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If you want to know what the health and wellness franchise you are considering investing in is really like, speak with those who know best — franchisees who invested in it.
Before you pick up the phone to ask franchisees to chat with you about their experience, know they probably won’t because you could be a competitor seeking information. Most potential franchise investors typically get the most out of franchisees by following these steps.
After investing in seven Fitness Together, two Elements Massage, and ten FI36 franchise locations with his business partners, Aaron Forinash knows exactly what questions to ask franchisees in order to effectively gauge a franchise system. He suggests getting answers to the following prior to moving forward with investing in any health or wellness franchise that interests you:
You don’t need to ask franchisees every question, only ones that address topics that matter most to you including finances, support, culture, and work-life balance.
The $3.7 trillion global health and wellness industry has certainly made it possible for entrepreneurially minded individuals like Forinash to achieve their professional dreams. Although no one can predict how successful you’ll be as a health and wellness franchisee, insight into the experience most of the franchisees in the system you are interested in seem to have will help you decide if you wish to continue with investing in it or not. Beyond interviewing franchisees, it’s a good idea to shadow a franchisee ideally for a week. Doing so will enable you to experience what being a franchisee is actually like. Usually the franchisor will connect you with a franchisee to do this if you ask.
1 Local store marketing (LSM) is typically employed by franchisees to supplement a franchisors mass-market advertising campaigns.
2 Customer relationship management (CRM) is a technology used for managing company relationships and interactions with customers and potential customers.