Starting a franchise is a big step. It is exciting: working for yourself with the support of a successful business can feel liberating, but it can also feel like there is a lot to take on board. We’ve gathered some tips from the experts, and have an essential resource for you too, whether you want to buy into a franchise or become a franchisor.
Tip 1: Make use of franchising consultants. Clive Sawyer, the franchise consultant from Business Options, sees franchise consultants as a big part of the team that any business needs around them, in order to grow. “In the same way that you might use the services of an accountant, a lawyer and a marketing agency, a franchise consultant helps you set up your franchise to ensure its success,” says Clive. “They stop you making mistakes and tell you what you don’t know. Ultimately, the objective is to help educate you and your team to be able to run your franchise without them.”
Tip 2: Be passionate, patient and persevering: “This is not a 9-5 job. You have to put in whatever hours it takes to make your business successful. You won’t get clients immediately so you need to network, network, network to get your name out there. You won’t get paid for every hour you work either. Despite what some might think, being entrepreneurial is important in becoming a successful franchisee. An entrepreneurial spirit is vital in expanding the business. You should always be looking for new avenues to sell what you do, as long as you stay within your Franchise Agreement,”
Tip 3: Choose the right franchise business: When choosing the right franchise business, start with making sure that the businesses you are considering are members of the BFA. It’s also important to find the businesses that suits you personally. Ask yourself- Does the sector they operate in match your experience and interests? Does the territory that’s available make sense for your commute and would it fit around the rest of your commitments? Do you have enough money to make the most of the franchise opportunity on offer?
Franchising is a way to take a good business model and make it work again and again. At the start up stage, get all the advice you can to help you succeed. You can download a free guide, the Expert’s Introduction to Franchising, for more tips on setting up a franchise, either as a franchisee or developing your business as a franchisor. Download the report here: http://www.premierline.co.uk/media/932441/eta-6032%E2%80%93a-guide-to-franchisingv2.pdf