18: How To Choose The Best Franchise For You With Guest Eric Stites

<p>Are you wondering how to find the best franchise for the investment you’re willing to make? Are you looking for an awesome tool to help narrow down your choices? Franchise Business Review is a market research firm that rates and reviews today’s top franchise opportunities. Here to talk with me about finding the right opportunity for you is Franchise Business Review’s CEO, Eric Stites.</p> <p>As a previous franchisee and fellow entrepreneur, Eric brings a wealth of knowledge to the table. He’s been involved with Franchise Business Review since its inception and knows the ins and outs of the franchise process. He strives to help brands improve franchisee satisfaction while also offering a useful tool for those looking to buy a franchise. Listen to this episode of Franchise Secrets as we talk about franchise validation, emerging brands, and so much more! </p> <h2>Outline of This Episode</h2> <ul> <li>[0:35] I introduce Eric Stites: CEO of Franchise Business Review</li> <li>[5:45] Franchising is a proven concept—but not easy</li> <li>[8:05] The importance of peer validation</li> <li>[11:00] Using reviews to understand brand culture</li> <li>[20:48] How to find success when investing in an emerging brand</li> <li>[27:46] Things to consider when preparing to buy a franchise</li> <li>[30:37] How franchises feel about information being published</li> <li>[35:15] Final words of wisdom and resources from Eric</li> </ul> <h2>Franchise Business Review’s Origin Story</h2> <p>The business was started 15 years ago when Eric was working with Dunkin’ Donuts to help connect prospective franchisees with current business owners. Franchisees were often hard to connect with and hesitant to commit time to candidates who may or may not be serious about the validation process. So Eric’s team created a satisfaction survey for franchisees to complete as a means to connect the two sides.</p> <p>What started as a simple tool for franchise development became an operational tool that they could scale and utilize in every franchise. Since 20