Keen on becoming a franchisee?

If so, here are some tips on how to approach the tricky task of selecting the ideal franchise business.

Keen on becoming a franchisee?

If so, here are some tips on how to approach the tricky task of selecting the ideal franchise business.

Anyone thinking about purchasing a franchise should always consider attending one of the sector’s national exhibitions. Exhibitions are a great way to understand how diverse the franchise industry is. The number of different franchises is immense and by attending one of these events you will get the opportunity to meet with business owners, as well as existing members of their network.  

Even just a 15-minute chat should be enough to get a feel for how both the sector and each individual business works. You will depart these exhibitions with plenty of reading material, allowing you to delve even deeper into the processes involved in running a franchise.

This is the starting point for you to do your research in trying to identify the perfect business model for you. Only after undertaking such research will you be in a position to take those first few tentative steps towards becoming a business owner. Here’s a simple five-step guide to help you along the way:

Shortlist your favourites

You now need to narrow down your list of potential franchises. Eliminate those which are outside of your budget constraints. Others may require more of your time than you are able to give. Don’t forget to check which ones have vacancies in your chosen territory. You must also decide on which ones appear the best for you, both in the short-term as well as long-term. This is a process that requires plenty of soul searching. One wrong move can be costly in many different ways.

Contact all of your chosen franchises

When preparing for a meeting with a franchisor, write down a list of questions you want to ask. Go into as much detail as you need. Also make a note of their answers. Check if their requirements tally with your own ambitions and needs. Compare and contrast each franchisor that you meet. Is a franchisor professional and accommodating? They should treat every potential new business partner with the utmost respect.

Construct a financial plan

It’s now time to create a financial plan. This will help you to understand the financial commitments required. Don’t be overly ambitious. You must be realistic. Not only do you need to fund a business, you still have to pay for a rent or a mortgage, as well as feed the family. It all needs to be affordable. Check with established members of the chosen network to discover their financial burden during the first few years. The more conversations and more information you can gather will certainly help in devising a financial plan.

The importance of meeting franchisees

You need to understand what it’s like to be part of a franchise network. And the only way to do that is to meet with current franchisees. Firstly, get permission from the franchisor. If they decline your request, this could mean they have something to hide. It is always best to speak to a cross-section of franchisees, such as those who are reasonably new to the business, as well as others who have been in the network for many years. 

Those newer members are ideally placed to relate to your feelings. More established members of the network may well have forgotten about those early struggles. It’s all about getting an insight to their day-to-day experiences, and how well the franchisor supported them during their early years in business. Also check on how their business is currently performing. You need to be aware of how they operate day-to-day. Gather as much information as possible ahead of making that crucial decision on whether to sign a franchise agreement.

Selecting your chosen franchise

It’s now time to choose which franchise is best for you. What has impressed you the most? Why are you more confident in one brand over all others? It’s a huge decision. Take as much time as you require and only sign-up with a company if you are truly confident about their business model.

This feature was brought to you courtesy of Jackson Fire & Security. From their headquarters in Flintshire, Jackson has been in existence for over 30 years. Check out their comprehensive but straightforward business systems, manuals and ongoing business and technical support.

Sponsored Article
Sponsored Article