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How to Research on Social Media before Buying a Franchise

Using Social Media to Help Decide a Franchise Potential

One of the more successful ways to become a small business owner is to buy a franchise. Depending upon the franchise, the business owner can either join a network of already established businesses or can get in on the ground floor of a new franchise that might be poised to have a successful launch.

There is also the option of buying an existing franchise business. The upside of that is there is already a building in place, as well as a team of workers and managers. The downside, however, is that new ownership sometimes can drive away customers. On the other hand, as pointed out by Forbes, if there is a solid foundation for improvement already in place, buying an existing franchise business can be a very lucrative possibility.

When an individual decides to buy a franchise, one area that can provide invaluable information is social media. Many franchises will start off in a single location. Once the location is proven successful and begins to generate a steady profit, more locations come into play. When that happens, more and more social media attention gets focused on the franchise. By going online and checking out the different social media outlets, the potential business owner can determine whether or not this might be a worthwhile investment.

Facebook

The best gauge of whether or not a franchise might be a good investment is to go to Facebook. Just about every franchise has a Facebook page. Anyone wanting to see how that franchise is being perceived only has to go to the Facebook page, look at the number of people who have “liked” the page, and go through the various comments. It’s a good idea to determine just how engaged the franchise is with the public, as well. The more engaged the franchise, the more goodwill that is generated to clients and customers. That goodwill works well if someone is looking to buy a franchise.

Twitter

Twitter is another social media platform that can provide important information when it comes to buying a franchise. In today’s fast-paced world, unhappy customers have no problem with making their voices heard in the online world of Twitter. With “retweets” as a viable tool, a franchise can either be perceived as a great business – or one that others should stay away from.

Yelp

Although Yelp has lost some of the clout it once possessed, it is still a social media force to be reckoned with. Before buying into a franchise, it’s a good idea to take a look at what the Yelp reviews are saying. If there’s a lot of public ill will found there, it might reflect poorly upon the franchise as a whole.

Proactive Engagement

If the decision to buy into the franchise has been made, it is never too early for the business owner to make a positive impression with social media. By engaging with the public, ideas and improvements can be sought and a conversation can start that might well lead to having a solid goodwill foundation even before the franchise opens its doors.

While social media is not the total answer as to whether or not a franchise is worth investing in, it does provide insight into how that franchise is being perceived.