How do you learn from franchisees and industry experts?

There are no franchise associations for potential franchise owners. Franchise associations are for trade organizations or broker groups that are in the business of franchising. Potential future franchise owner will find better resources by subscribing to trade publications, attending franchise expos and trade shows, or engaging with a Franchise Consultant to help research the over 4,000 franchises in the USA.

If you are in India or for that matter some other developing nations where the franchising associations are not fully developed, this option will not work so effectively. In developed franchise markets like USA, the associations can provide you a great platform through their annual conventions (like the IFA Convention) to gather knowledge and network. Otherwise, your best bet is to choose a reputed consultancy firm who could work closely with you on your requirements and guide you exactly as per your long term goals. Remember, there is a difference in working with a broker versus a consultant, hence making that choice correctly is very important. Hence depending on where you are, you can make a informed choice.

Importante frequentar o meio através de feiras, encontros, workshops… Geralmente as associa??es oferecem alguns treinamentos com especialistas e franqueados de grandes redes.

The intention of adding value to various partners (be it Any Associations or Franchisor) resulting into the right end-user experience; and going extra mile with right intention should always make the difference in short and long run.

Not really an option in Australia- the FCA claims to represent Franchisees but in my opinion they are 99.9% a Franchisor organization. There have been a few failed attempts to set up a franchisee association in Australia but they have never gained any support. Best to do your research on line- network with other franchisees in the system you invest with .

Remember not to get sucked into a franchise sales hole when you plan to attend a franchise expo or a trade show. More often than not franchisors will scare you with the territory going away soon and will push you for a financial commitment to lock in. Hence, a trade show or a franchise expo can be a great window shopping platform and a starting point to expose yourself to a variety of business opportunities, network with industry leaders, and probably get a sense of what interests you and maybe get a sense of emerging brands (several established brands do not participate in such shows). Thereafter, do thorough research, and due diligence, and compare other top brands beyond the ones you met at the show to finally make an informed decision

In my time I have recruited well over 400 franchisees in my 25 years in franchising, can't remember ever recruiting one via a Franchise expo. If you are new to Franchising they can be a good place to start , attend some talks and check things out .In my experience in Aust /NZ they are mainly for the service Franchise sector the buy yourself a job / low entry cost systems. They can be high pressure situations - do your research and Due Diligence before committing .

Having a chance to evaluate offers, pitches within one fair helps to give a broader feeling of what is happening within the market, as long as the conversations are initial and leave time to evaluate details and references. The other main advantage of fairs is the network opportunity which is the true plus of fairs, speaking to other retailers or players from the same or different industry about challenges or opportunities identified and feedbacks on franchisees. I would add to focus on the three main elements which I find key in evaluating a franchisee: Relationship/ People Service level Profitability based on costing assumptions

Franchise expos and trade shows are one of the best ways to educate ones self on various franchise opportunities. Interested parties can meet face to face with many franchises to find what types of franchises suit them. These events can be found in most major metro markets several times each year. People in smaller markets may have to travel a bit, but when you consider the potential future investment in a franchise, and the impact on your life it will make, it's worth the trip to investigate!

Franchise Expos, both national and regional, is the single most time-efficient way to get exposed to a the breadth of franchising. Don't go in with the intent of landing on a franchise, but also don't be completely adverse to the idea. In my career I have had maybe 4 franchise candidates where we met and basically finalized at the same show (obviously pending disclosure waiting period); it was just a natural 'click', but this is by far the exception not the rule.

Remember to differentiate between an editorial and an advertorial when you subscribe to franchise magazines and blogs. We already have an overdose of information and knowledge hence it's vital you block the unnecessary ones. The best pieces are the ones that are written without any commercial interest. Having said this, subscribing to blogs and magazines is a must-do in a business buying process as it gives you insights that can help you shape your interests and get you closer to your life goals and probably connect you to the brands/experts of your choice. These experts/leaders have been there and done that, giving you the most authentic advice and information from their exposure. Hence, do this selectively :)

Absolutely yes, subscribe to all the franchise trade publications you can, online or US Mail. These are generally no cost for a subscription. Franchise industry experts worldwide love to write about the knowledge they have accumulated over the years and the articles they craft are published in these trade publications. We can all benefit from such a diverse cross section of experts putting such valuable insights and knowledge in writing to share. Blogs on the other hand, are also good but since there is usually only a single author you would need to subscribe to several blogs to get diverse viewpoints.

Subscribing to franchise magazines and franchise blogs are a great way to get both franchise buying information and the latest industry updates. But some of the franchise blogs and magazines are better than others. Use Google to find the best, most useful ones.

Most Magazines of this type work on the premise of if you take out an advertisement you will get free editorial (which usually you get to write or approve the final draft) so its not really independent and wont give you the reap picture .By all means but and read but do broad research to find out what the culture of the Franchise company you about to invest in is really like. Blogs by ex or failed franchisees can also be too negative and blame everyone except themselves for the lack of profitability and success. Do your DD and research be informed

Online forums or groups in franchising are usually made up of current franchisees in a particular franchise, like a McDonalds Owners forum for example. These groups are for the benefit of each other as stake holders in the same franchise. They discuss best practices, share marketing ideas, get together for in-person events and much more. After becoming a franchise owner, either seek out these groups, or form your own with other franchisees.

Once again, if franchising is mature and well-regulated, online forums and groups always add great value. Otherwise, these are generally franchisees/dissent groups ganging up against the franchisors. Unless you have something at stake or its part of your mission, staying away from such platforms is recommended. It is always advisable to be a part of positive groups and forums with credible leaders and the right moderation to ensure that the groups are serving the purpose for which they have been formed. One powerful connection and one right advice could change the course of your life, hence being a part of meaningful forums and groups can have life-changing consequences. Once again, being selective can work wonders.

As a Franchise Consultant I can attest to the fact that engaging with a consultant is the best way to go. A Franchise Consultant works like a real estate broker. We listen to the client, understand what they are looking for, and start the search to find franchises that fit that persons interests, skills, location and finances. A Franchise Consultant can also introduce clients to the best franchise funding sources and as well as help them find a Franchise Attorney to review and negotiate the Franchise Agreement. Keep in mind - a Franchise Consultant is not a lender or an attorney, and generally charges no fee but is simply the most efficient method to search and investigate franchises.

Having helped thousands of Entrepreneurs and brands into franchising for over 25+ years, I can only say that it is easier said than done. Every entrepreneur is unique, every brand has its own strengths and weaknesses and there is no one size fits all. From what I see, the line that separates success from failure is very thin and you will need a seasoned franchise consultant/consultancy firm to get you there successfully and more surely. Hiring a franchise consultant is not an option anymore but a compulsion that will not only save you millions but give you several happy years. Once again, how you choose your consultant is extremely critical. Thereafter, it is the responsibility of your franchise consultancy firm to get you there.

For first time Franchisees I don't see this as necessary , more for multi unit franchisees. Hard to find independent franchise advisors who are not pushing an agenda for you to purchase a certain franchise system . Once you have selected the franchise system seek out the successful Franchisees and network with them .

1. Initial due diligence Make sure that the 'average' franchisee is at least doing "okay" and that you have an interest in actually being involved in the industry. 2. Get to know the demand/industry/threats Start evaluating the franchisor for A. do they 'get' their business, and B. can you see them as long term partners? 3. Speak to franchisees. This is where candidates often go wrong. You should already know 'is this a good franchise' by now; the question should be 'is this a good franchise for me'? Talk to top/middle/bottom performers and see which group matches up with your personality & desired engagement style. If you relate most to the lower performing franchisees, that's not a reflection on you, but rather your fit with that brand.

Here are my 4 rules for investing in a successful franchise system - based on a first time Franchisee in a proven Franchise system after you have done a full DD 1.Be 100% focused on the Franchise don't have another job or business. 2.limit borrowing to 70% max - preferably below 50% don't be over geared , have enough cash flow to survive the start up expenses. 3.Get fully involved in the company culture - be a brand fanatic, live and breathe . 4. Work hard and follow the Franchise system/rules , don't argue with the support office, that's why you purchased a franchise. if you are in a proven system and done a full DD you should have a 90% success rate.

Before you evaluate the franchise, evaluate YOUR reasons and key drivers for wanting to take the franchisee path. Is the franchise in a sector that you’re very passionate about and want to spend more time on - for example Landscape Gardening? Or are you looking for an opportunity where you can use your experience and business skills to grow your own profitable business, regardless of the sector? This matters. A ‘hobby’ driven franchise will rarely live up to its full potential for either the Franchisor or Franchisee and could cause future friction. Whereas a more calculated approach will get a better understanding of the market, the territory potential and what is needed - future staff investment etc. - to fulfil it.