Not everyone who wants to purchase a franchise has the wherewithal to push through the hurdles and challenges. For this reason, franchisors want to know if their prospective franchisee has what it takes to keep up with their business model. If you are considering a mechanic franchise, here are some of the questions that a franchisor might ask.
What Are Your Franchising Goals
Before you decide to buy a mechanic franchise, you’ve spelled out a few goals that you want to achieve. One of the reasons why franchisors ask these questions is to see if your goals align with theirs. The primary goal of the franchisor is to ensure that business runs smoothly at each outlet. Also, they aim to maintain a good brand reputation whilst building a lasting relationship with their franchisees. Any prospective franchisee with a contradicting view will be taken off the slot.
Why Choose Us?
Why did you decide to go with a particular franchise company, given the number of franchisors available? This question is important in order for the franchisor to know if the prospective franchisee has what it takes to sustain and move the business to greater heights. Don’t be surprised when a franchisor asks you this question.
Clearly state the obvious reasons why you choose to go with their service.
Funding Source and Initial Budget
Buying a mechanic franchise requires a huge amount of money, ranging from several thousand to a million dollars or more. The price range depends on many factors including location, sector, and brand reputation.
A franchise company will like to know the source of your funding. This is to know if you can afford to purchase the franchise. They also want to know if you have enough resources to keep the business operational until you start making a cool profit from your franchising business.
Year of Experience
You don’t want to invest in a business you have no knowledge about. However, a franchise company will always take their franchisees through some training classes and provide them with the much needed support. However, the business experience in this line of job will make the training job a lot easier and faster.
Number of Working Hours
Just as with every other line of business, success in the franchise business requires commitment and dedication. Your franchisor will most likely want to know the number of hours you are willing to invest in the franchise business. The answer to this question will determine if you are a perfect fit for the franchise. A mechanic franchise business requires long and hard working hours. The big question is, are you prepared to make sacrifices?
Choice Location
Where is your preferred location and when do you intend to start business operation? While some franchisors will give a prospective franchisee a list of location options to choose from, others expect the franchisee to have a perfect location in mind.
What are your future plans with the business
It is not just about buying a franchise rather the franchisor will want to know the plans you have for the business. How do you intend to expand the business? What unique offerings are you bringing to the table?