Last month I attended my 3rd annual TES Conference, where I had the incredible opportunity to connect with fellow coaches and network with members of our business community. It was an enriching experience filled with valuable learning and collaboration. I’m excited to implement the insights and ideas I gained from the conference to enhance my business and continue delivering even more value to my clients.
I'm also beyond excited to share that I was honored with this year's Rising Star Award! I feel truly blessed and humbled by this recognition. I want to express my deepest gratitude to my family, friends, clients, and peer coaches who have supported me every step of the way.
Looking back, I’m so thankful for the moment I made the leap into career ownership two years ago. This journey has been filled with rewarding challenges and exciting milestones, and I’m grateful every day to be able to help others explore their own possibilities and paths to success.
Thank you for being a part of this journey with me! Are you ready to move forward with yours before ringing in the New Year? Let's discuss how to make that happen during your next coaching session!
All my best!
~ Sara
Validating with franchisees is a crucial step in evaluating any franchise opportunity, yet many people underestimate its importance. Talking directly to franchisees gives you unique insights into the franchise system—insights that you can’t get from brochures or financial statements alone. These conversations provide a clearer picture of how the system operates in the real world and the experiences of those already running the business. It’s essential not only to speak with a wide range of franchisees but also to be strategic in who you reach out to and how you structure your questions.
Franchisees are under no obligation to speak with prospective franchisees; it's not part of their contractual duties, and they aren't compensated for their time. However, many are willing to help because they remember the value of talking to franchisees during their own decision-making process. Well-informed candidates tend to make better franchisees, which strengthens the entire franchise system. A franchise network filled with great franchisees benefits everyone involved, from the franchisor to the franchisee and even the customers.
Franchisees are the best "barometer" for measuring the true health and success of a franchise system. But to read this barometer accurately, you must be prepared and ask the right questions. Before you begin contacting franchisees, franchisors will typically ensure you meet the basic qualifications to be a successful franchisee and that you have foundational knowledge of the business model. This ensures that your conversations with franchisees are meaningful and productive, rather than wasting anyone’s time.
The Franchise Disclosure Document (FDD) includes a list of franchisees you can contact. It’s important to reach out to a variety of franchisees, including top performers (typically the top 20%) to learn about best practices, success stories, and what the potential for growth looks like. These top franchisees can help you understand what "success" really means within the system and whether you can envision yourself achieving similar results. Additionally, you should speak with both newer franchisees and long-standing ones, as their perspectives will differ significantly based on their tenure and experiences. Your questions should vary accordingly, focusing on initial support for newer franchisees and sustainability and long-term growth for the more seasoned ones.
When choosing which franchisees to talk to, consider factors like background, demographics, and life situation to see how closely their experience aligns with yours. It’s also helpful to talk to franchisees who are selling or closing their units, as they can offer a more critical view of the challenges and potential pitfalls. However, be cautious when contacting franchisees in your local area. They may have a vested interest in expanding into the same territory you’re considering, which could create a bias in their feedback or even encourage them to act quickly to purchase available territory.
In summary, franchisee validation calls are an invaluable tool in your due diligence process. Speaking with a range of franchisees—top performers, newer operators, and even those exiting the system—can provide you with a well-rounded view of the franchise’s potential and help you determine whether it’s the right fit for you.
- Season 7 of Thriving Women Network's Financial Freedom Show is underway! Click HERE to catch up on prior episodes you may have missed.
- October 8th: How to Diversify Your Business Portfolio With Franchise Businesses Workshop for NAWBO KC (Kansas City, MO @ 7:30am CDT)
I was honored to be a guest on Nikki Green's Stand Up Stand Out Podcast earlier this summer where I had the opportunity to discuss the exciting world of franchising and share practical advice on how to navigate the transition from employee to entrepreneur smoothly. Click here to access the full podcast. Enjoy!
Your response to double client rewards has been remarkable, and in response, I've decided to extend those rewards through the end of the year. For every referral received before January 1, 2025, you’ll earn $500 instead of $250. Don’t miss out on this limited-time offer! Click here to learn more about my Client Referral Program and keep those referrals coming!!
About Me
Email: sroy@esourcecoach.com
Website: https://sroy.esourcecoach.com/
Phone: 913-359-9939
