The franchisor will provide assistance to the franchisee in exchange for the fees they receive, however not all franchisors are identical. The amount of assistance received from the franchisor depends on the strengths and strategy of the business model.
You should recognise why you may be buying into one franchise rather than another and what expectations it can bring before making a final decision.
There are multiple advantages of buying a franchise resale. Listed below are a few of them:
For details on resale opportunities, visit Select Your Franchise’s Franchise Resales page.
Know yourself and clarify your options. When considering your future it all starts with you. It’s worth first of all taking a minute to consider who you are and what drives you. This exercise will help determine if self-employment, and more specifically franchised self-employment, is right for you. So let’s get started with a few easy questions. Are you a:
If your answer is NO to any of the above questions then when it comes to self-employment of any format you might want to think again. Should you be a YES to all then keep reading as business building could be right for you.
So what about the way you work – the manner in which you approach tasks? Do you like to:
If you have answered YES to all the above then you sir or madam are franchise material.
A franchisee is someone that will enthusiastically follow a proven, profitable and replicable business system. They will enjoy working through established trading systems under a protected trade mark. They will be passionate about their franchise and the brand. They will put great energy into building their local business with the franchisor’s guidance.
So is franchising right for everyone? Franchising is not for you if you are:
If yes then it’s time to make sure your support system is in place. Have you discussed your aspirations for self-employment and won the backing of your family? Will those that are close to you endorse your aspirations? Do they believe that this path is right for you? Be brave and seek their opinion. When it comes to franchising most succeed. In fact over 90%+ of franchisees interviewed in the British Franchise Association/NatWest Franchise Survey declared profitability. This does not mean the ride will be easy. The bottom line is that you need your family’s backing on multiple levels. They must be behind you!
Now it’s time to find the franchise that is right for you. Start with brain storming what is important to you. Franchise contracts are normally for five years so you must be passionate about the franchise of your choosing. Think about how you like to work. Are you a blue or white collar person? How much capital can you raise and how will you pay the bills until you start invoicing and get paid? What do you want to do with your time?
Now is the time to get your hands dirty. Do your on-line research. You are welcome to visit our website www.SelectYourFranchise.com. There you can resister for information and research franchise options. Visit www.thebfa.org to learn more about franchising from the British franchise Association (BFA) and visit BFA supported franchise exhibitions and speak to franchisors and advisors face to face.
Once you’ve done your initial research you need to whittle down your options to just one. Consider the testimonial of existing franchisees. Check out the social buzz around the brand and consider how well you are looked after by the franchisor.
If you have the money, family backing, passion for the brand of your choosing then it’s time to make a big decision and plan the BIG next steps into your new life as a franchisee!
I wish you every success. Work hard and enthusiastically follow the proven system. This is the best recipe for success in franchise business development.
Connect with Nick Strong
Select Your Franchise
Tags: BFA, British Franchise Association, business, franchise, franchise business, franchise information, franchise opportunities, franchise recruitment, franchisee, franchisees, franchises, franchising, nick strong, Select Your Franchise, Self employment
If you are looking to go into a cleaning franchise, then Select Your Franchise’s most recent Hangout On Air might be a great online resource for information for you. The event, broadcasted on 16th June, features Gurmukh Randhawa explaining all about the residential cleaning industry.
The Managing Director at MyHome is an expert in the subject and shares important advice on the business. The interview was broadcasted online within Select Your Franchise’s Hangout On Air programme. The event was hosted by our Managing Director Nick Strong.
Our Hangouts On Air happen on Tuesday, at 12.30.
Share your questions about franchising on Twitter and Google+ using the hashtag #FranchiseQuestion before, during or after the event.