8 Questions to Ask Before Buying an Available Senior Care Franchise
Are you ready to attend Discovery Day? Do you know the process of learning about an available senior care franchise? Meeting with a franchisor face-to-face during an event called “Discovery Day” is key to understanding their business culture, the relationships they cultivate with franchisees, and whether working with this company is ultimately the right choice for you.
However, you won’t be the only one gathering information and having your questions answered on Discovery Day. Franchisors also use these events as an opportunity to make sure potential franchisors are the right fit for their brands.
To make the most of this meeting, think about what you want to ask the franchisor and any current franchisees you’ll meet. Being as prepared as possible when the day comes can help ensure this event is a rewarding experience and brings you one step closer to deciding whether you’d like to move forward with buying an available senior care franchise.
We’ve listed some sample questions here to help you start brainstorming topics you’d like the franchisor to address when you have the chance to speak with them in person.
- What are the strengths and weaknesses of your competitors? What’s one good thing you can say about each of them?
A good franchise company should have a sharp understanding of what makes their competitors tick, as well as what differentiates them from others. Moreover, asking about a positive aspect of competing brands can help you get a better feel for the franchisor’s attitude when doing business.
- What’s been the most significant disaster that has occured within the franchise? Why did it happen, and what has been done since to prevent a similar episode from occurring?
Asking the franchisor to be truthful about the history of the business and what they’ve learned along the way can show you their approach to dealing with unexpected issues, whether they’re willing to learn from their mistakes, and how proactive they are in preventing problems down the line.
- How do you gather best practices and share them with your franchisees?
The best franchisors will form a community of franchisees that makes it easy to share best practices and learn from each others’ experiences. For example, at Visiting Angels®, we offer annual conferences, regional group support meetings, and monthly webinar teleconferences.
- What is the company’s five-year-plan? Do you have any major concept changes in the works?
Now is the right time to ask about any changes the franchisor intends to make so that you can ensure you’re on board with their updated vision.
- What are you hoping to accomplish through your advertising campaigns?
Marketing and advertising campaigns can run the gamut from brand awareness to lead generatio to product/service rollouts. What kinds of campaigns is the franchisor running? Will your local franchise benefit from these campaigns? After hearing about their goals, do you believe they are on the right track to achieve their goals?
- What has happened to the senior care franchise market over the past several years? How have these changes caused you to adjust your strategy?
Many businesses and industries as a whole have undergone significant changes over the past few years, especially in reaction to the pandemic and its consequences. Getting a feel for how the company adapted to disruptions in the market will offer unique insight into how they might handle future disruptions.
- At the end user level, who is your company’s main customer and what is happening within this market?
Learning how the brand views its customer-base and predictions for how the market will continue to change is important for understanding their concept and making your own future plans.
- What efforts do you make to differentiate your senior care franchise from those of your competitors?
Make a point of asking about the opportunities the franchisor believes it is offering to potential franchisees and why their available senior care franchises are a better option than those of other brands in the industry.
Are you ready to hear answers to the above questions and resolve any other inquiries you have about the available senior care franchises from Visiting Angels? Call us today at 800-365-4189 to begin the process of learning more about becoming a franchisee with our senior care company.