions are necessary. Most franchises have comprehensive information about their brand, available on their website. Typically, it gives you a general snapshot of the brand and their mission, perhaps general costs and a link to obtain more information or request a chat with brand development staff. That conversation is an important one.
Researching Franchise Brands
You will get a sense of whether or not you will align with the brand and qualify for entry. It’s important that with any franchise you choose, it’s a business you enjoy or matches your lifestyle. You also need to determine if there are opportunities in the location you are seeking. If there is interest by both parties, conversations via phone or emails may become more frequent, giving you the opportunity to gain specific details about the brand.
What to Ask
Questions you should ask when trying to figure out how to ask for franchise information include:
- What are day-to-day operations? This is an important question because the franchisor will clearly break-down expectations as a unit owner, and you will glean necessary information like what your role will be. Some franchises expect their owner/managers to be part of the daily function, others allow a more hands-off approach.
- How is their market performance? This will help you understand brand competition and how financially viable the company is. You will obtain more detailed financial information the further you get in the purchase process. Once your franchise agreement is signed, you will have access to the brand’s Franchise Disclosure Document (FDD.) In that document, item 19 can provide further financial information. Keep in mind to find out the success rate of the franchise, you can always talk to current or former franchisees. They can provide a plethora of information about the brand. You may want to look for brands that are economically recession resistant to secure your investment.
- What are the total costs? Although the cost of each franchise location can vary by market, ask your franchisor to break down all the anticipated costs including the franchise fee, initial investment, and on-going fees like royalties. You must have a clear understanding of your financial commitment. You may also find out if the brand itself offers financing or can assist with third party funding.
- How much training is provided? Many franchises do not require prior experience, because they provide extensive instruction setting you up for success. However, it’s important to understand what if any requirements are needed to own a location. You will want to discover, too, what, if any on-going support the franchisor offers. The reason this is significant is because it determines if the brand keeps up with industry innovations and conveys that to franchisees. This is an indication that the brand is staying competitive and is investing in expansive growth.
Learn About Wild Birds Unlimited
At Wild Birds Unlimited we are dedicated to continuous growth and improvement, that’s why we equip our franchise owners with extensive franchise training and support to provide the necessary foundation they need to achieve success in every aspect of business. It’s this dedication to continuous education that has made us a leading franchise for 45 years with more than 350 locations in North America.
As a wildlife franchise, we are in the business of educating and supplying our customers with all they need to enjoy backyard bird feeding and watching.
As a franchisee with Wild Birds Unlimited, training includes everything from business coaching to nature and hobby education—allowing you, as an owner to become a community resource.
Our goal in business is to partner with franchisees who share our passion about nature and providing impeccable customer service. That’s why we are transparent with information about our brand, because we want you to understand what your experience will be like as a franchise owner with Wild Birds Unlimited. Knowing how to ask for franchise information with us is easy. We are more than happy to answer any questions you have throughout your discovery process.
Need more information about joining our flock? Let’s get started. Fill out our inquiry page and we will be in contact or call us at 888.730.7108.