With the profound impact of the COVID pandemic on the economy, doing your own research before investing in a franchise is more important than ever. As part of your due diligence, it’s always a good idea to research independent reviews by current franchise owners. Reviewing franchisee satisfaction reports, like the ones Franchise Business Review compiles for top brands, is a good place to start, but you’ll also want to talk to as many current franchise owners as possible, as well as the franchisor, to vet a brand before buying.
You probably already have many questions of your own, but we suggest these as a useful starting point:
For a complete guide to questions to ask, read 28 Franchise Questions to Ask Before You Buy.
Buying a franchise or launching any new business can be extremely exciting and also considerably daunting. However, by asking the right questions and performing thorough due diligence you will be able to make a decision based on facts and data so that you can set forth with confidence!
Joel Wilder, of DeBary, Florida opened his Cruise Planners franchise in 2005. “Business is Great!” says Wilder having no regrets opening up his franchise business and leaving a long term career as an RN.