More and more entrepreneurial types are discovering the opportunities presented in franchising, but just how easy is it to successfully invest in a franchise model?
Luckily, you can do a lot of preparation beforehand to ensure your experience in franchising is a valuable one.
Tip No.1, Preparation is Key
You can begin the preparation process with a bit of self evaluation.
You should start with a thoughtful and thorough self-examination process that asks questions such as:
- What do you like to do in a work environment, and what don’t you like? What aspects of business have given you the most success and enjoyment in the past? How do you feel about managing employees? What hours do you like to work? What are the general characteristics of the perfect working role for you?
- How do you feel about risk? How much capital are you willing to invest in a franchise? How much debt are you willing to incur above your initial cash investment? How long can you operate without an income from your franchise and still sleep well at night?
- What are your goals for owning a franchise? What do you hope to accomplish in your life through this venture? How will your life be different in a few years if you have a successful franchise business?
Write down your answers to these questions and really analyse them. You will have a much clearer idea of the way you like to work, and a better understanding of what you want in a franchisee role.
Another good practice is to write down achievable goals with a time limit, this will help you to visualise what you want to achieve long-term. This knowledge is vital to picking the right franchise rather than getting sold on something that doesn’t really match up with your goals.
- Begin to narrow your search
Using the knowledge you gained from the first tip, begin looking into opportunities that you think suit your methods, and seek businesses that carry potential for you to achieve your goals. Do you wish to make money whilst having fun?
It is good practice to compare what you learn about the franchise opportunities you’re investigating with your answers to the questions above, and ask yourself, “Does this opportunity look like what I decided I wanted for myself-not just partially, but completely?”
Remember – do not compromise on what is important to you. It’s better to take your time and do your research than jump onto the first opportunity that comes your way.
Sooner or later, you’ll find one that matches your talents and goals, so keep looking.
- Verify your choice
If you feel you have carefully considered a specific opportunity that you believe will suit your goals and vision, now you should take some time to do some extra research and consideration to ensure this is the career move for you.
Contact existing franchisees
It’s good practice to get in touch with other shareholders in the business to get a general feeling for the franchise. But consider looking deeper, lay out your plans and expectations and ask the question, “Will this franchise be able to deliver and meet my expectations?”.
Most franchise models have a system in place that trains you and your staff from scratch, so it may be a good idea to investigate their training schemes. It may even be a good idea to shadow a franchise store.
A franchise such as Award Leisure delivers a dedicated training programme, offering one to one training at their headquarters and largest product showroom with a team of award winning certified experts. On the job training out in the field aims to gain the highest level of knowledge and franchisees get see how real-life situations and activities are handled. Throughout the programme Award Leisure test franchisees knowledge and learning using multiple-choice questionnaires and acting out staged situations.
In addition to technical training and guidance, Award Leisure provide on-going support throughout regarding business systems, marketing methods, technical development and staff training. They will help you deliver a high-quality, professional service with that personal touch enabling you to win the loyalty and recommendation of clients throughout your territory.
Their manuals have been designed to provide you with as much information as possible, to enable you to achieve maximum results with 100% confidence. With their experienced franchise team, they provide Award Leisure franchise owners with a comprehensive training programme to understand all aspects of the business and help develop their core competencies. This is to ensure every franchisee gains the knowledge and understanding, skills and abilities to be successful.
A must when researching franchising, is to discuss your plans in depth with the franchisor. Their cooperativeness (or lack thereof) will give you a good idea of how well they look after their franchisees. Your franchisor will also appreciate the forethought you’ve given, and hopefully this final stepping stone will ensure both parties are as committed as each other.
At this point, you’ve completed all three of the secrets to preparing yourself for success as a franchisee. You’re ready to make a great decision. It’s time to move forward with the assurance that you’ve done all you can to prepare yourself for a wonderful experience.