“Franchise Fees” -Don’t Cringe When You Hear It and 3 Reasons Why You Need To Pay for It
January 12, 2023Grow Your Franchise Effectively: The #1 Tip in Choosing the Right Franchisee
January 23, 2023A franchisee's responsibility is to perform due diligence before buying a franchise. The Franchise Disclosure Document (FDD) is a legal document that must be provided to potential franchisees by the franchisor before they enter into any agreement. It is one of your most valuable resources as a new franchisee. As part of your due diligence, it's also essential for potential franchisees to reach out to other franchisees within the system and ask about their experiences. Additionally, it's also necessary for potential franchisees to thoroughly research the franchise system, including the franchisor's history and reputation in the industry.
In this episode of The Franchise Hot Seat, Dr. John Hayes talked about these steps that will help potential franchisees make an informed decision about whether or not to invest in a franchise. He discussed Item 20, which is the most valuable part of the FDD. He shared tips on what to ask previous franchisees. Tune in this week to help yourself to the gold nuggets peppered throughout the show and be better prepared before you invest in a franchise.
TIMESTAMPS:
[1:45.6] Item 20: your new best friend
[5:44.9] Questions you want to ask other franchisees
[8:21.1] Getting matched with the wrong franchise
[11:11.5] Due diligence is more important than time or money
[14:56.6] Make an effort to reach out to franchisees
GUEST BIO:
Dr. John P. Hayes teaches franchising to college students who seek a career in franchising; people who want to buy a franchise; business owners who want to franchise a business; and Certified Franchise Executives. He is an Amazon #1 best-selling author of several books covering business, marketing, franchising, and biography. Dr. Hayes is also an international speaker at franchise conferences and an advisor to franchisors and prospective franchisees.
LINKS:
WEBSITE: http://franchisehotseats.com/
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YouTube: https://www.youtube.com/c/Howtobuyafranchise
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