Becoming a business owner | 3 min read
Becoming a franchisee can be a great way to become your own boss and own a small business. The benefits a franchise include a proven system, a well-known brand, and ongoing support from a head office and other franchise owners.
Here are four things you should do to get you closer to owning your business by becoming a franchisee.
1. Figure out your passion and skill set
Buying a franchise business shouldn’t just be about facts and figures. Of course, it’s important to do your due diligence and make a good investment, but you should also consider your own skills, experience and passion to help you make the right decision. Choosing a business that suits your talents can help set you up for success.
2. Prepare to buy-in
Joining a franchise system usually involves funding an initial investment, which covers things like training and shop fit out. This can range in price, and you should investigate what the buy-in will get you, and which business you can really afford. You should also prepare to buy-in mentally, not just financially. The success of franchises can be attributed to everyone following a proven formula, so you really need to buy into the concept of the franchise you choose, and commit to following their system if you want to be successful.
3. Investigate franchise brands
When you’ve figured out which industries you’re interested in, and where your passion lies it’s a good idea to consider a range of franchise brands before you commit. Look at the franchises available in your chosen industry, and really do your research. Consider all aspects of each franchise you’re interested in, compare them, and look for things like peer reviews, and ratings or award nominations to get a real feel for each brand.
4. Speak to experts and existing franchisees
Before you decide on a franchise it’s imperative to do your due diligence. No two franchises are the same, so speak to independent professionals (like a lawyer or accountant) before you sign on the dotted line. Together with expert advice it’s also important to speak to as many existing or former franchisees as you can. Getting the lowdown about what it’s really like to join a brand from those who are in the thick of it is crucial and will help you work out which opportunity is right for you. Ask as many questions as you can, to as many franchisees as possible. Many brands also endorse onsite visits, and some will even set-up an on-the-job experience where you spend a day with a current franchisee to really see what it’s really like.
Becoming a franchisee can be a great way to get into business without having to go it alone. The best franchisors are just a call away, and you should be surrounded by a support system from the moment you start. Keep reading to learn more about working for yourself, not by yourself, and why franchising might be right for you.