Researching thoroughly is one of the most important steps, but as you go through this process, take the time to look a bit further ahead.
Of course, you should expect to receive comprehensive training at the beginning of your franchise journey, giving you the knowledge and tools to successfully launch your new business. As you research a range of franchises, look at what training they offer and how it is delivered. Each business sector will have different requirements and skills needed and some may also require you to obtain external authorisation or certification before you start to trade.
But don’t just look at how the franchisor supports you as you launch, find out a bit more about the ongoing training and support and how they will help you to grow your business. Not all franchises are the same so make sure you are signing up with one that is committed to your future, not just ticking a box to get another one launched.
Marketing
Marketing your business is a vital step and you will want to find out what the launch marketing campaign includes and whether you need to contribute towards it. Has the franchisor updated their marketing activities or are they rolling out the same package they’ve had for years? To market successfully, companies must take account of where customers might look for their products or services, which will be online in many cases.
What marketing support can the franchisor offer you, post launch? Yes, a big local ‘splash’ will get you started as you launch but marketing needs to be part of your normal business activity. Is there an in-house team to support franchisees and what is done on a national basis to boost the brand? What ongoing training is available?
Customer Acquisition and Retention
Who are your customers, will you deal with the general public or is it a ‘business to business’ facing franchise? Or perhaps a mix of both. Again, a launch campaign can bring customers to your door, but you will need to keep bringing in new customers, as well as retaining a good base of repeat business. Happy customers will recommend you to their friends, family, and colleagues so this should be one of your key activities as you grow your business. How does your franchisor help you do this?
Staff recruitment and retention
Some franchises are set up as an ‘owner operator’ where you do all the initial work yourself and continue in that way. However, many franchises operate with staff, either from day 1, or later as the business grows. What support can your franchisor offer to help you find staff? You may have experience in managing teams in your previous roles, but your franchise may be a new industry sector to you so you should expect your franchisor to have more expertise about recruitment and retention in this area. Do they provide ongoing support to help you as you grow?
Growth and building an asset
When you launch your new franchise business, everything will be new to you so your focus will be on getting off the ground. Your new franchisee training should cover everything you need to know to get you started. However, after that initial period, your training and support needs will change so find out what ongoing support your franchisor offers.
I’d expect most franchisors to provide access to training to help you grow, as well as annual business planning sessions. At Revive! we have an accelerated growth programme for franchisees once they are up and running. This provides regular focus on growth sessions, help with business planning and a range of training targeted to their stage of growth.
There is a lot to look at when you are buying a franchise and your research is crucial. Don’t just focus on the immediate future though, make sure you research whether your franchisor is best placed to work with you and provide strong support as you grow. You will be signing up for at least a five-year term so think about the period after launch. How will you access the support you need as you build your business, what ongoing training is on offer and will you be able to get together with other franchisees at similar stages for some peer-to-peer collaboration?
To be successful as a franchisee, you will need to put your energy and commitment into your new venture and you deserve a franchisor who will be alongside you during your journey! So, look to the future, not just the present, as you do your research and planning.
