8 questions for a mobile franchisor: finding the right fit
You know you’re interested in the flexibility a mobile franchise can offer but before you settle on a specific company, there’s some research you should do to see if the brand is a good fit. Before you commit to investing, there are eight questions you should ask a mobile franchisor that’ll help you decide if you’re making the best choice.
- Is the franchise on sound financial ground? Explore the franchise’s current financial situation by investigating the most recent financial statements supplied in Item 21 of the Franchise Disclosure Document (FDD). You’ll also want to see if the brand has an Item 19. This is an optional section also called Financial Representations. This item helps you understand how well the whole franchise system is doing.
- Who is on the company’s leadership team? Learn about the brand’s executives, what their experience is, and how they intend to grow the brand.
- How does the franchisor support franchisees? Every franchise has their own support system. But most help with training, site selection, and ongoing support once your business is open. Ask about a brand’s training, marketing and advertising, operations, and tech support.
- Does the franchise have a history of litigation or bankruptcy? Research the reputation of the franchisor. The Better Business Bureau and local consumer protection agencies are good resources for unearthing this information.
- Who is the franchise’s biggest competitive threat? And what do they think is the franchise’s potential for growth? You want a franchisor who knows their competition, but also envisions a bright future and probable growth for their products and services.
- What valuable vendor relationships has the franchisor established? Mobile franchisees benefit from the purchasing power and supply chains created by the strategic relationships a franchisor has fostered with vendors and partners.
- Will you be able to scale your business? Ask if you can grow as an owner. What available territories and incentives are there for developing multiple markets? You may want to increase your earning potential by expanding your reach.
- Can you speak to current franchisees? This will allow you to gather insight about working with the franchisor, the ups and downs of the business model, and what the day-to-day operation of a mobile franchise looks like. Existing franchisees are well equipped to help you decide if the brand will help you achieve your financial and lifestyle goals.
5 questions to ask yourself: get real about your vision
A key component in choosing the right home-based franchise is knowing how you envision your life going forward. Research the mobile franchise opportunities available to see if they fit your vision for your day-to-day life and your goals of more freedom and flexibility. Here are some questions to help you clarify your objectives:
- What kind of lifestyle do you want? Ask yourself how much time you want to spend working versus time spent with family, friends, and on other pursuits.
- Are you a good self-motivator? Home-based businesses come with lots of perks like flexible hours and working with your cat in your lap. But you also must crack your own whip, set your own deadlines, and meet your own goals. Be honest with yourself if this is something you’re good at doing because the success of your business depends on it.
- What interests you? And what are you good at? Choose a franchise opportunity that suits your likes and talents. If you aren’t passionate about a product or service, it’ll be difficult to find the enthusiasm needed to run a thriving operation.
- How much can you afford to invest in a home-based business? Don’t overextend financially or you won’t have any cushion as you get your business up and running. Mobile based franchises tend to be more affordable than other types of franchise opportunities.
- Can you follow someone else’s business model? One of the upsides of buying a franchise is the established business plan. If you have a creative vision of your own to pursue, a franchise might not be the right fit. But if you love to organize, manage, and execute an established strategy, a franchise like N-Hance just might be to your liking.
N-Hance: build the life you want
N-Hance wood refinishing is one of the best franchises to own in the $450 billion home remodeling industry. Our straightforward business model helps you get your mobile business up and running quickly. You don’t need to have any experience in wood refinishing; we’ll train you. N-Hance is also one of the most affordable mobile franchise opportunities available so you can make your dream of more flexibility and freedom a reality. Request Franchise Information today and one of our representatives will be in touch