If you want to find a franchisor with which to build a business partnership, there are a few things to think about first.
If you are looking to become a
Even the best business minds cannot survive in the world of franchising without strong guidance from the mother-ship. So, here’s our guide to what you should look out for when choosing a franchise.
When first approaching a franchise, you will want to feel reassured that this is the right business opportunity for you. A franchise that has open and honest lines of communication from the outset will bode well for the future.
Look for a franchisor who is readily available; they take your calls and are happy to answer your questions or address any concerns you have. Also, look for a franchisor who wants to make sure you are the right fit for them too and wants to get to know you better. While you are looking for the right franchisor, they are trying to work out if you have the top attributes required of a
“First and foremost Peter and Louise’s aim is to build a good working relationship with prospective franchisees so everyone feels comfortable when the time comes to make that all important decision.” Wilkins Chimney Sweep
Of course, it’s in every franchisor’s interests to make sure that those running franchises in their name are doing a good job. However, the amount of time allocated to training varies greatly from franchise to franchise.
Some may require you to have specific skills or qualifications before even applying for a franchise and assume you will, therefore, be equipped for the role after basic training.
Other options, like care
On the other hand, many franchises will simply ask that you have an enthusiastic nature and good people skills. Just make sure that the franchise you are going for is offering you the training you need, at the right level. Compare it with similar packages, and reassure yourself that you are getting value for money.
“Our success depends on your success and that’s one of the reasons why we invest so much time and effort into our initial training programme.”
How much support you receive, once you have invested in a business, can differ across the franchise spectrum. Depending on the nature of the work, you may be offered regular ‘
Ongoing support can also mean that aspects of a business that you have previously struggled with, can be managed for you, by someone with more experience, or you can get some support.
Gas-Elec Safety Systems, for example, offer continuous support including local and regional PR and marketing campaigns, centralised invoicing, credit control, bookkeeping and IT support. This leaves franchisees free to focus on expanding their businesses.
Work out how much support you might need and do your research, not all franchises in your chosen sector will match your requirements.
Their franchise package
Many franchises will provide you with a ‘turnkey’ package, which is all you need to get up and running immediately, including everything from premises to shop fittings, and even stationary.
Others will offer no more than their brand, some training, and a designated territory to expand your business in. Package prices will also vary accordingly.
If you are investing in a van or a car based franchise you will need little more than a vehicle (which can be your own) and some tools, so the package should reflect this.
If you are investing in vehicles, equipment or premises yourself, make sure that you are not paying too much upfront, and that you have budgeted for any re-payments or rent in relation to your projected earnings.
Try to discern the true financial value of the physical items your franchise provides.
“When you join Pizza Time, you will have a ‘turnkey’ business based on our ten-year track record and everything you need to open your own brand new take away pizza outlet for successful trading.” Pizza Time
The territories they offer
One the most significant assets to your new franchise will be the exclusive area that your franchisor will allocate you.
There are many reasons why an area may, or may not, offer a lucrative revenue, and many franchises are now using digital territory mapping to discern the optimum marketing range they can offer a
However, some franchisors will only use rudimentary methods to map out a territory, and this might lead to problems after you have started your business. Find out how your chosen franchise allocates territory and make sure you are satisfied that the area you will be working in will offer you a healthy market.
Is it right for you?
Your potential franchisor might be offering a good deal and equally as great opportunities and therefore they seem like a great option, however, is the business really right for you?
After you’ve thought through all of the above, are you still excited about becoming a