If you are searching for a career option that will provide you with enhanced work-life balance, great earning potential and a whole host of other benefits, then becoming a franchise operator may be the answer to your needs.
However, before you buy into a franchise, you’ll need to ask the right questions in order to pick the right franchise for you.
To help you do just that, here are eight critical questions to ask when evaluating a franchise.
How Can I Become A Member Of The Franchise System?
This may seem like an obvious question, but the answer can be quite revealing. If all you need to do is hand over a check, then chances are the franchise is more interested in making money than in making their franchisees successful.
Good franchise systems take the vetting process seriously and are as selective in their decision making processes as you should be in yours.
A franchise that sells instead of awards is one of the biggest franchise red flags, and you should steer clear.
What Type Of Franchise Training And Support Do You Provide?
One of the major advantages of joining a franchise over an independent business is the fact that you will have the support of the franchise team when you need it. However, the level and quality of support you can expect will vary from franchise to franchise.
What Are The Qualifications And Structure Of Your Franchise Management Team?
A strong franchise management team is essential to the success of the franchise as a whole and to individual franchisees like you. Thus, you will want to look for a franchise with a management team that has extensive experience not only in franchising, but in their specific industry.
For example, the Bin There Dump That management team has been specifically focused on the home improvement and landscaping industries since 1970, and we are structured to provide maximum value and support to our franchisees.
Does The Franchise Provide Territorial Exclusivity?
You don’t want to be competing with other local franchisees who will cannibalize your business, so be sure to find out if the franchise offers exclusive territories and, if so, how big they are.
Bin There Dump That recognizes the importance of territorial exclusivity, and we believe that it is much more beneficial to us — and to our franchisees — to have fewer franchise operators while offering large territories.
Is The Franchise Facing Any Litigation?
While lawsuits are a common part of business, you don’t want to invest in a franchise that spends more on legal fees than on franchisee support. Ask for a list of current lawsuits as well as past lawsuits and judgements.
Can I Speak With Current Franchisees?
Nobody can tell you what it’s like to join a franchise better than the people who are already in it. Their perspective and input can be extremely valuable, and you should try to interview as many franchise operators as you can.
A good franchise system will not only allow you to conduct these conversations; but they will facilitate them for you.
Are There Any Significant Technological Or Operational Changes On The Horizon?
All industries evolve and, if a franchise system doesn’t evolve with it, then it probably won’t be around for very long. That’s why you will want to join a franchise group that is investing in the latest tools and technologies in order to give their franchisees an edge.
Bin There Dump That, for instance, recently launched Bin Tracker, a comprehensive, cloud-based program that allows our franchisees to keep track of their bins, costs, customers and revenues in real time from any location.
What Traits Do Successful Franchise Operators Share, And What Traits Do Not-So-Successful Franchisees Have In Common?
Not all franchise systems — even well-performing ones — are right for all franchisees. Try to get a general idea of the types of skills, work histories, personalities and other characteristics that the best franchisees within each system share and see how you match up.
If people with your characteristics tend to flourish, chances are you will be a good fit; if not, you should probably pursue other options.
Got Questions? Start Getting Answers
At Bin There Dump That, we appreciate the interest of all potential franchisees, and we welcome the chance to provide the clarity and insight you need to make the right decision. Our free franchise kit can answer many of the basic questions you may have, so download yours today!