If you’re thinking about buying a particular franchise, you should consider speaking with current franchise owners in the same space. A few reasons why you would want to contact a franchise owner include:
- Gather Insights – Direct communication with franchise owners will give you unique observations about the business’s operations, challenges and opportunities, market dynamics, and more. These insights are key to helping you make an informed decision.
- Investment Opportunity – Speaking with a franchise owner can provide firsthand knowledge on the franchise’s financial performance, costs, and support and training provided by the franchisor. This provides valuable information that potential investors might need to know.
- Partnership Possibility – Building a relationship with existing franchise owners could open opportunities for joint ventures, mentorship relationships, and building a network of support among other franchisees. This can help set you up for success as a franchise owner.
While contacting existing franchise owners is not a complicated process, there are various aspects to consider when deciding who to speak with and how to reach out.
Step-by-Step Approach to Contacting a Franchise Owner
Here are the basic steps to take when deciding which franchises you are interested in and which franchise owners you would like to speak with.
#1 – Identifying the Right Franchise and Owner
- Define Your Goals and Interests – Of course, any franchise you join will need to line up with your financial goals, including your investment capacity and expected return on investment (ROI). However, you also want to find a franchise that aligns with your personal interests, skills, and experience as this will increase the likelihood of success.
- Evaluate Franchise Options – While your options are not limited to these franchise industries, a few common ones include food and beverage, retail, healthcare, and fitness. Whichever direction you choose, you should research various industries to understand their growth potential and stability. You’ll also gain valuable insights if you read reviews and testimonials from current and former franchisees to gauge their satisfaction levels and potential red flags.
- Shortlist Potential Franchises – If you’ve defined your goals, interests, and financial capacity, then you should be able to narrow down a list of potential franchises you’d like to join. You can utilize various directories to find franchises that match your criteria.
#2 – Getting Contact Information (Top 3 Strategies)
- Directories – There are various online directories that compile comprehensive lists of franchise opportunities across various industries. For example, FranNet has a directory of hundreds of verified brands they can help connect you with. Directories will often include detailed profiles, investment requirements, and a way to contact the appropriate franchise representatives. Browsing these directories will help you identify franchises that align with your interests and get you connected with franchise owners.
- LinkedIn – This is an invaluable tool that helps you connect with franchise owners. Its search features allow you to search by job title or company name, and you can join industry-specific groups and discussions as another way to “meet” franchise owners.
- FDDs (Franchise Disclosure Document) – The FDD is a legal document franchisors are required to provide to potential franchisees in the United States and various provinces in Canada. The FDD includes information about the franchise system, which includes a list of current franchisees and their contact information. This is a great way to connect with franchise owners directly as you evaluate all of the information provided to make an informed-decision.
#3 – Utilize Franchise Directories and Services
We already mentioned that FranNet has a directory with hundreds of verified franchise brands to consider, but our services don’t end there. We also have a team of expert franchise consultants that help aspiring franchisees find the perfect franchise that matches their interests, goals, and experience. We’ll take all the work out of the entire process of contacting a franchise owner. Once you’ve been matched with potential franchises to join, you will be able to speak with individual franchise owners.
Looking to Contact a Franchise Owner?
If you’re ready to start the process of finding a franchise and speaking with other franchise owners, then FranNet is here to help. We will do the research needed to find the right franchise for you. Schedule your free consultation today to get started!