You have finally decided you want to be your own boss then? About time too! What has taken you so long! Now let us consider what you need to do next, there is no manual out there to advise how best to do this, so you might just find the following useful!
Let us start with the basics, and to reassure you, a franchise can often be much more viable option than starting a business from scratch, especially if you are do not have previous experience of running a business, there are many advantages of a franchise which is a proven and tried and tested system, as well as initial and ongoing training and support to help you, these are often not only vital to get your business launched, but also critical to the existence and success of your business. It is also fair to say that a franchise is not necessarily for everyone, but we will assume as you are reading this article that you do have some vague interest!
Look For A Franchise That You Have a Passion For!
Owning and running a business can be tough at the best of times, ask any other business owner, it is not the same as being an employee, there are so many more additional duties that you need to complete, if that does not daunt you, then you should still consider starting your own business, and this might just be in the franchise space!
There are at least one thousand different types of franchises to choose from, you certainly will not be limited by choice! However, have a think about what it is that you make you get up in the morning and work full steam ahead, we already mentioned all your additional duties, and without passion you will be left on empty, and this is no way to run any business, you want to feel like the work you do does not actually feel like work! Fair enough, this might seem like it is an ‘ideal’ statement to make, but think back to your employment days, we’re you just in it for the money? Recall how you were feeling at times back then, this should be a new chapter in your life, best to start with the right intentions, master this and no day will ever feel like a working day again!
Research, Research And More Research!
Every franchise that you will want further information about will be happy to supply additional information, you just need to let them know who you are! Request further details to see if any headline information tells you enough about the franchise so that you can figure out if the business is what you thought it might be. Sometimes it might not be clear-cut as to what exactly the franchise is or does, and that is OK, it is one of the reasons to have further dialogue, If the basic details you have look good, then start to do some of your own research, such as, what products or services the franchise might sell, who do you think might be direct competitors, how crowded does the market look? Knowing these basic elements will help you in any conversations with the franchisor you might be having later on.
Further Resources To Help You Find Franchise Options
You are probably reading this blog from a very good franchise directory! So, have a look around the directory website, there will be many types of franchises listed by price or category or sector even, you have access to lots of options at your fingertips!
Also consider attending franchise exhibitions, franchisors that are keen to find people just like you will be in attendance and wanting to showcase their own offering to encourage you to make an enquiry, they are there to help you if there is a genuine interest! You might even meet the actual franchisor owner, which is ideal for you to you can see if this is someone you might feel you can align to, especially important as people still like to buy from people!
Talk To Existing Franchisees
Do you know someone in your existing network that is a franchisee? If you do, ask them about their personal experience, it does not matter if they are not in the franchise type that you might be interested in at all, you just want an honest opinion and you will get it from them, take a measured approach though, some experiences might not match up to your own expectations, just remember that the insight you get is just their own personal experience.
You can also ask to talk with existing franchisees of the actual franchise you are interested in too, be wary that the franchisor will probably want you to do this at an appropriate stage though, so follow the system and they will be receptive to supplying details of people who you can contact.
Use A Franchise Consultant
You might be surprised that there is a resource here that will not cost you anything! That is because franchise consultants are often retained by the franchise brand owners to deal with franchise recruitment on their behalf, here you will have access to a team of professionals that are mandated to ensure the correct fit, not just for you, but also the franchise itself, some consultants might even look after several franchised brands and can help you decide on which ones suit your own skills and investment level so can be used as a starting point!
You Are Never Alone In Franchising!
The franchising sector truly is a wonderful space to be involved in, it still has some way to catch up in comparison to other developed countries, but as a nation we seem to be getting more receptive to franchises as a business rather than independence, and now could be one of the best times in our history to be part of it. It is true that anyone can buy a franchise, whether you should, or should not, now needs to be what you need to explore further!
This post was written by Richard Pakey, Managing Director at Lime Licensing Group. They are an exhibitor on the FranchiseShow247 Business & Professional Services floor and you can visit their FranchiseShow247 exhibition stand here