7 key facts about starting a franchise business
Here are 7 key facts you need to know about starting a franchise business.
1) You’ve got an expert team behind you
Often starting a franchise business is less daunting because you’ve got an expert team behind you encouraging you to make it work. While the type of support varies, often head quarters will offer you training, mentoring and business management advice regularly so that you can run your business successfully.
2) You’ve got a well-known brand to promote
Another big challenge you’ve got when launching your own business is getting your name out there and explaining what it is you do. If you have a franchise business, the hard work has all been done in that sense; people are usually familiar with the brand and there’s a buzz of excitement when you open.
3) You can you work it around your family
The biggest advantage of running your own franchise, particularly a lifestyle franchise like yoga classes, is the work/life balance it can give you. It gives you the freedom to work when you want to work and fit it around your family and social life.
However, running your own business - franchise or not - is never easy. It will take a lot of time and effort but remember to switch off when you can to enjoy the results of your hard work.
4) You can work on something that you feel really passionate for
There are thousands of franchise options out there so you can work in a business that you feel really passionate about. For example, if you love Subway, you can run your own Subway franchise. If you love Yoga, become a teacher and a YogaBellies franchisee, if you love coffee be your own Costa Coffee boss! There are so many franchisees to choose from - just make sure the sector is something you are probably good at, know well and care for!
5) You need to get the finances prepped
Running a franchise business does require some finance upfront and this varies considerably. You need to pay a fee to take on the established brand name that is already well-respected, with a reputation that has taken years to build. Make sure you’re fully prepared for this investment, and any costs you owe the franchiser on an ongoing basis.
6) You need to be a leader, but also a team player
As a franchisee you need to have a well-defined desire to learn and a willingness to follow directions from others. You need to be passionate about someone else’s business that you can make your own.
While owning a franchise gives you the independence to work when you want, you also need to be able to follow guidelines and advice from head office so if you’re a real free spirit who would rather do things your way then owning a franchise might not be the way for you.
7) You can make it a huge success!
A franchise business can be very profitable and you can make a great return on investment. Having that brand name behind you gives you great buying power, and if you’re looking to hire staff, you will more likely have the pick of the bunch.
Similarly, you might already have loyal customers of fellow brand franchisees, excited to try out what you have to offer that you can easily hook in and make regularly clients.