Everyone makes mistakes from time to time, and franchisees are no exception
Though franchising can be a hugely rewarding and exciting journey, there are some critical mistakes that can derail your progress. Here, we will explain how you can prevent these mistakes and ensure your franchising journey is as smooth as possible.
Do your research
Believing what the franchisor is telling you is risky. You need to know exactly what you are getting yourself into, what your role will be and what your day-to-day activities will be. Speak to fellow franchisees; how have they found the role? Have they encountered any problems?
This research also includes learning the figures. How much will it cost to purchase the franchise? Will you need to have a bank loan to meet this payment? Above all, you will need to know exactly what your income will be against expenditure costs.
You can find a lot of information simply by speaking to the franchisor and by making use of search engines. Take a look at the franchisor’s track record; have they been established for a long period of time or are they new? It is always best to go for the former as they will have already enjoyed success, which will benefit you as the franchisee.
Look at your skills
A franchise that does not suit your skills is unlikely to succeed. Though franchisors will provide you with training and support if you lack experience, other areas such as management are required.
This is why you should examine your skills and characteristics in detail. If the franchise you are looking at involves regular customer interaction and you struggle with meeting new people, that franchise may not be the one for you.
We all have strengths and weaknesses, but examining both closely will help you find the franchise that will play more to the former than the latter.
Don’t assume it will be all plain sailing
It won’t be! Franchising, just like setting up your own business, requires a lot of hard work and dedication. Of course, your franchisor will give you all the support you need, but you will still need to put in the hours.
If you are committed to hard work and determined to make the business work, then you will see the rewards.
Ask for help
Franchisors will always be on hand to give you additional help and support should you require it but there are other areas where you can get advice. One example is the British Franchising Association (BFA), which can give you advice on many areas of franchising including legal and financial issues.
One of the best ways to get help as a franchisee, as mentioned earlier, is to speak to fellow franchisees. There is certainly no shame in reaching out to them!
Want more information?
It can be challenging being a franchisee, but by being aware of these common mistakes, you can ensure that your journey is successful and exciting. If you would like any further advice on starting out as a franchisee, speak to us at Reed Commercial.Tags: franchising, mistakes