What to consider when choosing a franchise
The best way to choose the right franchise for your particular personality and skillset is to ask yourself a series of questions.
Whether you are 90 per cent of the way to a decision or completely new to the prospect of taking on a franchise, it helps to conduct a thorough review of the situation in this way.
A franchise could well be the perfect way for you to take the reigns of a company while still enjoying support from a larger organisation, but an important ingredient in the success of a business is whether the boss wants to get up every morning to make sure their firm runs smoothly. That means you.
What do you want from a buisness?
It may feel like an egotistical place to start, but what you really want is one of the most important areas when choosing a franchise. This does not just mean which job title or salary you like the sound of; it involves asking yourself what type of industry you would enjoy working in, with all this entails. Try thinking about your end goal for your franchise and where you want to be in 5-10 years time.
You need to think about typical working hours in the business – for example, you can expect to work weekends in retail franchises – and what your role would involve. Consider how you feel about speaking to customers and doing administration; how much do these feature in the franchise you are looking at? A helpful tip is to look at your previous jobs and think about what you enjoyed in those posts.
While it is important to look at what your skills are suited to, you may not necessarily need a lot of experience in the industry you join – although you should definitely speak to people in that sector and have a trial day before you make a decision.
What is on offer?
You need to think about what is available both in terms of which franchises are on the market and which ones are financially viable to you; your budget is crucial and it is important not overstretch your finances.
What you may find is that some franchises are more prominent or easier to access than others; these will not necessarily be the best ones for you, so be careful you do not choose a business because of convenience rather than actually wanting to be involved in that sector. You could end up working in that business for upwards of ten years, so it is not a decision to be taken lightly.
What does a franchise offer entail?
Research is a massive part of your pre-agreement work. You should spend time looking at the sector, the company, the location and anything else you feel is relevant. Speak to as many people as you can – including commercial, legal, recruitment and industry experts.
Of course, it is important not to forget the specifics of your chosen franchise agreement; check to see how much support you will receive and what will be expected of you. It may also be that the franchise details are great, but that the business would not be so successful in your preferred area. Would you be willing to relocate for a perfect franchise?
On a very human level, you should also be comfortable with the people you are speaking to at the franchisor’s office. It may feel superficial, but these are the individuals who you will be talking to when trying to make a real success of your business – they need to be skilled too.
The most important thing to remember is not to rush your decision; if you are not 100 per cent sure about what to do, then go back to your research until you feel comfortable with a choice. It could be the start of something great if you get it right, so make sure you start your journey down the most suitable road.