Many business owners will often take a look at their business and ask, "how can I grow?". Friends will look at them and say "Hey! You ought to franchise!". Sounds good - franchise your business! Easy, right?! Just find some people who want to do what you do, teach them to do it, and then sit back and collect all that royalty! Wow - So Easy!
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As the Director of Franchising here at Shear Madness Haircuts for Kids, one of the first questions I usually get asked is, “How much money can I make?” My response is always muted because the FTC doesn't allow us to answer that question. However, for those of you reading this who are new to franchising, you can find the answer to that question in the Disclosure Documents in Item 19 that you receive from a prospective franchise. Also, some franchises may choose to disclose those numbers but have the right not to, so that really depends on the franchise you are looking at. But at the end of the day, my typical response is to answer a question with a question, which is, “How hard are you willing to work?”
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People are requesting information about our franchise on a daily basis. The two most often asked questions I get are, “how much does it cost?” and “how much can I make?” These are questions that most interested franchise buyers have the right to know. If I may, I'd like to offer prospective buyers a question that would answer the other two and save everyone a lot of due diligence and research. You see, I think the most important question that franchise buyers should ask is, “How many of your locations have closed?”
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What are prospective franchise buyers looking for when it comes to buying into a franchise system? We opened this question up to some of our Shear Madness Haircuts for Kids franchisees, and this is some of the feedback we received. We hope it helps you as much as it did us!
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