20 questions to ask at a franchise fair

Attending a franchise trade show is a great way to not only discover what franchises are on the market and get up to speed on the industry, but to clear up any doubts about the business of opening and operating a franchise. Besides being a fun experience, of course. Depending on which fair you visit, you will be able to see dozens to hundreds of stands, from which you will obtain countless brochures and business cards that you will then have to analyze. To get the most out of this experience, we suggest you come prepared. Knowing in advance the topics you want to learn more about and the questions you will want to ask. Then, of course, the optimal thing will be to meet with the franchisor away from the noise and excitement of the event, and delve into the operational, financial and legal aspects of the franchise system and the business model in question. Also, if logistics allow, ask to visit them at their headquarters offices.

Below are 20 questions that will make your visit to the fair a very productive one:

Start with the basics:

What is a typical day like in your franchise operation? Is this a part-time or full-time opportunity? Do I need to operate the business myself or can I be an absentee owner? Are there any special education or experience requirements? Is the exclusivity of territory important in this concept? Do your franchisees have a preference for development rights in neighboring territories? How many years have the business and brand been in existence? How many years have you been franchising this business model? How many franchises does the system have? If you are interested, delve into the financials: What is the entry fee for the franchise? What percentage is the monthly royalty? How much is the total investment? How much liquid capital is required to start operations? Do you offer financing to your franchisees?

If you are comfortable with the economic, delve into the operational and legal:

Do you offer real estate assistance? What is your training program for managers and staff? What field operational support do you provide to your franchisees? What is the profile of your ideal franchisee? For how many years do they grant the rights to the brand and the system and how do they renew? Do you currently have any ongoing lawsuits or lawsuits?