We're doing these questions during due diligence in categories to keep things organized. Putting your questions in categories is something that you should make sure that you do in your due diligence as it is really easy to get lost in the phase of asking franchisees questions. If you don't have a very organized structure to these due diligence questions when you're asking them we really encourage you to try to keep them lumped together. We've done this for you. You can get a list of these and the link below as well. Today we’re talking about a day in the life of an owner. This is a great topic.
What do you believe are the most important tasks to be completed to make your business successful?
This is a question that any prospective franchisee should ask because likely they're going to start asking the tactical questions first instead. What do you do every day? What is it like to ring a customer on the POS system? How much tape does it take to close a box? And so you'll have prospective franchisees asking you questions that really get into the tactical. Like maybe where they're feeling stuck in our coffee and smoothie business, those questions would revolve around how many smoothies could you make in an hour. How much were you charging for a cup of coffee? How much did you make at an event? Or how much staffing did you need? These are all great tactical kinds of questions and you need to know the answers to these types of questions.
Let's say you're getting into a home services business.
continued ... watch/listen to the full episode/podcast
No host has claimed this podcast yet, if you are the host you can verify ownership by claiming this podcast
© 2022 What's Your Next?
A Day in the Life Questions To Ask Other Franchisees During Due Diligence
What's Your Next?
Alright gang, we're back. Welcome back to what's your next podcast and we are talking
about questions to ask franchisees. We've had several previous episodes on this topic.
Some links are below. Check out the previous episodes. We're doing this in categories
to keep things organized and this is something that you should make sure that you do
in your due diligence is really easy to get lost in the phase of asking franchisees
questions if you don't have a very organized structure to these questions when you're
asking them. So try to keep them lump together. We've done this for you. You can get
a list of these in the link below as well. Today we're going to be talking about, oh, I
like this one. Oh, this is going to be some interesting. A day in the life of an owner.
Welcome to what you're next. This is the go to podcast for aspiring business owners who
want to get to the next level escape the rat race and give their middle finger to the
corporate nine to five. If you want financial freedom, work life balance and the business
of your dreams, you're in the right place. David Stacey Riska has been wife franchising
duo openly share their successes, failures and lessons learned in franchising, business
ownership and working with your spouse of a franchise. And again, you're asking this
to other franchisees and your due diligence phase. I'm going to ask Stacey these questions.
She's going to expand based on our franchise that we own. And she's also going to tell
you why she thinks this is a important question. Or I'm going to tell you. All right. So
ready. Ready. All right. What do you believe are the most important tasks to be completed
to make your business successful? Okay. Well, thanks for asking. Obviously, this is a question
that any prospect of franchisees would ask, right? Because they're going to start asking
you the tactical, right? What do you do every day? What is it like to ring up a customer
on the POS system, right? Or how much tape does it take to close the box? And so you'll
have prospect of franchisees asking you questions that really get into the tactical, like
maybe where they're feeling stuck. And our coffee smoothie business, those questions would
revolve around how many smoothies could you make in an hour, right? How much were you charging
for a cup of coffee? How much did you make at an event, right? Or how much staffing did you need?
These are all like the tactical kind of questions. And you need to know that, right? Let's say
you're getting into home services business. How much staffing are you going to need? How many
vehicles? What if you want to grow in scale, right? How do you get to the next level, pun intended?
So the day in the life of an operator is certainly important to know. But I think another component
to it is, again, is the day in the life of an operator and owner operator situation, or is the
remanager? What is the staffing and the team kind of look like? What are the dynamics of that?
And those are factors to look at. Right. So the question was most important, TAS. And I
agree with Stacey, you're going to get depending on the franchise. A lot of different answers
based on the type of franchise as an owner operated, is it? So my absentee? So my absentee,
how long have they been in business? The point of this question, I think, is to help you evaluate
whether you want to do those TAS. Is this something you're going to like? If somebody tells you,
they spend, you know, 50% of their day on the phone calling people to get business,
you need to know that, right? And that's really important for some people. That's not right.
That's not a good fit. That's not what they're looking for. So when you ask this question,
that's what you're trying to get at is the most important tasks. And again, when you go into this,
make sure that you're getting a good mix of different types of franchisees, at different stages of
life in that franchise, you're going to get different answers to this from those different ones.
The key is to get the ones that the most people spend the most time on that are successful
because those are the ones you're probably going to be spending your time on as well. And if they're
not a good match for your desires or what we call your why, then it may not be the best franchise
fit for you. All right. Question number two, tell me a little bit more about what your typical
day looks like. Now, this is kind of like a rehash of the first one, I think I'll let her answer.
A day in the life, right? And so again, it's going to vary because if you were asking me this
question in our beginning phases, we were working in the business, not on the business. And part of
that it was very intentional, right? We wanted to understand it. We wanted to get our hands dirty.
We wanted to really understand the business. But in order to grow in scale and the most common
reason we hear from our clients of why they get into business is they want to work on the business.
They want to have a lifestyle business is what happens them when you grow in scale? What happens
when you bring on a manager? So we worked in our business because we knew that that was the best
way to be able to work on the business. If we had worked on the business from day one,
I don't think we would have so many successful systems and processes in marketing, etc. in place.
So, you know, what a typical day looks like today is very lifestyle business. I mean, maybe an
hour a day on marketing, right? And I love what I do, right? I get to talk to the clients and help
them book their events. But I have a manager running the day today, going out, doing the
grunting grind, getting the supplies, loading up, doing, you know, the heavy lifting, all of that.
But not much so much so in your one. Yeah, that's a great answer, Stacy. And this goes back to
getting quite franchisees that are different stages. And what their expectations were when they started,
you might get a much different answer from an absentee owner, a very much different answer from an
absentee owner, from somebody who has been in the trenches like us when we first started.
And it's going to change for those people that are like us that did that because today it is a
lifestyle business. We don't spend a lot of time on it. It just operates and it just does what it does.
We do our parts, you know, we nurture it and we keep it moving. And she kind of answered the next
question already. But I'm asking it again anyway, maybe have a different perspective.
How have your responsibilities changed much over time, right?
Yeah. And it is a great question because again,
I would think from the candidates that we talk to at next level franchise group, people looking to
explore franchise business ownership. They might from that first year want to work in their business.
They want to get their hands dirty so to speak. But most people aren't looking to get a franchise
to buy their next job, right? They're doing it because they want work life, flexibility.
They want freedom. They want to build a legacy. Those kinds of reasons. I know you always talk about the
why. And very rarely is it because I just want to buy myself a job. Right. Right. And it goes to the
same thing. If you're in the beginning stages, you know, I don't know. I don't want to tell you anything
that you should do, working in the business is so valuable to learn how to operate that business
efficiently. That's all I have. I would just say, you know, understand what that time frame looks like.
If you are getting into a franchise for lifestyle reasons, you want that work life, flexibility,
and freedom. But you know, at least initially, you're willing to make some sacrifice and work in your
business. Then talking to other franchisees and understanding their roadmap to being able to accomplish
the same. What was their time frame in doing so? At what point did they bring on a manager? At what
point did they add on an additional unit and or scale? Understand those dynamics? Right. A lot of
great answer Larry questions can be asked to this question. That's the point. If it wasn't for us
working in the business early on, we wouldn't have the systems that we have today to make
it a lifestyle business. That was because the kind of franchise we ended up with and yours is going
to be different. So make sure that, you know, it's very clear that you get an answer to
this question from as many different types of people in each franchise as possible. You're going
to get a lot of different answers if you get the depth, you know, different depth of years they've
been involved in that franchise. So that's it for today. Again, the questions are down below if you
want to download those and we'll catch you on the next episode. There are over 4,000 franchise
concepts that could be your dream business, which one is the perfect one for you? Go to
franquiz.nextlevelfranchisegroup.com and find out. Your dream business awaits. Go to franquiz.nextlevel
franchisegroup.com now and find the perfect business that will get you to your next level.
Login to see and leave a comments
No host has claimed this podcast yet, if you are the host you can verify ownership by claiming this podcast