Buying a business is a big investment with no guarantee of return. Investing in a franchise with a trusted, well-known name is a little less risky, but there are still no guarantees. New entrepreneurs are often at a disadvantage because they don’t know what they don’t know. They need to learn more about franchising, but don’t know which questions to ask a franchisor, or how to evaluate the answers.
The franchise discovery process can be broken down into three main stages: exploration, consideration, and decision making. By doing your due diligence, you can navigate each segment with confidence and increase your chances of making a successful investment.
A franchise territory is a designated geographic area granted by the franchisor. The franchisee is given sole rights to market, sell, and provide the company’s products or services within that area. This allows franchisees to build a customer base and expand their business within a defined space.
The exploration stage is the time to research different franchise opportunities and identify those that align with your interests, skills, and finances. You’ll want to speak with representatives of the franchises you’re interested in. The questions you ask now will help you decide which opportunity is right for you later.
Once you've created a shortlist of potential franchises, you'll need to conduct more in-depth research to evaluate whether the franchises on your list align with your business goals and personal preferences. Here are some questions to ask franchisors:
In the last stage, you'll review all the information you’ve gathered and make your final choice. Below are some questions to ask when buying a franchise:
Still not sure if the franchise is right for you? The International Franchise Association (IFA) has an even more detailed list ofquestions to ask when evaluating a franchise.
Entrepreneurs looking to start a cleaning business may want to consider Two Maids. Our brand ranked No. 302 on this year’s Franchise 500 ranking by Entrepreneur magazine. Plus, we’re backed by Home Franchise Concepts, a well-known name in franchising that’s been around for more than 30 years. If you’re ready to start the franchise discovery process, contact Two Maids today. One of our franchise advisors will provide all the answers your need, so you can decide whether buying a Two Maids franchise is the best investment for you.
Wherever you are in the discovery process, our Franchise Development Team is here to help.
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