Franchise Advice
Taking the leap into franchising
Annette Du Bois outlines the important factors to consider when choosing the right franchise
type of franchise that’s right for you. Despite the challenging economic
O
conditions, more and more people are looking to invest in a proven franchise to help them achieve better fi nancial rewards and greater career satisfaction. Uncertainty is one of the biggest factors
behind why people don’t actually take the next step to fi nd out more – understandably most will have some concerns when looking into buying a franchise. Here are some pointers to help ease apprehension and make the best choice possible.
Is it really for me? The success of running a franchise is as much to do with passion, ambition, drive and motivation as it is about the
actual business side of things. With expert training, support and guidance most franchises can provide the different aspects to help you, but they can’t provide you with the core drivers within your personality. It’s no good looking at an opportunity that doesn’t inspire or excite you, because it will never give you enough motivation to succeed – especially during
wning a successful franchise may feel like a distant dream, and if it’s something you’ve been considering for a while it can be tricky to know the
the early part of growing your business. Ask yourself what resonates with you and what you enjoy and use the answers to investigate what type of franchise would really suit you.
“it is vital to know more about the industry of any franchise you’re considering as well as the franchise itself”
Can I justify the investment? It’s natural to want to be certain that you’re making a wise investment in a franchise and if your funds are from redundancy, inheritance or savings then it could also possibly be an emotive issue. When completing your research on the types of opportunities that fi t your needs and inspire you, don’t be tempted to make your decision solely on the initial investment. Look at other elements, such as how soon you can expect to make a profi t, what are the average earnings, whether the management fee is on a percentage of earnings or a fi xed monthly fee, and so on. These are all things that will help you to assess the longer-term prospects and give you a good return and healthy income.
How will it fi t around my family? If you have other commitments such as family then it’s not only yourself that you must consider when choosing a franchise. It must fi t around your family but also provide you with an appropriate work-life balance. Therefore it is vital to know more about the industry of any franchise you’re considering as well as the franchise itself. Things such as trading hours and travel need careful consideration to make sure the franchise you choose gives the optimum balance for you and your family.
Can I cope with being my own boss? This is a big question and one that should excite you. Owning a franchise is the perfect balance of having greater freedom than working for someone else and the confi dence of knowing you’re not on your own. In other words you have the support and guidance when you need it. Unlike someone who works on their own and has to deal with diffi cult decisions often on a daily basis, when you run a franchise you avoid the pitfalls and stresses because it’s a proven business system you’ll be following. The rewards of choosing to invest in a
reputable franchise will certainly outweigh the work required to make it all it can be. As with anything in life, you get out of it what you put in, and with a proven franchise module you can look forward to a very exciting future.
April 2011 |
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