Understanding and mastering franchises – is franchising for you?

Match the entrepreneur you are with the value you'll receive

The conversation around franchising is normally binary. Is franchising good? Or is it bad?

But like pretty much anything in life, the answer very much depends. On the person you are. And the franchise you invest in.

For you, a given franchise might be the worst idea in the world. Then again, another might be the key to a steady, stable, growing income and a business you can feel proud of.

So how do you work out which side of the coin you come down on?

Assess your strengths

Not all franchise opportunities are created equal. Plus, they're not all equal from the standpoint of who you are as an entrepreneur.?

It's not just the industry they're in. It's the kind of support you get. The bottom line is this: what value does investing in a franchise deliver to you?

When I was starting my current business, I knew where my skills were strongest. For example, in my case, I'd say my technical skills and SEO expertise were strengths in my corner.

On the flip side, I would have said that my knowledge of the industry was an area that could have used some improvement (that's why my business partner and I complement each other so well).

Before you choose your franchise partner, it's worth taking the time to assess your own strengths and weaknesses. Perhaps you have great knowledge of the plumbing industry or incredible dedication but no IT skills, for instance.

Get informed about different franchises

After you've assessed your own strengths, you'll have a better idea of what you want your franchise partner to bring to the table.

The next thing you need is information about your potential franchisor. What do they really offer you? What support and training are you getting? Will they handle key business processes for you? Will they be doing any marketing on your behalf?

Then match the value they provide against the qualities you need to create a successful business. If there's some serious overlap there, you might just have the basis of a worthwhile partnership.

Differentiate cost and value

People tend to come forward with two main objections to franchising in general. The first is that it isn't free. Any initial franchise fee tends to be several thousand pounds.

But again, this isn't a question of cost. It's a question of value. How much is what your franchisor is offering worth to you?

Some franchisors – Fantastic Services certainly does – might work every day to find you a regular stream of customers. They might also carry out processes like online marketing that you don't have the time to become an expert in alongside delivering you services.

That could represent no value to you. Perhaps you're already an SEO expert and you've got a docket that's so full of clients that you're struggling to service them all.

Then again, the value that your initial franchise investment represents might be the difference between you being successful and you not having a business at all.

Get joy from what you do

The other objection, of course, is that you should go into a business that gives you some joy in what you do – and that a franchise somehow limits you from achieving that.

Once more, I would say this comes down to some franchises being a natural, positive fit for some people and not being suitable for others.

If you can find a franchise that matches your experience or interests – as well as being the perfect balance for your own strengths and weaknesses and that provides the kind of support that gives you real value, whatever that means to you – that may well make going to work every day a fulfilling experience.

As well as making investing in a franchise a smart business decision for you.

Do you agree? Have you decided franchising is or isn't for you? Why?

Comment below. Let's get the conversation started!