Obtaining a new business, whether it is a startup or a franchise, can be a little bit nerve-wracking and confusing. There are lots of things you have to remember, including talking to your franchisor beforehand and making sure that all of your intentions for the business are aligned.
Here, we will provide you with a set of questions that you would have to ask your franchisor before obtaining healthy food franchise opportunities.
- What type of changes are you looking into when it comes to the business structure? Are you planning on changing the operations or marketing strategies soon?
- Who is your target market and what are your strategies when it comes to attracting them to your business? Can you give me an idea of what is currently happening to the market and what the trends are?
- How can you stand out compared to your competitors? Who are your potential competitors and what are your strategies to get a lot more customers compared to them?
- How are your sales for the past five years? What is the trend? Is it going up or down? Can I ask about your market share and current and past strategies? What type of competitors have surfaced and how do you think they got the idea to start such business?
- Do you have partners and sponsors when it comes to your products and services? How do you know you get the right and lowest prices for these products and services? Do you usually negotiate with these vendors and how do you do such?
- How do you market and advertise your products and services? Do you have a strategy in mind? Have you implemented these strategies yet? What are the results and how do you plan on keeping the marketing and advertising going?
- Do you offer support to your franchisees? If so, what type of support do you offer and how long will you be offering those types of support? Are you open to conducting seminars and courses to your franchisees so they would be able to learn more about your business and strategies?
- Do you ever share your business’ KPIs with your franchisees? If yes, what type of information do you share with them?
- What problems have you encountered with your business in the past? How did you overcome it and what did you do to surpass such challenges? Did you do anything else to make sure that it would not happen again?
- What are your business’ strengths and weaknesses? Are you always honest with your franchisees and do you share every single problem that you encounter with your business and your strategies?
You definitely should meet up with your franchisor before signing on the dotted line because when you sign on the papers without doing so, there is no going back. You have to be sure that this business structure is for you, and that they would listen to what you have to say in the long run.
