Festive franchising - 12 days of Christmas...
As Christmas approaches and the year draws to a close, it’s both a time for reflection and looking to the future. If...
A franchise is a business which you own and run but has the backing of a corporate organisation who will mentor you and help you with important decisions like branding and stock. Franchises are ultimately the best of both worlds; you get to be your own boss but you have more security than you would necessarily have if you were in the industry by yourself as a start up business.
Franchising is becoming more and more popular because it allows people to break out of what feels like a dead-end job into a completely new career with some fantastic new opportunities. There is plenty to keep you busy when you are a franchisee and it has been an extremely rewarding lucrative experience for many people throughout the world.
If you wish to look into becoming a franchisee, the most important thing you can do is research.
The first thing you should look into is the particular company you wish to join. Just as you would with any other job, make sure to research it thoroughly. You will need to know as much as possible about it.
Is the company you are wishing to join already operating under a franchise system? If it is, there should be a variety of different systems already in place. They will have a proven and successful track record of aiding and supporting franchise businesses like the one you wish to open. There should be a scheme in place with all the different details and structures within the organisation as well as ongoing training schemes to support the franchisees.
You should also look out for franchisers that are members of the British Franchise Association. This organisation ensures that all its members are following ethical practices to be certain that its businesses are flourishing in the healthiest manner possible. By joining a company which is a member of the British Franchise Association, you know that you are going to be in safe hands.
There is more to joining a franchise that simply researching the company you wish to join. It is also prudent to take a look at the industry and to try to work out how you will fit into the wider picture.
Take a look at the trends for both your chosen industry nationwide and how it performs in your local area. The vast majority of franchises have some sort of retail front and you need to know if there is a market and a demand for it. There is no point in pouring in all your energies and resources if there are going to be no customers to use the business when it opens.
If you have a history in the corporate world or other industries then you may be better qualified to make the leap to franchisee than you realise. There are many different personal qualities a good leader needs and you may have picked them up elsewhere in your life.
Do you have a genuine passion for the business? Whether it is making the best pizza you have ever tasted or making sure every customer heads out with the perfect-fitting shoes on their feet, you are going to need passion to get you through the hard times.
Will you be willing to work hard to achieve your goals? Although you will have the backing of a larger company, the onus is on you to make the business profitable and successful. This is going to require a lot of hard work and commitment – both emotional and financial – on your behalf.
Are you looking to the future? Can you see a direction to take the business in and are you prepared to chase it? If you have such a vision then you might be perfect for running a franchise.
Even if you have no experience in running a business, you may have more of the know-how than you think. If you have answered yes to any of these questions, you are in a great position to make the leap to becoming a franchise owner. Trust in your abilities and start looking into the avenues you can pursue; it might be one of the best decisions you ever make!