Victoria Rothwell, managing director of The Beautiful Method, offers five good reasons why becoming a franchisee is both a better and safer option, than starting a new independent business for scratch.
A) Strong Brand History
Probably the most obvious reason for choosing to become a franchisee is that you are joining forces with a company – the franchisor – which has already developed its own brand image. It may have built up this reputation over many years or decades. But even if the franchisor is reasonably young, it may have hit the ground running and become a high profile company in its own right. If you, the franchisee, thoroughly believes in what the brand stands for, then this is a strong starting point too.
B) Record Of Success
Interlinked with reason ‘A’ is the franchisor’s performance record in their chosen field. By researching and analysing the company’s business history, you will quickly discover how successful they are. In this ever expanding internet age, there are many ways to carry out a company check online, as well as searching the business and financial pages of reputable national newspapers. Try to read and research as much as you can about the business you are interested in becoming a franchisee for. If your search is more generic, look for strong profits and try to find a proven business model. A reputable franchisor will happily provide you with all the data you need to help you arrive at the correct decision.
C) Training And Support
Staying with the theme of reputable franchisors, the most successful ones will have designed tried and trusted training programs for their franchisees. A good franchise company will have compiled and written a training programme, often described as an Operations Manual, which is updated and tweaked on a regular basis. This Operations Manual should provide you with everything you need to know about running a business, and will include detailed information about procedures and process flows. By choosing to join forces with a franchise business, you should be able to count on reliable support from head office. The company should employ dedicated individuals ready to answer your queries, while offering advice and guidance. Alternatively, if you set up a business from scratch, you are most likely to be on your own, and may have to seek help and guidance via online forums, or from well-intended friends whose own businesses may be completely different to yours.
D) Marketing Assistance
Taking ‘C’ one step further, the franchise company will be a sounding board for your marketing ideas while, at the same time, provide you with important information based on previous campaigns. This information will have already assisted other franchisees in the business, while demonstrating evidence of success. This may include brand-reliable artwork and up to date advertorials for future franchisees to take advantage of. The experiences gained and learned by the franchisor will illustrate sound methods and strategies for attracting and retaining customers. A reputable franchisor will help you develop marketing plans and devise budgets for different periods of the business year.
E) Risk Avoidance
Arguably the most important advantage of becoming a franchisee is that you offload some of the risk you undertake when starting your own independent business. You won’t have to begin with a blank page, because somebody else will have done the all-important groundwork for you – offering advice on costings, recruitment and marketing – and be on hand to assist you. You still need to carry out due-diligence checks, to prove you are buying into a successful existing business, but by becoming a franchisee you considerably reduce the risk. If you select the right franchisor, their support and guidance should help you to avoid any costly mistakes. However, remember, no business venture is ever risk-free.
To learn more about our franchise opportunities at The Beautiful Method, click here.