Buying a franchise can be daunting but you can get by with a little help from your friends
Some say that raising a child takes a whole community and the same could be said about buying a franchise. Your budding enterprise will require a significant amount of time, financial investment and help to get it from a startup to an established operation. Nevertheless, the support you receive will be vital to ensure your enterprise is a successful one.
Much of the assistance you receive will come from personal supporters such as family and friends. However, this can be a difficult pill to swallow for your loved-ones as it initially may require a pass from domestic duties, family responsibilities or social engagements. Making sure that your spouse or partner fully supports you is the reason why many franchisors will encourage you to bring them to initial meetings before investing in their franchise. They can only be expected to do this if they understand what you will be doing and the time commitment you are taking on. Not only does it maximise the support on offer to you, it also reduces the risk that personal pressures will negatively impact your investment.
A feature of franchising that is attractive to many prospective franchisees is the initial training that the franchisor will offer you. Receiving in-depth initial training means that you do not have to invest in a sector you have worked in before. As a result, you can learn first-hand from an experienced franchisor in a sector you feel passionately about. This allows for fantastic flexibility within the franchise industry, allowing those with the drive and skills required to run their own business in a brand new field.
The franchisor will also often have procedures and a support team on-hand to help you through the early days and to then subsequently grow your business. Remember that this support is one of the big benefits of joining a franchise as opposed to starting a business on your own. This support and advice is a distillation of the experience the franchisors accumulated through the early days of establishing the brand. Asking for help and taking advantage of the resources on offer is not a sign of weakness but a sensible business decision to maximise your chances of success. Additionally, if you’re struggling and don’t reach out for advice you can appear disengaged and unwilling to put in the effort. Making the most of your franchisor’s experience will show that you endeavour to build a successful operation.
And don't forget that as a franchisee you are a part of a larger network of small-business owners, which is an incredible source of knowledge and experience. While it can be easy to fall into the trap of considering the rest of the network your competitors, bear in mind that they are in the same position as you: small-business owners building a reputation within their designated territory. Recogninsing the strength of their networks, many franchisors encourage franchisees to build relationships with each other through brand events such as annual conferences or regional networking opportunities. Even though the franchisor can provide an incredible amount of support, fellow franchisees understand any struggles from a hands-on franchisee perspective and as such they are a fantastic support system to engage with.
Don’t forget to take a moment once in a while to appreciate the support you have to hand. Not only does this ensure you are consciously aware of the people you can lean on, it also means you are more likely to show your appreciation for the support you receive. Everyone loves to feel appreciated and this will ensure that your supporters stay on your side.