You’ve found a franchise that feels right for you. So now it’s time to start taking the necessary steps to become a franchisee. This is your guide to the franchise validation process, which is one more way for you to be absolutely positive that you’re investing in a good franchise fit. Learn all about franchise validators and the questions to ask them.
What is a Franchise Validator?
During the franchise discovery process, you will have the opportunity to speak with one of the system’s current franchisees. The person you speak with is a franchise validator and they are a crucial aspect of the franchising process.
Legally, there are some specific questions that franchisors just can’t answer and that the franchise disclosure document might not cover. Often these questions are about financial specifics. But there are no such rules for current franchisees. You can ask your validator about their day-to-day franchising experiences and, if you feel comfortable, the nitty-gritty of the financial aspects of franchising. Simply, a franchise validator is the person who will give you a sneak peek into what life as a franchisee is actually like.
Questions to Ask
Your validation call — or calls — will likely be with people who aren’t new to franchise validation. The franchisor chose them because they are successful, open and people-people. So don’t be shy! Ask the questions that are on your mind and will help you make your franchising decision. After all, not too long ago, they were in your shoes and had plenty of questions to ask before making an investment.
Being prepared with questions of your own is a great way to make sure you are getting the information that is important to you. There are lots of questions you could ask a franchise validator. We’ve included ones we find helpful to get you started on your validation journey:
- How long have you been a franchisee?
- What job experience prepared you to be a franchise owner?
- How would you describe the franchisor-franchisee relationship?
- How involved are you on a day-to-day basis? What duties do you take on?
- How has your role as owner changed over the years?
- What is the most challenging aspect of owning this franchise?
- Was there a specific period of time that was hardest as a franchisee?
- Are you comfortable sharing any information about the financial aspects of your franchise?
- What financial information do you keep an eye on most closely?
- Would you say your sales are consistent throughout the year? How about year-to-year?
- Have you consistently met your sales goals?
- How long was your business up and running before sales met your goals and expectations?
- How much marketing support do you receive? What does that support look like?
- Do you ever collaborate with other franchisees in the system or in your region?
- If you could go back in time, would you still choose to franchise with this brand?
- Is there anything else I should know that I didn’t ask?