As you begin your search for a franchise business, you will want to complete some preliminary research online before speaking with a franchisor. There are a few sources you can get the information you need, before you talk with the franchisor and confirm if they are credible. Listed below are several sources you can use.
Determine if they are an IFA Member? The International Franchise Association is a non-profit industry leader for franchising worldwide. When a franchisor is a member of the IFA they are expected to follow a code of ethics of trust, truth and honesty to their franchisees and other IFA members. You will know if a franchisor is member of the IFA because it will be indicated on their website. The fees to the IFA are costly, however, membership has its privileges. You will want to consider any franchise who is a member of the IFA.
Are they also a member of the BBB? If the franchisor is reputable, they will be a member of the Better Business Bureau. Sometimes a franchisor will convey that the cost of the BBB is not worth the money. Beware if they are not a member. With the BBB, there is a forum for conflict resolution, if a concern arises.
Are they featured by Franchise Business Review? The FBR is an organization that provides a comprehensive report that is available for candidates in the investigative stage of their research. This report is free and details the franchisees satisfaction with the franchisor. Several indicators are noted in the report which includes: the initial investment, satisfaction rating and various other factors that will give a candidate insight on the opportunity. If a report is available, it will be indicated on the franchisor’s website. Ask for a copy.
Do they have a Social Media Presence? Most companies have a presence on Linked In, Facebook and Twitter, however, some companies still are not connected socially. Joining a company that is lacking in technology is like driving in a sales car without a marketing engine. Check out each these platforms thoroughly.
Where does their Website Rank? When confirming if a franchisor is credible, you will want to confirm where they are located on the Google rankings. For their targeting search term, if a franchisors rating is on page 1, organically searched, then you can feel confident they have done a great job of advertising their brand. If not, they need to get moving.
What is their Website Presence? When evaluating an opportunity, you will need to carefully look at each franchisor’s website thoroughly. Does their site appear up-to-date? Are the images current? How often are their blogs posted? Is the information on their site relevant? Do they reference they are members of the BBB or the IFA? Do they offer a Franchise Business Review? Would you be pleased to represent this brand, based on the website presence?
Are they on Rip-off Report? Finally, you will need to confirm if the franchisor is on Rip-off Report. If so, you will need to address any issues with the franchisor.
Carefully consider all opportunities thoroughly. Save time by doing some preliminary work ahead of time, a franchise consultant can help you. Costly mistakes can be avoided by implementing these strategies before engaging with any franchise company or business opportunity.
