Purchasing a franchise business has many advantages but there are a few elements of franchise ownership that you may not yet have considered.
Owning a franchise can be great when it comes to brand image and reputation. You get to cash in on the national marketing campaigns of the brand you’re involved in and you can draw on a wealth of existing knowledge within the company.
However, you’ll still have to handle your own local marketing so be prepared to spend your time and your resources on building your company’s market presence in your own locale. You may have to employ a sales professional and/or a marketing professional, maybe a PR person; whatever suits the task at hand and will get you the best result.
You’re Running the Show
While the franchisor will be there to give you plenty of support and training, it’s still down to you to captain the ship. You’ll be the boss and you’ll be responsible for all the inner workings of your business. The franchisor will be there to help but everything is ultimately up to you.
You’ll have to ensure you either take on or delegate every responsibility in the business, from marketing to hiring staff to ordering stock, to rostering, to customer service and everything in between. Either you’ll be doing it yourself or you’ll be responsible for managing the people who you’ve delegated it to.
Adhering to Standards
As a franchise owner you’ll be a representative of the brand under which you operate, as will your business and your employees. This means that the franchisor will expect certain things of you and your business, and will require you to adhere to certain standards, procedures and processes. Keep in mind that while you will be your own boss, you’ve also got a responsibility to the franchisor and will have to operate in a way that satisfies these standards.
A Coral Homes franchise business , for example, would have very specific standards to meet when it comes to build quality, and would require all houses to be built to certain specifications. This can be a great advantage though, as you’ve got access to already streamlined systems and practices that will get you a consistent and quality result, plus customers are banking on the fact that they know what to expect and have chosen Coral Homes for this very reason.
Training and Support
Most good franchisors will have a thorough training system in place and offer continuing support for its franchisees. When you’re looking into potential franchises for your business, check the company’s training programs and investigate what support they offer for franchise owners. You want to be sure that the company will help you get started and set you up for success, and that you’ll have lots of collective knowledge and experience to draw upon while your learning and improving your business.
Consider also whether you’ll have exclusive territory in your franchise business. You want to have your own niche where you can build your business and profit from (hopefully) dominating your area. If you’re competing with other franchises from the same brand, offering the same services with the same support etc in your territory then this is much harder to achieve.
These are just a few bases to cover when thinking about purchasing a franchise. Considering these points will help you find the brand that best suits you and will give you what you’re looking for in business of your own.
*Image source: Stuart Miles at FreeDigitalPhotos.net