The process of buying a franchise needs to be a time consuming one and it is imperative that a franchisee does all the needed research beforehand to ensure all aspects of the process involved are understood and pursued carefully. As there are many factors to consider and many steps to take during the franchise-buying process it is important to start off by asking the questions that will enable you to make informed decisions. As much as a potential franchisee is being interviewed by the franchisor to establish their suitability, they need to also 'interview' the franchisor to establish their credibility as well as the sustainability of their business by asking questions that are less common but equally important.
Aside from ensuring that the business will be a good place to work in, a potential franchisee essentially needs to be assured of the fact that the financials and figures in the business are viable and that the franchise is in a growth phase and shows opportunity. This is why researching a franchise needs to involve asking questions, and more importantly, asking the right ones that aren't often thought of.
These questions should invoke further conversation and assist an entrepreneur in delving deeper into the chosen franchise to determine if it is worth investing in. If there's any hesitance on the franchisor's side in providing details, entrepreneurs should take heed as it could be alarm bells sounding warning them to probe deeper.
Once a thorough 'investigation' has been conducted, it is also important to obtain legal and financial advice from a lawyer that specialises in franchising as well as an accountant to check the figures presented. An entrepreneur needs to be entirely satisfied that the franchise is the best fit for them before signing any agreements and this will only be possible if the business is analysed from all angles.