How to turn your passion into a business with a franchise

It is only natural to want to earn money from something we love.

This isn’t a selfish sentiment – it is proven that we are likely to work harder for something we are passionate about. This is no different when it comes to the franchise world.

Business Skills

The first thing to do is ensure you have the business skills to succeed. Passion alone will not make your franchise successful, and before taking your first step you should ensure you have a solid plan, complete with financial forecasts, objectives and activities.

5 Star businesses

If there are franchises available that are related to your passion – be it food and drink, beauty or electrical goods – you should compare and contrast the major players. A great way to assess quality is looking at Smith and Henderson’s list of 5 Star franchises. Franchises with this status have been evaluated by the Franchisee Satisfaction Benchmark Programme, where franchisees provide anonymous feedback on their business, rating everything from training to support.

If you are thinking about buying a bricks and mortar franchise, then research store locations and areas which may be crying out for a new shop; assess the market very carefully before making a decision.

Open Communication

Once you’ve opened for business, it is essential that you maintain a constructive working relationship with your franchisor. Even if you believe that you know your market inside and out, keep communications within the franchise network open. Don’t underestimate the power of the tools that your franchisor can provide you with to make your franchise a success. Remember that a thriving business is mutually beneficial for you both, and you should take every training opportunity that comes the way of either you, or your employees.

Confidence is key

Always be confident that you are doing something you love. Surveys have shown a “strong correlation” between success at work and confidence. If you can transmit that knowledge and enthusiasm into the marketing of your business, you are onto a winner. Positive thinking attracts, and therefore you should make sure your passion is at the forefront of your franchise. Interact with customers, write a blog, regularly update your franchise’s social media accounts, create a questionnaire to understand your customers better. With hard work and dedication, what was once simply a passion, can become your livelihood as well.

Interested in finding the right franchise for you? Search from thousands of franchises for sale across the UK on Reed Commercial now.

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Sandy Purewal

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