It’s easy to see why franchising is such a popular entrepreneurial route to go down. You can reap the benefits of an established brand whilst building your own team, getting loyal customers onboard, and expanding your services. But only with extensive research can you know that you’re taking the right path when it comes to your sector and brand of choice.
The right sector for you
Running a franchise means doing more than running the daily operations; it’s also about taking a more strategic view of the business and working towards long-term goals. That’s why it’s important for franchisees to choose a sector that they believe in. Take care as an example; it’s a sector that requires upmost sensitivity. Nobody should go into care franchising who isn’t prepared to take a compassionate approach to decision making, along with their business acumen. Whatever sector you choose, its values must align with your own.
Getting onboard with a brand
Knowing what brand is right for you is just as key. One of the best places to start is by attending an exhibition, one which is always well-attended is the National Franchise Exhibition, at the NEC, Birmingham held in October each year. Here, you can speak to franchisors face-to-face and understand what opportunities they have to offer you. If their franchise business model and brand sounds right for you, get an understanding of what they can offer next in terms of information, training and support.
Discovery days
If a franchisor is opening its doors to give you all the information you need, it’s a green flag! Many offer discovery days, either in-person or online, which take the conversation further. It gives the chance to hear from members of the head office and hear them go into more detail about the business and what it means to be one of their franchisees.
A discovery day is a chance to get to know key people in the business and often meet existing franchisees. These are the people you’ll be working with, so consider whether you are both a good fit for each other.
Often, discovery days give you the chance to hear from a bank and learn more about funding your franchise. The good news is that franchises are often favoured by banks regarding lending, due to their high success rate. They see a business with an established brand name and understand that by being part of a franchise you’ve got a head-start in building a great business.
Meet other franchisees
A discovery day should give you the chance to speak to well-established franchisees and hear about their journey. Ask them about what they’d do differently now if they were in your position again. Hearing from them will help you understand the level of support provided by the franchisor, and what your future could look like if you take this path.
Don’t be afraid to think ahead and consider the long-term career prospects that the franchisor offers. Ask if there are any multi-unit franchise owners who you can speak to. It will give you an idea of whether there’s potential to own multiple franchises and build a significant enterprise. There’s a lot to be said about multi-unit franchise ownership: centralised systems, best practice sharing, economies of scale, to name a few.
Compare to other franchisors
Keep an open mind! While you might have set your sights on a particular brand, continue to look at what others have to offer you. Apply the formula you now have on identifying a decent and trusted franchise opportunity.
It’s decision time
Once you’re sure it’s the franchise opportunity for you, it’s time to be interviewed by the franchisor. Don’t see it as a test; it’s an opportunity for both parties to understand whether you’re right for each other.
Fingers crossed, the interview results in success, and then the exciting, but hard work begins! Talk to the banks and see what they have to offer you; your franchisor should be able to support you with the introduction.
The onboarding process should involve extensive training, standing you in great stead to become a successful franchisee. If you’ve carried out extensive research, it won’t be long before you realise that it was the right franchise opportunity for you.
If you’re interested in joining a progressive and caring franchise whether that’s through purchasing a new territory or a resale franchise, please contact Luke on 01925 730273, who will be pleased to talk you through a Home Instead franchise opportunity.
This article comes courtesy of Home Instead – the UK’s number 1 home care franchise.
