Finding out how many franchisees stay the course can be a good way of establishing which franchise investments are actually worth stumping up for
Before you invest in a franchise there are so many things to consider. Some of them are obvious, such as the full cost involved and what training and support you will receive. However, there is another key indicator that reveals a lot about the business and yet is often overlooked: has it got any current franchise owners who have renewed their contracts and have been trading successfully for many years? This sort of commitment demonstrates that the franchisor is delivering a sound and sustainable business opportunity.
You don’t hear that old saying “behind every successful man there is a strong woman” much these days – for obvious reasons. However, it is fair to say that behind every successful franchise is a network of hard-working and self-motivated franchise owners who are investing everything in growing the business. After all, if they deliver a high level of customer service and execute their everyday business with pride and professionalism, it ultimately reflects well on the brand as a whole. This is why it is vital to match each franchise owner to the right business, in order to ensure that the partnership can thrive for many years.
The first franchise owners to join etyres back in 1996 have just celebrated their 20th anniversary with us. Husband-and-wife team Pam and Stuart Cass have expanded their Portsmouth territory to encompass Southampton and have worked alongside us as we have grown and evolved. I cannot stress enough that these are the kind of people you need to talk to if you are thinking about investing in a franchise – they will tell you how it is. The chances are that they have experienced the full range of highs and lows that befall all business owners, including the effects of an economic slump and the pressure of more competitors entering their market.
Open communication between prospective franchise owners and a franchise network is vital in establishing that it has a proven track record. So if you are looking to invest in a franchise, make it personal and get to know about the existing franchise owners – you could end up working together to achieve the same goals.