By: Carolina Sosa, Marketing Operation Manager of Vetted Biz
When you’re looking to jump into the world of franchising, you need good data to make informed decisions. Without it, you’re jumping out of an airplane without a parachute- not exactly the smartest decision!
That’s why Vetted Biz was created- to provide entrepreneurs with the best data possible so they can make sound decisions about their businesses. We are the authority on franchising and business information, so you can be sure that when you partner with us, you’re getting reliable data that will help your business succeed.
Vetted Biz is the leading platform for accessible and analytical data on franchises and businesses available in the U.S.
At Vetted Biz, we bring transparency to potential franchisee owners as they navigate the process of buying a franchise as well as franchisors that are vetting potential franchisees.
Our research team has reviewed over 5,500 franchises and knows the key facts and data that signal a successful franchise system. Data is collected from sources including but not limited to Franchise Disclosure Documents, industry reports, SBA loan data, and other business research.
Vetted Biz converts analytical data and complex business material into clear, easy-to-understand information that helps individuals find the best business opportunities for their future entrepreneurial goals.
If you are an aspiring business owner looking for a place to start, Vetted Biz can provide you with the analytics and resources to power your search and analysis for your future business.
The team behind Vetted Biz has advised hundreds of entrepreneurs in finding and analyzing franchises across the U.S. and now is offering key analysis and data directly on Vetted Biz.
There are a few different ways that you can talk to franchisees:
Franchisors can introduce you to franchisees as well as you can go through the franchise disclosure document.
Then reach out directly to franchisees that are currently in the system as well as franchisees that have recently left the franchises. And are no longer part of the franchise.
Let’s get right into it: Number one thing, you should start it easy
1 – How’d you decide to start the business? Can you tell me a little bit about your experience from day one? That can set a precedent for the conversation. So it opens them up, allows them to speak, and doesn’t go right into the financials.
2 – Can you tell me a little about the start-up of your franchise?
3 – Is Working Capital needed to break even?
4 – How is the initial and ongoing support from the franchisor?
5 – What is your main function? A typical day? Can you tell me a little bit about running the day-to-day of this franchise?
6 – Hours worked? Have you always worked these hours or was it only after the business hit critical mass?
7 – How difficult is it to find, train, and retain employees?
8 – Can you share some information on the financials Sales, and Profit?
And now a couple of closing questions.
9 – If you had to do it again, would you buy this franchise?
10 – Is there anything else that you would like to share with me, or that you think might help me? They might have some items that they didn’t want to offer up or I would just open it up
So there you have it. Those are 10 questions you should be asking franchisees as part of the evaluation process before buying a U.S. franchise.
To learn more visit our website Vetted Biz where our research team has reviewed over 5,500 franchises and knows the key facts and data that signal a successful franchise system.
