Franchising is a great way to go into business for yourself – you have independence, but with a solid business organisation to back you up. And so many things will have already been established for your benefit –branding, marketing, business systems, product development, to name just a few.
So there’s just the little matter of finding the right franchisor! What are your interests? Your family circumstances, your financial situation? Which franchises have been thoroughly tried and tested and have a successful track record?
Do you want to work relentlessly and become rich or have time off for family and outside interests and enjoy a more modest lifestyle? So before you choose your working partner for the next five years at least, here are six steps which should help you find the right franchisor for you
1. Look at yourself. What are your skills, experience and interests, strengths and weaknesses? Will you cope with the stress of being your own boss? Is your family behind your career move and will they support you?
How much money can you invest and how much do you want to earn? Can you cope with long uncertain hours and putting the business before friends and family while it gets established? How do you feel about selling and the sales process?
An honest list of what you have to offer and what you need from a business will help create a search strategy for the right franchise.
2. Do some serious research. The British Franchise Association (www.thebfa.org) - the industry watchdog – markets an invaluable information pack on available franchises and holds exhibitions and free seminars across the UK. Exhibitions are a great way to find out what’s available and chat to experts.
With thousands of franchises available keep an open mind and give yourself time to consider your options. Use the Internet to check the viability of franchisors which could interest you.
3. Check it out. If you think you’ve found the right franchise, visit head office and assess the personnel, support and general feel of the place. Do you think you could work with these people? Are you impressed with training, administration and future plans? Are they happy for you to speak to other franchisees? Are your questions and concerns answered to your satisfaction?
4. Talk to franchisees. Getting feedback from people already in the franchise is often the key to making the right decision. Ask the franchisor for names and contacts and make your own choice. Make a list of questions – everything from hours worked and profit margins, to relations with the franchisor.
From this you should get a clearer picture of not only the franchise but how you’d fit into the organisation.
5. Narrow the field. By now your research should be pointing you in the direction of one or more companies which fill most of your requirements. Now it’s time for another head office visit – ideally this should coincide with a “discovery day” when the company is on show to possible franchisees. Don’t forget they’ll also be evaluating you as thoroughly as you evaluate their business!
6. Make your choice. As with any major decision you’ll have excitement and anxiety but if you’ve done your homework properly you should be fully briefed about every aspect of the business and comfortable with your decision.
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