TOP Questions to Ask a Franchisor and Franchise Owners!
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- Опубликовано: 20 янв 2021
- What are the top questions to ask a Franchisor? In this video I give you the top franchise questions to ask. I break down questions to ask franchisors, and questions to ask franchise owners. I also breakdown what to look for and franchise questions related to the FDD (Franchise Disclosure Document)
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1. Questions to Ask about the FDD (Franchise Disclosure Document)
2. Questions to ask Franchisors
3. Questions to Ask Franchise Owners (Franchisee)
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Do the franchiser supply equipment to begin business?
Your first bit of advice that I got from this video was "Every franchise HAS to have an FDD,". Found out the company that I was looking into was not an actual franchise even though its listed as a franchise after asking for a copy of the FDD.
"We're not an actual franchise." was the response.
Oh wow. That's an important discovery!
Great content! I will be using these questions this week when I meet with franchisees of a business I’m considering. Thanks so much for sharing!
My pleasure- here are some additional resources for you. www.tariqjohnson.com/blog
Thanks Tariq, this is a great video, thanks for sharing with us all. Super valuable!
Glad you got value out of it!
The was sooo helpful. God bless you for taking the time to advise us and share what you know. I’m considering purchasing a pre-existing DQ from a retiring franchisee in a popular mall. I will definitely be following your advice and asking the recommend questions before making my decision. Thanks again!
Just catching up on comments. It was great talking to Ashley- look forward to our follow up conversation.
Thank you! Getting ready to do some validation calls with franchise owners, and this gave me some good question ideas!
You're welcome. Here are more www.tariqjohnson.com/blog
You are an amazing person! Thank you for all your expertise.
Thank you for that, and my pleasure!
Thank you Tarig for the tips, really helpful
Glad it was helpful!!
Tariq thank you for the video.I am now 4 weeks into the buying process of a franchise and wish I had found you earlier thanks again for your videos.
Better late than never! Go watch this ASAP. www.buyaprofitablefranchise.com/optin-webinar
Thank you Tariq for the tips. Really helpful.
My pleasure!
This was so informative and accessible! Great video!
Thanks for the feedback and glad you got value!
Thanks for the Content
My pleasure, thanks for watching.
Very clear and quite detailed.👌 Thank you for sharing.
I’m two minutes in and know this will be good! 👍🏼
Let's gooo!
Another very helpful video! Especially the profit margin one! I will try it out!
Awesome! You still talking to the ....coffee business, was it?
@@TariqJohnson Yes! I'm at the Peer Review phase, wish me luck!
Awesome! Good luck 😀
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Super helpfull. Im looking at pressure washing franchise.
Glad it was helpful!
Thanks a lot! I am opening a vegan food franchise in South Africa, just struggling to find a venue that is feasible for both parties i.e. the franchisee (us) and the landlords at the moment. Love the videos, keep up the good work!
Nice! That sounds exciting. What made you get into that Franchise?
@@TariqJohnson thanks! There is an increase in demand for vegan food in our country and our offering is different and unique to what is already there, mainly healthy vegan eateries. It is essentially gourmet vegan junk food called Lekker Vegan - do check it out. The brand is also very well liked, averaging around 4.7 out of 5 on our food rating services in South Africa and franchises are slowly but surely popping up locally and globally, with demand in Spain recently.
That’s very cool! Best of luck to you!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Great vids Tariq - they've been helping as I navigate through the process. What's on your bookshelf in your reading/listening library. I can't make out all the titles?
Thanks Mark. There’s some Tony Robbins sets, Bob Proctor, Good to Great. That’s maybe 1% of the real book collection 😀
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
This video was very informative and helpful. Any advice on things to consider when looking into a fast food franchise.
Low margins. You'll need to own 3-5 , which is very capital intensive
Hey Tariq, great video! All of your videos are very informative. I have one follow-up question about connecting with current franchise owners. How did you go about finding and contacting current franchise owners? Did you ask the franchisor to connect you or did you simply find them online? Thanks for your help!
Hey Paige- I responded back to your email.
Great content
Thanks
Hello, I’m new to your channel and I’m working to invest in my first franchise business. I’m hoping it’s a great learning experience, and hoping to learn a lot. Thank you
Welcome and good luck!
Great presentation.
Glad you liked it!
Thoughts on a business that has just decided to franchise? Limited information on the FDD.
Eh..depends, I don't have enough info to say definitively. With that said- there are so many great franchises that have a history and track record of successful locations. I'd personally rather go with a franchise with a track record, unless the new concept was really innovative.
This man is solid
Well thank you 😎
Very informative video, appreciate the work man.
I am doing research in few opportunities and wanted to get your opinion. What are your thoughts on buy a franchise that has recently started franchising and have couple corporate stores doing very well business. They’ve already signed agreement with over 20 franchisee within 1 year in various other states in progress of building. The FDD shows good growth in revenue over the past 4 years they’ve been in business.
Would really appreciate your response
Hey Sylvester- overall sounds like the franchise has some great momentum. Without me seeing specifics- like the brand, the average sales, locations pending open, etc...it's impossible to give you a concrete answer. Hit me up at info@tariqjohnson.com if you want to talk specifics.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Great video. Thanks for the content. You mentioned that we could get a free question checklist and to goto your website. I don’t see it, this video is three years old so maybe it was there and now taken down. Understandable. Is there a was to still get it? Thanks again for the great content.
Hey Ron, we don’t have the checklist- but there are a few blog articles here that should help www.tariqjohnson.com/blog
Man thanks for the quick reply. Subscribed to your channel. I just found today. Cheers!
I'm pretty interested in getting into a Crumbl Cookie franchise. I love their products, the tone of the brand is awesome, and one of the states they want to expand in is the state I live in. Any recommendations?
I work next to one looks fun
Very good information thank you! May I ask why you’re giving away valuable information for free?
It's fun, and I enjoy it.
hi Tariq great video it really help me out, cause im planning to open my first business by taking some franchise. I have another question for you, how can I meet the other franchisee of the same franchise that I want to take? because im planning to buy some vending machine business franchise. Thank you so much. Subscribed by the way.
The FDD will list the contact info of all the franchisees.
Hi. What question would I ask related to Legal Contract of the frinchise on the frinchisor?
I don't understand your question.
Good morning,Tariq. I found your channel because I was look for SBA loan information. You are informative and educational beyond belief. Thank you so much.
Tariq, I am a Registered Nurse and I want to learn about franchises businesses within healthcare. Could you please help me with steps on where to start? I live in SWFL area and it is booming growth in this area. I need to take advantage of this opportunity. I have contemplated owning my business for years. I have a few business ideas, but I definitely would like to brainstorm and get your input.
Hey Mairim, happy to hear my content has been helpful for you.
Go here (www.tariqjohnson.com/)and download my free Zero to Profitable Franchise Guide...it'll then give you the opportunity to schedule a free call with my team. We'd love to help point you in the right direction if we can.
Hello, I am looking to open McDonald’s franchise in Dar Es Salaam Tanzania. This is going to be the 1st McDonald’s restaurant in the country. What angle should I focus the most to get it approved for Tanzania
Hi Tariq, great information! I took your advice on "3 Huge Mistakes to Avoid". I am getting the help of a Franchise Consultant. The opportunities that have come up are all in the B2C sector. Due to the nature of the business (e.g., Pool Cleaning and Luxury home painting), I would want to be a semi-absentee owner. With that said, what are some realistic profit margins to expect? If I am not able to do the work myself, I would want to limit (within reason) the number of profits being spent on my workforce. Do you have advice on B2Cs? I am limited to this sector due to my net worth ($150K - $200K).
B2C's can be a good option to get started. Profit margins range. In the first year, could be $0. Especially launching as a semi absentee. Once the business matures...could be 0-30%. Depends on so many factors.
Here's a free masterclass I did that will help you. buyaprofitablefranchise.com/
Looking to purchase a painting franchise - what’s your thoughts on those
There are some good pros and some bad cons about it. Book a Call with my team and they will be able to provide you a custom strategy. -> www.buyaprofitablefranchise.com/o-booking
How much cost to open franchise mcdonalds in canada?
Hey Tariq, what do you think of opening a top golf franchise?
Top golf doesn't franchise. If they did it would cost about $10million to open one.
Hey Tariq I read that one cannot acquire an fdd until the franchisor agrees you are eligible. So should I ask the franchisor all the questions that could be answered on the fdd becuase I couldn't obtain it?
I would just reach out and ask them- see what they say.
I've spoken to 4 franchisors in the past week and 3 of them sent the FDD after the initial call (prior to them qualifying me). So all you have to do is ask.. most will oblige.
Thanks for the info. I’m currently looking for a franchise model that is office coffee machines related. Can I message you some details to verify if it’s legit? Thanks!!
I'm not the person to tell you if something is legit. If that's in question- take a pass.
Hi there, Is a 20% per month franchise royalty with 5% of that 20 going to advertising too high?
It depends on the franchise. At first glance it seems pretty high..BUT. The question is what is the value you get for that royalty?
Is the franchisor going above and beyond in some way than when the royalty is 7% and 3% advertising?
Also what’s the initial franchise fee?
thoughts on buying an existing ritas franchise?
Without specifics on the listing, no.
Drop me your franchise or business questions below!
Thanks for all the great information that you have shared with us.
We are interested to buy a franchise from Kungfu Tea. We have hard time to get to the right personnel regarding about this.
What your thought on this?
Hey Tiffany- when you say you're having a hard time what do you mean? Did you submit an inquiry on their website? Call or email them?
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Looking to purchase a Vending Machine franchise - Please what’s your thoughts on those
Do you have a more specific question?
Like the business i an online business
Responded below
I am trying to download you book but can’t do it.
Sorry you had issues.
How do prepare your business to be an attractive franchisee?
I have a video that answers that coming out next week. Monday 1/22
awesome! I will be looking out for it - I have a private practice (physical therapist) and am in the process of attracting investors to fund a franchise in an adjacent industry but not the same exact business model/service.
@@TariqJohnson
Do you have a video, on how to become a Frenchesor
Yep, on our podcast channel. Here’s the video ruclips.net/video/fj_IKImJMKg/видео.htmlsi=rYswkfhffCBuKNdJ
When do we know whether the profit margin is too scarce? Let's suppose in India, I earn 300,000 INR per month from a franchise and my actual profit margin is only 90,000 INR per month. Do you think it is too small an amount? What does an average profit look like in terms of percentages?
Sounds like a 30% profit margin if my math is correct. In the US 30% profit margins are solid. Not sure about India.
@@TariqJohnson Yes your calculation is correct. Thanks for your response on that. One last question. What happens if I realise that the profit margin is severely less? In that case should I ask them to provide a list of deductions from my profit margin? I need to know if it is rent, royalty fees or cost of raw materials that is going to cost me a lot
Hi Tariq
What if the franchise is an online franchise?
Can you be more specific with your question?
How much cost to open franchise kfc in south Africa
No idea. Between $1.4m and $2.7m in the US
What franchise did you buy?
ROBEKS
It would be more helpful if you have text as you point out the questions
Noted, thanks.
So I take 20 minutes of notes just for you to mention a document half way through. Great video bro but that’s mad annoying especially with my adhd
Sorry?
@@TariqJohnson Apology excepted I follow now and I got your free book, much appreciated for all the knowledge you’ve put out.
Salaam Sir.
Hope you are doing good.
Really got impressed by your teaching.
Well I am umer from srinagar kashmir India.
I am currently working as a flight attendent & I am interested in opening a food business. I have in mind of one of the India’s momo food brand called Wow Momos! & interested in there Franchise. I want to ask you .
Q. If I go for the restaurant , do I have to get the employees for my shop or the company do?
Q. Will the company train my employees on how to make the product as per company style & standards?
Q. After getting all the information about the franchise , Can then I procedd for finalising the location for my shop and do all the agreements ?
More to ask you, as of now this only.
Allah bless .
Regards,
Umer Mirza.
Hey there. Typically you need to hire and train your employees. Most franchisors want you to sign an agreement before they will help you find a location or approve it.
Franchise with wheelchair and stretcher transportation company
Cool, we have free trainings and resources on our website.
Should I pay asking price for a franchise
Are you buying a resale?
Join the Zero to Profitable Franchise free Fb group and reply in there. I won’t get notified of replies here on YT.
Yooo could I get a franchise for 24000$ and the franchise working smoothly and it’s should be a win win for everyone right
Yo. Why not? Buy some franchise pool maintenance.
I’m not sure I understand the question.
@@TariqJohnson it's a bot Tariq
Hi, my question is, what are the requirements for start? Do you need to go to a business class or study to get a diploma or such? Or any documents need to be on hand?
To own a franchise? You simply need to get approved by the franchisor. Are you looking at any specific company?
@@TariqJohnson yes, sir, I'm looking to own one. as I mentioned in the previous comment looking at either subway, Papa Jonas, little Cesar. food franchise. but I only got 70k how do get your chances up to be approved by the franchisor?
That's a tough one- you might have a better shot at buying an existing location. You could submit an application with each franchisor- and put your best sales game on and convince them why you should be approved despite not meeting their net worth requirement. Hit me up at info@tariqjohnson.com if you have more questions. Hard to track replies on youtube!
@@TariqJohnson but I was hoping to get a business loan for the rest.do I not have a chance to get a loan? I've heard that franchisor will help you to get a loan, is that right?
Send me an email at info@tariqjohnson.com
3:20
👌
Looking to franchise a real estate
franchise real estate?
Motel 6
Hi How are you , for direct questions , I have 50,000 cash 💰. An I own franchise with good profits, Also my dream to own food or coffee shop franchise
Thanks
What’s up man- congrats on having $50k man. You definitely can! Hit me up at info@tariqjohnson.com if you want my help. Also have you gotten my Free 7 Step Blueprint to Business profits in 60 days? It’s at my website ( link in video description). Dreams come true my man! Takes strategy, planning, and taking action !
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/