Franchising is a great alternative to business ownership, allowing you to experience many of the perks of owning your own business but without the stress of starting it from the ground up.
When making the leap into franchising, there is plenty you need to research when completing the evaluation process. This franchise evaluation process is essential to your success as a franchisee, as you learn the ins and outs about the brand you’re going to invest in, find out how their business operates, and determine whether you’re a fit both with their mission and goals.
There are plenty of ways to complete a franchise evaluation process as an investor, and we’ve highlighted a few key areas you can investigate when researching.
How do you evaluate a franchise?
The very first step in the franchise evaluation process is doing your own research on the brand. Generally, if you visit any brand’s website, you can find a section about their franchise development process and gather details you need to know to get started, see examples of success from other franchisees, and learn what markets are available for the brand.
TWO MEN AND A TRUCK®’s franchising website is loaded with valuable resources to answer any question you might have about the franchise evaluation process and you can visit it, here.
What are steps I can take when deciding if a franchise is a good fit for me?
A good franchise brand will be transparent and honest with potential franchisees completing the franchise evaluation process, and they should be open to answering any questions you have about the business, providing you with key numbers and figures about operations, and showing how you can get started.
TWO MEN AND A TRUCK’s dedicated franchise development team is there to help potential franchisees each step of the way, from their initial contact all the way through their doors opening at their new franchise.
What are good questions to ask during the research phase?
There’s plenty to learn when completing the franchise evaluation process, but here are a few questions that can go a long way in determining if a brand is a good fit for you:
-What is their mission statement and how does that align with your personal and professional goals?
-What are their company core values?
-Is there potential for growth?
-Are there diversified revenue streams?
-What does franchisor support look like for franchisees?
Asking these initial questions can be a good starting point to learn about a brand and answer a lot of questions you might have before making the investment.
To learn more about TWO MEN AND A TRUCK franchising specifically, click here!
