Benefits of Meeting Franchisees

In your journey to starting a new business, you’ve researched franchisors and decided which top brands meet your skills. You’re close to signing a contract, but you’re not sure yet. Before you proceed, you should meet franchisees already in the business.

Why? They provide valuable insights into daily operations and their success. The best way to learn if the brand is the right choice is from the experts.

Meeting franchisees isn’t difficult, and there are many opportunities to do so. For example, you have network conferences and discovery days. Let’s see how you can meet them and what to discuss.

Franchisees: Customers Like No Other

Franchisors are lucky enough to have two types of customers. You have those who pay for products and services, and then you have franchisees.

As a matter of fact, franchisees “rent” specific services from the franchisor:

• The brand name and licence, recognised by customers nationwide
• Business and industry knowledge, provided during initial franchise training
• Other services, such as ongoing support, local market studies, legal advice, and more

If you want to know the quality of services a company provides, you ask the customers. If you want to learn about a franchisor’s quality, ask the franchisees. For the most part, you’ll receive solid feedback from reliable sources. This is essential for planning ahead.

How to Meet Franchisees

At this stage, you should already have your Pre-Contractual Information Document (PID). In most cases, it contains the names and contact details of several franchisees. If not, you can quickly research network members online using the brand name.

Another way is to attend discovery days. Here, the franchisor offers a tour of the main headquarters to meet their teams. Franchisees may also be present to interview and ask about their businesses.

You can also attend major franchising events in the UK. Some of the top brands and networks attend these, plus existing franchisees. It’s a great way to learn more about the franchise industry and interview a few people.

Once you have some details, you can also arrange a meeting. The best place would be at the franchise business so you can see the daily operations. This will also allow you to develop a closer bond with your future partners.

Top Benefits of Meeting Franchisees

Hopefully, you’re now interested in meeting franchisees for the brands you’ve chosen. If not, here are some of the top benefits.

1. Understanding Real-World Operations

When you meet franchisees at their business, you get to see the daily operations. You’ll see the various workflows in place and how they resolve problems. It’s also a good way to learn how to interact with future customers. By observing, you’re gaining valuable insights for your future franchise.

2. Evaluating Financial Performance

What’s the best way to see what your potential income, expenses, and cash flow will be? By asking franchisees with years of experience. Many of them will share how profitable they’ve been. They may even guide you on how much you’ll need and make in the first few years. This information is essential if you plan to create a business plan for a bank loan.

3. Gauging Franchisee Satisfaction

Remember, franchisors have two types of customers. It’s not only the buying clients they need to keep happy. Franchisees will share how satisfied they are with the franchisor. Also, they will give feedback on various aspects of the brand’s operating model. Make sure their values align with yours.

4. Learning About Challenges and Opportunities

Do you want to know what challenges you’ll face in your new venture? Ask a franchisee. They’ll quickly share any hardships they had to endure. What’s more, they’ll tell you about any growth opportunities. You should balance them out to see if any of the challenges are worth the rewards.

5. Assessing the Franchise Support Levels

Franchisors provide various levels of franchise training and support. While they might be listed in the PID, that’s not always the case. Also, there may be additional education programs not mentioned in the document. Feel free to ask the franchisees how much support they receive. Make sure you cover short- and long-term needs.

6. Verifying Franchisor Claims

Just because you ask, doesn’t mean they will be sincere. Franchisors will praise their business to rope you into the network. It’s a good idea to cross-check the information franchisors provide to franchisees. They can help clarify anything that’s confusing. Plus, they can challenge any claims that are untrue.

Explore Successful Franchisee Meetings!

It’s clear that meeting franchisees is essential to make sure you select the right brand. You don’t want to end up with a business that doesn’t bring satisfaction. Don’t be shy in asking questions. Choose a franchisor with values you can support.