4 Questions To Ask Your Franchisor In The Interview
Want to leave a good impression in your franchisee interview? Appear interested. Ask questions that engage the interviewer, and spark conversations that demonstrate a keenness to join the ranks.
Established franchisors want members who are passionate about the industry and interested in doing something different. The more exhaustive the line of questioning, the more likely you’re able to achieve this and win over the interviewer. What’s more, you’ll have all the resources you need to get started once you’ve secured the role!
So, to help you be as thorough as possible during your interview, here are our four essential questions we believe any franchisee should be asking.
1. How much is the franchise fee?
You may have heard this phrase looming in the background: ‘the franchise fee’. It’s seldom out in the open and varies from franchise to franchise. In truth, it’s nothing to be concerned about – it’s simply the buy-in amount for your chosen franchise business.
Included with the model will be permission for the logo, branding and the use of any specific products sold by your new franchisor. Some franchises will even offer financial support in order for you to secure the buy-in.
Be sure to include this in your questioning and ascertain whether or not you’ll have to pay additional costs such as management service fees or royalty payments.
2. Is there a bank you recommend?
Getting the finance to actually buy a franchise can be tricky. However, due to the proven success of your chosen franchisor’s model, you may find that your bank offers you more favourable rates.
Some franchisors will even refer you to a specific provider. Banks such as HSBC have a team dedicated to franchising and will be familiar with what it is you’re trying to achieve.
At the interview stage, be sure to enquire about any lenders who may offer more generous rates (or at least be more accommodating) to a franchisee.
3. Would I be able to contact any other franchisees?
Franchisors always share success stories. Their flagship franchise businesses are all over their website and brochures, leaving little room for the bulk of their members who achieve their goals without much fanfare.
Yet it’s their insight you want – the insight of the average Joe. They’ll accurately reflect the challenges of your industry and detail the support that the franchisor offered them at various stages in their journey.
A franchisor is only as good as their franchisees, and a case study is not always a fair reflection. Be certain to phrase this question in a way that demonstrates your interest in how different individuals tackle various situations.
4. What control do I have over your brand message?
A large number of franchisees just want to stick to the script. The model is proven – that’s why they’ve joined, after all. So why rock the boat?
Well, some franchisees have unique strategies that they believe will appeal to new audiences. Social media, for example, might be currently underused by your franchisor, and you may have a plan that relies heavily on building Twitter and Facebook followings.
However, not all franchisors will appreciate their brand being experimented with. They may prefer to have complete control over all advertising and marketing exercises.
At Rainbow, we believe that any quality franchisor should be capable of answering the above questions. In addition, their answers should help you decide once and for all whether or not it’s an organisation you wish to be a part of.