Advice for franchise first-time buyers

Business Woman

 

Buying a property for the first time can be daunting; in the same way investing in your first franchise business can also seem overwhelming. EWIF offers you important advice to help you navigate the franchising world.

You’ve made the decision you want to be your own boss, so now what? Investing in the right business opportunity will be vital for your future success. So sourcing the right advice is crucial. Here are three key considerations before you make your franchise decision:

Understanding franchising and the area you’re moving into

In today’s society, you are no longer limited to one job-for-life. The opportunities available to you are vast. The great advantage of franchising is where your career ends up is not dependent on the skills and experiences you have. Many franchisees have successfully jumped from one career to another, law to care, banking to corporate consultancy, book-keeping to logistics, supported by franchising. The only limitation to where you end up is how you think!

Visit the franchise exhibitions, network with franchise organisations, like EWIF, ask the questions as you make sense of the business opportunity ahead of you:

  • What experience does the franchisor expect me to have?
  • What training will I receive?
  • What support can I expect pre-launch?
  • Will there be on-going support after I start?

Know what you want from your franchise – not just in the short-term

When looking for a new home, people will identify the long-term prospects of the house as well as the short-term: for themselves and their family.

Franchising offers you security for the lifestyle you want as well as stability for your long-term goals, such as a healthy retirement plan. Keep asking those questions which will help you identify the right business for you:

  • How developed is the franchise model?
  • Can I literally walk in and set up my business?
  • Can I work my business around my family/children/hobbies?
  • What are my neighbouring franchisees like?

Knowing what your franchise offers

OK, so you are ready to make the move and have identified the franchise you want to make your business. The ease with which franchising will make your career-dream come true comes down to the business model they have developed. How successful you will be comes down to how well you can operate using the franchise model, combined with the training, resources and support you receive from the franchisor. Don’t be afraid to ask those difficult questions before you make your investment. You and the franchisor need to be in agreement about your future with their brand:

  • How stringent is the process before I sign on the dotted line?
  • What financial help will I be entitled to?
  • How much involvement will the franchisor have in my business?

Like buying your first home, the more time you spend in researching what you want, the more settled you will feel with your future decision.





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