It would also benefit you to speak with franchisees who are in similar demographics to where you'd want to open the business. For example, if you want to open a franchise in a city, it wouldn't benefit you to speak with franchisees who own businesses in the suburbs. That wouldn't give you a sense of what it's like running a business in your desired demographic.
The age of a business is also important to consider before talking about franchise ownership. Like children, businesses grow through phases. Speaking to franchisees who are in different stages of development would be beneficial because they'll give you a better sense of what running a business is like the longer you do it.
Evaluating Franchise Validation
After you’ve done multiple franchise validation calls, take note of the similarities in the responses you get. You may see patterns which will be a good gauge of how franchise ownership may be for you.
Also, listen intently to the way franchisees respond to your questions. Are they passionate about the business or do they sound overwhelmed? This should be considered when making your final decision. At the end of the call, thank the franchisee for their time and follow up with a short thank you note.
It is also important to consider all the feedback you get and not let one bad review stop you from investing. There could be that one person who finds fault in everything and is more than happy to tell you all of their complaints. Get a good idea if the brand is a good fit for you by speaking to multiple franchisees.
While the validation process will help you understand if certain franchise organizations are right for you, it will also help the franchisor understand if you are a good fit. Remember, you are being vetted by the franchisor, as well. Do your best to make a good impression, but most importantly, ask the right questions to ensure that the franchise is ideal for your interests, finances and lifestyle needs.
How to Make Franchise Validation Calls
When it comes to franchise validation calls, it is important to come prepared with specific questions that elicit detailed information that can’t already be found with a simple Google search. Examples include: Has hiring staff been an issue? What is a typical day like? Is the corporate team responsive and supportive? This will give you a better understanding of what franchise ownership with the brand will be like. To get the most out of the calls, reach out to franchise owners who have a similar background to yours and operate in the business in your desired demographic. With a projected 4.2% increase of economic output in 2023, franchise ownership is a worthwhile investment.