3 communication considerations before investing in a franchise
- Wednesday, August 1, 2012
Before investing in a franchise opportunity, you may want to consider how well a brand’s representative interacts with you. An arrangement’s success is often dependent on the two parties' ability to grasp concepts and discuss plans of action. A representative is a core person in the development of a business as you begin your journey as a potential franchise owner. Therefore, make sure to investigate how well the key entities in the process work with you and communicate the necessary details.
Here are three communication tips to consider:
1. Call backs. Not everyone can be on call 24/7. However, there are a number of questions that may require relatively quick responses from a franchise representative. After leaving a message, how long does it take the individual to get back to you? An attentive franchise representative will understand this is a new venture, and will likely return your call relatively quickly.
2. Interview current or past franchise owners. As part of the contract package, a franchisor is required to report the names of past or current franchise owners within the area. The Disclosure Documents will provide you with the contact information for these individuals and it is a very smart decision to interview as many as possible. According to U.S. Franchise News, if you are getting the impression that a franchisor is discouraging you from contacting certain franchises, there may be hidden issues and it could be best to stay away from the brand.
3. Face-to-face meeting. Getting to know a franchisor is a crucial step in building business relationship. Therefore, before signing a contract for a franchise opportunity, make sure to have a meaningful, face-to-face meeting with a brand’s representative. It is a type of evaluation that cannot be replaced by any form of technology. This business may soon become an integral part of your livelihood and have an impact on your day-to-day happiness. As a result, it is best to create an easy rapport with a person that is built on mutual respect.
These communication tips can help you determine if a relationship with a franchise is a good idea. Sometimes the success of a venture is determined by the ability to discuss strategies with an experienced brand manager in a comfortable manner.
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