Purchasing a franchise is a big decision and one that requires plenty of consideration. A popular business model, franchises have buying power, group support and a ready-made reputation.
With franchises experiencing a year on year increase, have you considered if the business model might be suitable for you?
From commitments to personal wellbeing, our tip sheet provides a few points to consider:
Level of responsibility: As the franchise owner, the buck stops with you. From the management of staff, accounts and premises to helping out with every day tasks, it’s important for a franchise owner to be involved and actively engaged at every step of the journey.
Consistency: A franchise comes with its own set of rules and standards that you’ll be expected to meet and adhere to. This is good for meeting your business plan but can stifle creativity.
Personable: As with any business model, success depends on the customer. Each has diverse needs and expects a high level of service and it’s the responsibility of the franchise owner to ensure these are met.
Support system: Do you have the support system in place to help you in your future role? Personal and professional help is vital for your wellbeing when embarking on your business journey.
Targets: Set by the franchisor, you’ll instantly have targets to meet. Linked to the preferred business model, it’s important that you understand and can meet these goals before signing on the dotted line.
Consider the risks: As with any new commitment, you particularly need to consider the risks. What impact will they have on your professional and on your personal life? Will you be well placed to deal with any fallout or failure? Having a comprehensive understanding of the worst-case scenario should be a core part of your decision making.
How did you know that a franchise model was the suitable business choice for you? Share your thoughts with us.