You’ve decided to invest in a franchise and launch your dream business, but where do you start? What are the next steps?
Get to grips with franchising and the franchise you are
looking at
Before you go jumping head-first into a franchise, make sure you take a step back and do your due diligence. Dig deep into the service or product; does it fill you with passion? Will you feel the same in a years’ time? What will you bring to the franchise? Is the business going to be sustainable for the next 5 or 10 years? These are all questions you need to ask yourself from the outset before making that step.
You will be investing a number of years into this business, so choosing an industry you can continue to develop in is key. Look at your experiences, interests and what you want to get out of it, aside from financial gain.
Do you have the
skills?
Take a close look at your skills; what makes you a good business person? What attributes are needed to launch the business you are interested in and does your skill set match up? Each franchise will have a list of desired skills they look for when finding a new business partner. Read the case studies of current franchisees to get an idea of they type person who works well within the franchise partnership.
Where will you launch
your business?
What opportunities are available in your chosen location? How much competition do you face? Will you be provided with your own territory, and if so, are the borders clear? Every territory has different potential, with some harder to sell in than others. This is key to your success; is it an area you know well or are you looking to relocate? A good quality franchisor will have done a lot of the legwork, so check it alongside your research; does it match up?
What are your
financial expectations?
What you can invest without over-stretching yourself? Having a realistic expectation of what you can invest and what your potential earnings will be will boost your move into a franchise business easier. It’s wise to find out what the total start-up fee is, not just the franchise or package fee is. Most reputable franchisors will provide you with this information when you make your initial enquiries.
Who are they accredited by?
Reputable franchises will be accredited by an association or body, for example, the British Franchise Association (bfa). Unbiased information on what to look for in a franchise, along with a list of accredited members from various industries will be available from the association to help you make a more informed decision.
What do you get from
the franchisor?
Franchises will have some form of package to help your business get started. This could range from business development, finance support, ongoing marketing guidance, recruitment support or help with registering with an accredited body to provide your business. It’s worthwhile reviewing this package and comparing it with the franchisor’s competitors.
Talk with other existing franchisees
If you have found your ideal franchise, ask the franchisor for a list of their existing franchisees who you can contact. Ask them about their experiences with the franchise, if there have been any issues and what obstacles they have faced on their journey.
Can you follow the
blueprint?
Each franchise will already have its own blueprint to how the business is run, with systems already in place and expectations to be met. Franchisors look for business partners who are committed to following this system and branch out the brand to new communities.
This article comes courtesy of Heritage Healthcare Franchising
Limited, a leading franchise home care provider. At Heritage Healthcare, our
support team are there to guide you in your decision making, with the opportunity
to launch your own home care business. To find out more about the opportunities
available, please contact our franchise Director, Michelle Fenwick on [email protected].
Not at that point to talk with someone? That’s okay – you
can find out more by downloading our free brochure and franchise package at www.heritagehealthcarefranchising.co.uk/findoutmore
.
