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What’s the best way to research a franchise?
The most important part of the research process is to meet or speak to as many of the franchisors’ existing franchisees as possible. Most credible franchisors will let you have a full list, though not necessarily until you are some way through the process, and if they won’t you should ask why. Another way of gauging how franchisees feel about the network is to ask the franchisor whether they or a third party regularly carry out a franchisee satisfaction survey, and if so can you have a copy. These days it’s also very easy to research all sorts of things about a franchised network on the internet and search for all the relevant trading names and terms.While the British Franchise Association is unlikely to give you a specific opinion on a particular franchisor, membership of that organisation is an encouraging sign, as is whether one of the banks with franchising sections are happy in principle to lend to franchisees of that network.No matter how keen everyone you talk to is about the franchise, it will be no good for you if you don’t enjoy the role or the tasks you will have to perform as one of its franchisees, so also try to spend a day or two working in an existing unit.
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