Questions Not to Ask if You're Thinking of Buying a Franchise

I own a franchised business in addition to being a coach for people who are considering franchises or other business startups. My franchisor refers people to me regularly for what are known as "validation" calls. Prospective franchisees call around to existing franchisees to do research on the franchise and learn what it's like to be in the system. If they ask good questions, they can come out of the process with a much clearer decision path (pro or con). The trouble is, 90% of the people who call me ask the wrong questions!

Here are some of the questions they ask:

• I know you may not want to talk about your  financial results but do you think I can make a six-figure income in this franchise? Now, how could I possibly know whether you can make a six-figure income? I know what I can do.  I haven't got a clue about you! And don't bother asking me how much I make, not because it's none of your business (which is isn't) but because my results and your potential results have absolutely no relationship to each other! You are you! You can't be me (and you don't want to be anyway). You need to ask you questions about yourself, and ask me questions that will get you thinking about yourself. More on that idea in a moment.

• Why did you decide to go into this franchise? Again, what's the difference? If you really want to know, a franchise broker told me about it, I wasn't excited about the other two ideas she had, and I didn't want to get a job. There you go! But who cares why I got into it? What do YOU want to get into and why?  Are you running toward something or running away from something as you think about starting a business? (Most people are running away, fast.)

• If you had it to do over again, would you buy this franchise? ARRGHs)$^*Q#$TJ!!!! I hate this question because it makes me start thinking of all the things I want to do over again! I have this little fantasy where I get a magic wish and I go back to a particular date in my life just before the moment when I did something really dumb. Only now, when I go back, I know what the future is, so I don't make the same mistake. It's a great fantasy! And then I remember I can't do that and it makes me really angry at your dumb question!

So what are the right questions? I list them in my book that's coming out next month. A preview:

1. Why did you start your own business? What was going on in your life that led you to that decision? What's the back story? Great question, because everyone's back story is different. You can learn a great deal about core characteristics of entrepreneurs by getting them to talk about their story.
2. Do you consider yourself a success in this business? If so, why? If not, why not?
3. Why did you go out of business? (You need to speak to at least a couple of folks who failed and find out why. What's really interesting is who they blame. Discount the ones who blame the franchisor, and learn from the ones who blame themselves.)
4. What are the key traits you have that led to your success? This is a good question because you may be able to get a consensus from different franchisees as to what the core success traits for this franchise are. (And it's different with different franchises.) Then you can decide whether you have those traits, or if not whether you can develop them.
5. What were the most difficult lessons you learned in your first one to two years in operation? This is a better way of getting to the "would you do it over again" question. I can tell you where I made mistakes. If you listen you'll save thousands of dollars.

Few people ask these questions, but if they did they'd learn about my franchise at a higher level.  There are many more you can ask to get the information you really need to make a  good decision. Because even if I answer questions that seem to be about me, like the ones above, they really are about the skills and disposition you will need if you decide to get into my franchise or any other.