How to become a successful franchisee

Before buying a franchise, a few points to consider...

How to become a successful franchisee

Starting a business can be a daunting prospect, requiring a huge input in terms of both time and money.  Joining a franchise can be a more assured way of becoming a business owner, as it offers a proven business model and gives you the support and training you need to get going.

If you are considering buying into a franchise, remember that learning the ropes of the business is the starting point and that what happens next is very much up to you.

• Running any business is hard work.  Be sure that this is the best thing for you to do right now, and it is also the right time in your life to give it the attention and perseverance it deserves.
• When looking at different franchises, determine what your strengths are and what you might need in terms of additional skills to fulfil your new role.  Eg. most childrens’ activities franchises require regular use of a computer and social media because that is where you will find your customers.  There will always be new things to learn if you are going to remain current in an ever-changing world and you will need to stay motivated.
• Decide what you want to get out of running your own business – what does success mean to you?  It will take time to build your business and therefore if you need to earn enough to pay the mortgage from day one, then owning your own business is probably not the best route for you right now.
• Whatever business you are in, you will need to be organised and have good systems in place.  Many franchises will have much of this to hand for you, so you don’t have to re-invent things.  Make sure you check this out before deciding.  Good systems can save a great deal of time, which is vitally important when there is only you in your business.
• The early days might be tough, but owning a franchise means you always have help at hand in the form of other franchisees or the franchisor.  Getting encouragement from these people will help you to continue to move your business forward.