One of the best resources you have during a franchise search is the
existing franchisees. They know the business, have firsthand
experience with the franchiser, and can provide valuable insight.
The feedback from existing franchisees can help you decide whether
or not you want to buy into that franchise.
Franchisees are often busy, so you have to make the most of your
time with them. Here are four questions you should make a point of
asking existing franchisees because the answers are
“Would you buy this franchise again?”
While a “Yes” or “No” question isn’t usually preferable, you need
to know whether the franchisee would make the same decision and buy
the franchise again with all the knowledge they have as owners now.
If you’re getting “No” in response most of the time, you need to
look into other opportunities. Be sure to ask “Why?” whether the
franchisee replies positively or negatively. Their justification
for or against the franchise can reveal very interesting things
about the company.
“Are you just as satisfied now as you were when you started?”
Generally speaking, if you’re looking at franchises, you’re already
dissatisfied in your current work life, so satisfaction is
important here. Follow up with “What is keeping you satisfied, and
why?” if the franchisee says “Yes.” With franchisees who say “No,”
ask what the franchiser could do to increase his or her
“How did the top franchisees reach their level of success?”
This question is more open-ended, but the answers can reveal facts
about the business you wouldn’t get otherwise. For example, if a
franchisee tells you it’s because of their locations, then you will
know that location is a huge factor in this particular
“How much money can I expect to earn?”
Be open, but don’t push too much here; some franchisees might be
uncomfortable talking about money too quickly. Be sure to mention
that you’re asking about reasonable earnings over the first five
years if you follow the system and take advantage of whatever the
As you’re talking with the franchisees, feel free to ask other
questions that will give you the answers you need during your
search. To make finding a franchise easier, check out BetheBoss.ca
for listings in your area and industry that are compatible with
your investment level.