Sit down with a pen and paper (or, your preferred technological equivalent) and write down the all the things you want to get out of having a franchise – more time to do A, less need to have to do B, etc. Then, list the things you love doing – being outdoors, solving problems, dealing with people, being part of a team, teaching, selling – be honest. Now list the things you really don’t enjoy doing – being outdoors, dealing with people, working in a team, selling…
Also, consider how much time and effort you’re really prepared to put into your new business – are you driven by the desire to make serious money and happy to work around the clock, or are you driven more by a change of pace and work/life balance? Only you know the truth.
Finally, it’s time to do some sums. What financial returns do you need from this business – how much does it need to generate for you monthly, what will you need to sell it for to retire, how much do you have to invest, and for how long can you meet your financial commitments before your new business can pay you – very few will see you making money from day one.
Now you have a great (and honest) candidate profile of yourself. When you find a franchise opportunity that excites you, use the profile to assess both its suitability for you, and your suitability for it – and again, be honest about it. Buying a franchise is not the same as taking a punt on a new job that you can just walk away form if it turns out you don’t really like it.
Once you’re happy that becoming a franchisee is something you like the sound of, properly explore what’s out there.
Google is usually everyone’s go-to starting point for finding information and it’s likely to bring you to a franchising site just like Elite. Don’t just jump straight into the sales pitches – look for articles like this that give impartial advice and be sure to read as many franchisee case studies as you can. After all, these are people who were once in your shoes, trying to make the right decision for them.
Once you find a particular sector you like, keep researching to find all the brands in that category and visit their websites. As you begin to develop a shortlist, you need to do a deep dive on the ones you really like – their website, social media accounts, appearances in franchise media, appearances in their trade media etc.
The next step, is to get in touch with the franchisor and ask some questions!
Before you pick up the phone, or send an email, it worth having a think about what Franchisors look for in a prospective franchisee.
Oddly, there is a misconception that becoming a franchisee is a simple matter of picking the model you want and then paying for it. Franchisors are (and absolutely should be) very selective when it comes to choosing who does and doesn’t get to join their network; the future success of the brand depends upon it. Here are some things that Franchisors might be wondering about you that you might not have considered:
Firstly, they have to believe you are going to be suited to self-employment. It’s not for everyone. If you are used to a steady salary every month, paid holidays, an expense account and sick pay, the realities of self-employment can come as quite a shock!
Do you have the support of those closest to you? Potential franchisees are often puzzled that franchisors involve spouses and partners in the early stages of selection, but it is incredibly important that your family is 100% behind you. When you are building your own business it’s almost impossible to simply leave it behind you at 5.30pm and head home without thinking about it again until 9am the next day. Long hours are pretty much mandatory, working weekends is common, forgoing family holidays and new cars is the norm until you have firmly established your business and made it profitable. Don’t get me wrong, the hard work and sacrifice should be well worth it in the end, but let’s just say an understanding partner is invaluable if not essential!
Can you follow a system? The secret to franchising is that the franchisor has developed a set of systems and procedures, which if followed properly should make the enterprise successful and profitable. This is not to say that franchisors are looking for robots; but following the system and respecting the brand are non-negotiable. Our franchise model is built on the success of more than 50 BUBBLE CITEA stores – and it’s that experience and know how that you’re investing in and will help set you on a path to success as a business owner.
Then for us, it’s down to personality and culture fit. And the big one – do we think you’ll be successful? It’s a big decision for both sides and should never be rushed. We want you to LOVE your franchise and LOVE being part of our network, so we owe it to everyone who applies to be honest and upfront at every stage and in answering every question. Good luck!
This article comes courtesy of Bubble CiTea, a British brand producing unique bubble tea flavours meeting local needs whilst keeping to the traditional core values of Taiwanese tea culture.
