Wednesday Wake Up Call #Get to Work
It’s true that with a franchise, you get the benefit of a proven product or service while still being your own boss. However, you still have to put in the effort and WORK so it’s important to find a good fit for your passion and skill set. But there are many factors to consider, such as franchise costs and support from the corporate headquarters as well. When we are exploring franchise opportunities, it's important for us to thoroughly? research the? brands you are considering to make sure that the right business suits your long-term interests. Three (3) things to keep in mind are:
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In choosing a specific franchise, it is also important to assess several factors of the franchise to ensure that it’s a good match for not only your skill set, but for your lifestyle, needs, business goals, and core values. Some things to think about in your decision-making process are: 1. Does the brand have a strong support system for its franchisees? One of the biggest benefits of buying a franchise is that the brand is already established. Take advantage of your franchisor’s knowledge and guidance, and utilize other support systems you gain through the franchise, such as owners of other locations. 2. Is this a good investment in YOUR potential? Be sure that the franchisor cares about your professional success and growth within the company, too. 3. Does the franchisor exhibit professionalism? As you make your initial inquiries to the franchisor, take note of how he or she? handles your request(s). Are your questions answered promptly and thoroughly? These initial first contacts are crucial for you to get a sense of how the franchisor conducts business and how he or she builds and maintains relationships. 4.Did you discuss mutual expectations? You should be clear on what your potential franchisor expects of you (and vice versa) and make sure the deal is a good fit for both of you before signing a contract. Think about the deal as a long term partnership (or marriage, if you will), to understand whether you are ready for the commitment AND? can meet the expectations your franchisor sets. 5. How is the brand’s Sales and Business approach? Before diving into business, consider its approach on matters like sales, marketing, and advertising. Will these methods be successful in the current marketplace and can you afford the tactics and campaigns attached to them? 6.Did you research online reviews?? Be on the lookout for information on message boards, YouTube videos, FaceBook or LinkedIn groups, and articles where franchisees talk about their experiences with the franchisor. If the reviews are consistent, you’ll get a good sense of the company’s business practices either way. 7. What feedback did you receive from current franchisees? The best way to learn about a franchise is to talk directly to the people within it. What better way to validate a brand than to speak with other owners? Ask other franchisees questions about the franchisor’s support system, licensing fees, risks, high and low points of the business, and anything you can conjure up that will clarify anything that may be unclear to you. 8. How were your discussions at official franchise events? Some franchises hold a “Discovery Day” or similar events where you can speak to representatives and learn more about the opportunities. Attending franchise industry conferences, such as the International Franchise Association's (IFA's) Annual Conference, is also a great way to identify and compare your options. The? Bottom Line is to look for a franchisor that will be a true partner in supporting your growing franchise! What are you waiting for? We have work to do!