Choosing a franchise is an exciting time for an aspiring franchisee. There is so much to learn and take away from this new opportunity that has been presented to you. But before you begin your franchising journey, it can be helpful to speak with franchisees of the franchise you are interested in to get a better idea of how it operates.
This blog will offer up the questions you should ask your fellow franchisees about the franchisor, costs and the daily operation of the franchise.
Questions About the Franchisor
There is no relationship in franchising more valuable than the one between a franchisee and a franchisor. When speaking to your fellow franchisees, you should ask questions that focus on the dynamic between the two. It can be helpful to know how involved the franchisor is in the decision-making process and whether they offer training and support to their franchisees.
It would be best if you also asked about the franchisor’s background. Try to get an idea of their level of experience. These questions can help you understand how the franchisor works and what you should expect if you join that franchise system.
Questions About Costs
You will want to know everything you can about the costs and fees for the franchise you are interested in. When speaking with fellow franchisees, it may be helpful to ask questions about the initial investment for the franchise and how fees are structured.
You should also ask about any hidden fees or unexpected costs that they may have encountered. And while it may be an uncomfortable conversation, you should ask about the return on investment. This is information that can be helpful to you.
Questions About the Day-to-Day Operation
To get a sense of what you will be doing from day to day, you should ask questions about the daily operation of your franchise. You can ask questions about customer relations, managing staff and any common challenges they face. It may be helpful to ask about their daily schedule and how many hours they work.
Don’t hesitate to ask what they like and dislike about owning a franchise. Finding out all you can about the franchise will help you to be more prepared!
If you are ready to start your career as a franchisee, get in touch today to get started with a free consultation.
Purchasing a franchise is a life-changing decision for a franchise owner. But before going out and purchasing a franchise, some factors need to be taken into consideration to help you pick the franchise that is the right fit.
This blog will discuss how your business goals, financial readiness and other franchisees play a role in helping you select a franchise. It will also discuss how the different franchising industries can impact your decision-making process.
Goals
When considering purchasing a franchise, one of the first things you should do is figure out your business goals. You will want to match yourself with a franchise that has similar goals to your own.
These goals could be as simple as making a certain amount of revenue in your first year or as complex as expanding to multiple units over the next five years. When speaking with franchisors, do not be afraid to ask questions about their goals. It will help you determine how focused they are on the brand’s growth and success.
Finances
Maybe the most important aspect to consider is your financial readiness. You need to think about what it takes to own a franchise. That includes the initial investment, ongoing fees, and any equipment and operational costs that need to be covered.
You will want to align with a franchise that is within your budget range to avoid financial problems. Should you need it, many franchises offer help with funding to get your franchise started.
Franchisees
If you have narrowed down your list of possible franchises, try to connect with franchisees of those brands to learn about how they operate, the experiences they’ve had with their franchisors and their brand’s track record over the last few years.
This can be helpful information that can inform your final decision. These experienced franchisees will be more than happy to help you!
Industries
Another thing to consider when purchasing a franchise is the industry you would like to work in. You should pick an industry that you have an interest in or one that you may have previous experience in. This will make franchising much more enjoyable for you.
Whether it’s working in the home repair industry or working in the fitness and health industry, there is no shortage of franchises to choose from. Take your time finding the one that is best for you!
If you are ready to start your career as a franchisee, get in touch today to get started with a free consultation.
One of the many roadblocks that can keep a prospective franchisee from owning a franchise is the amount of money it costs. Without proper funding, a franchisee won’t be able to pay the fees and costs of owning a franchise or purchase the necessary materials and equipment to get started.
Luckily, there are ways for franchisees to gain funding to help afford the franchise that they are interested in. One of those options is receiving financing from your franchisor. It’s important to know that not every franchise will offer this option, but some do.
This blog will explore why franchisor financing is a win-win for franchisees and franchisors, financing amounts and the requirements needed to qualify for financing.
A Win-Win Situation
Receiving funding from your franchisor is a win-win for everyone involved. You as the franchisee will receive the funding necessary to start your business, and the franchisor and franchise will be able to continue to grow with new locations.
A major benefit of going to your franchisor for financing is that they are already familiar with the franchise. They know how much things cost and can help make your job easier as they know the ins and outs of the franchise. Not only that, but there is the chance that this will help the relationship between franchisee and franchisor grow stronger because of their shared goals.
Requirements
When it comes to the requirements for receiving funding from a franchisor, those requirements are often left up to the franchisor to decide. While some franchisors may look for one type of criteria, another franchisor’s requirements could be completely different. There are a few general requirements.
Your credit will be assessed, and you will be asked for a personal investment of some sort and a developed idea for what you plan to do with the money. Franchisors take a lot of risk by providing you with funding. They want to make sure that it is in good hands.
Potential Financing Amounts
Much like the requirements to receive financing from your franchisor, the amount you receive comes down to the franchisor. The amount you are given is determined by the size of the franchise, your financial background and your desired amount.
Ready to start your franchising adventure? Get in touch today to learn how I can help you!
As a franchise owner, you will come up against many challenges in your career. One of the significant challenges that you may face is referred to as the “coattail effect.”
When a franchise experiences the coattail effect, this means that other franchises of the same brand are failing or doing poorly. Due to the performances of those other locations and the loss of reputation for the brand, you may see a drop in sales and the number of customers coming into your store. It could even go as far as you needing to close your business.
Luckily, there are ways for you to work to avoid these problems. Below are three methods you can use to overcome the coattail effect.
Set Yourself Apart
If franchise locations of the same brand as you are failing, then it doesn’t make sense for you to continue to do what they are doing. In order to get over the coattail effect, you should look for ways to make your location stand out.
If you can find products or services that other franchises don’t offer, highlighting them can help you attract customers. You should take advantage of anything that sets your store apart from other franchises of the same brand.
Focus on Local Marketing
A big part of working with a well-known franchise is that you have the chance to benefit from national and regional marketing. But if your brand is not doing well, then that type of marketing is not going to help you as much. Instead, you should put your focus on local marketing.
You can promote your store by getting involved in the community, conducting local advertising campaigns and finding ways to connect yourself with local organizations. Building a loyal local customer following can significantly help a franchise avoid the coattail effect.
Prioritize Customer Experience
It goes without saying, but customers are vital to the overall success of a franchise. You need them for sales, and you need them to help spread the word about your franchise’s products and services.
So, if you are trying to overcome the coattail effect, you should do all that you can to give your customers a one-of-a-kind customer experience.
This can be done by creating an atmosphere in your franchise that is welcoming and warm. Not only that, but you should prioritize personal interactions that leave a lasting memory. Customers will want to visit your location more!
If you are ready to start your career as a franchisee, get in touch today to get started with a free consultation.
Taking on a leadership role is a big deal. Whether you’ve worked up to the position from an entry-level job or become the owner of a new franchise, you’ve likely put in years of hard work to get where you are now.
But with a new title comes new responsibilities.
Luckily, there are ways you can prepare yourself for your new leadership position. Below are three tips to help you adjust to life as a first-time leader.
Focus on Communication
When it comes to being in a leadership role, your ability to communicate with your employees is the most important aspect of your job. You want to create an environment where your employees feel free to ask for help, give feedback or suggest solutions to a problem.
As the leader, you will want to learn how to communicate in a way that motivates your employees and reassures your employees that you are in firm control. The power of communication in your workplace can not be overstated.
Develop Time Management Skills
There never seems to be enough time in the day. This becomes even more apparent when you are in a leadership role. But how do you address this problem as a new leader?
One option is to create a plan to help tackle the tasks that you need to get done. As a leader, you should feel confident delegating different tasks to your employees. This will not only help you, but it will show your employees that you trust them.
Learning to be decisive is also part of developing time management skills. Once you’ve made a decision on something, stick with it and see it out. Flipping back and forth will only cause more problems for you and your employees.
Don’t Fear Making Mistakes
Everyone expects those in leadership positions to be perfect. But leaders are still humans, which means that they are more than capable of making mistakes. But these mistakes do not have to be a moment for you to beat yourself up.
Not only can you learn from them and do better next time, but they can be an opportunity to show your employees what accountability looks like. If they see you owning your mistakes and working to improve, there is a good chance they will do the same thing.
If you’re ready to start your franchising journey, contact me today!
