If you’ve ever considered starting your own business, can you remember the questions you may have asked yourself before deciding whether this route would be right for you? Two of the most common questions people ask themselves are these: Do I have availability of funds? And would my idea generate a satisfactory income? But perhaps, the most essential question that all aspiring entrepreneurs should ask is: Am I ready?
Although having an excellent work-life balance may sound enticing, taking on a new business venture comes with plenty of responsibilities. There may even be a few sleepless nights along the way.
While starting your own business involves a number of unknowns, purchasing a franchise makes it just a little bit simpler but with side-effects too. Joining a well-known and profitable franchisor provides you with endless possibilities for growth – as well as a handful of limitations. After all, you don’t own the brand. So if joining a franchise comes with limitations, how do you spot these red flags in your newly formed franchisor-franchisee relationship?
Finding the best franchisor-franchisee relationship
If you feel that there are just too many franchisees within a franchisor’s network, then this is certainly a red flag. If signing the contract with your franchisor is considered the end of the deal, and not the beginning of a fruitful partnership, then perhaps this is not the right franchisor for you.
The relationship between a franchisor and franchisee should be less about signing a formal contract, and more about an honest and loyal partnership between two business partners. Each party should be helping the other to grow, while navigating through hardships.
A true supportive franchisor should know how to make their new franchisees feel at home. They should assist them when a new business partner joins a community of like-minded people. They should also support them with marketing, and other issues, all the way through to customer acquisition and getting the job done.
Are there too many regulations?
When you buy a franchise, you’re joining a well-known brand. This connection should enable you to get started and to grow, while helping you to attract customers. You want to gain the independence of being a small business owner, but backed by an extensive network. You don’t buy a franchise only to be welcomed on board with numerous restrictive regulations, which are exhausting to follow.
Unfortunately, too many franchise agreements dictate how you should run your business, leaving no room for creativity. The restrictions that franchisors pose do vary. These restrictions may relate to operating the business on a day-to-day basis, or to the products you are allowed to sell, or the suppliers you are permitted to use.
A supportive relationship between a franchisor and franchisee is built on trust and honest communication. It should focus more on creating an operational structure, within the confines of the business model, and less on restrictions regarding what the franchisee should and shouldn’t do.
Proven business model and on-going support
Starting out as a franchisee means investing in a brand name and its business model, while undertaking much-needed training. Aspiring entrepreneurs, who prefer to invest in a franchise rather than go it alone, are usually attracted by the proven business model and excellent training program, as well as committed follow-up support.
Franchisors, who consider their franchisees as equal partners, usually provide extensive training programs to help ensure the success of their new business partner. We, at Fantastic Services, are a leading provider of property management services in the UK. We invest millions in technology and training programs to help our franchisees make the most of their business opportunities.
As you can see, there is a thin line between a supportive franchisor and a controlling one. After all, there are plenty of franchisors out there offering a variety of opportunities. Whatever you, as the budding franchisee decides to do, it always pays to undertake plenty of research.
Co-founder and chief executive of Fantastic Services, Anton Skarlatov, said: “While many franchise companies are still trying to find their perfect hierarchical model, we’ve made sure everyone has the same chance to grow and develop both professionally and personally. The communication between franchisor and franchisee needs to be honest and transparent, and both sides must set realistic expectations.”
This article comes courtesy of Fantastic Services which was launched in 2009 and now have more than 530 franchisees, stretching across three continents. The company specialise in cleaning, gardening, handyman, pest control, removals and other property services. Fantastic Services is a one-stop shop for over 100 services and is used by both domestic customers and commercial clients alike.
In the UK, the company deliver 100-plus services to over 50,000 clients each month, with operations overseen by HQ which employs more than 500 people.
