The following are some examples of qualifying questions you will be asked by a franchisor:
• These are interesting times to start a business. In my opinion, franchising makes the most sense for a number of reasons. May I ask what is motivating your search?
• Tell me about your business experience? (Work history, education, passions, and interests)
• What amount of capital do you expect to invest? (minimum of $20,000 required)
• Have you given any thought to how you plan to fund the business?
• What types of business funding are you familiar with?
• How much do you know about the requirements to qualify for funding?
• What is your timeframe for opening your business?
• Have you given any thought to when the best time to open the business is? I am referring to seasonality?
• How about the amount of training required before you start and when these sessions are scheduled?
• How motivated are you to do the work to make the business a success or do you have the management experience to hire the right people to do the work?
• Would you consider yourself a self starter or rather an individual looking for a more structured system to follow?
• There are 3 goals that are usually most important to people when starting or buying a business. 1) To improve their lifestyle 2) Generate more income and build wealth 3) Work in a field which they are interest in or is their passion. In what order of importance would you rate these?
• When would be a good time for us to speak again? I’d like to ask you more detailed questions that I’ll need answers to so that I can best match your goals with the direction you’d like to pursue in franchising?
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