Running a franchise business

Everything you need to know

Running a franchise business has many advantages over compared with starting up a
completely new company from scratch. You’ll have access to a proven business model, a well-
known name and reputation to trade from. In addition, the need for publicity work will be
reduced and, perhaps most encouragingly of all, franchises actually have a better success rate
than independent start-ups.

Still, as with any business, there is an element of risk attached to becoming your own boss,
even with the support of a franchise. Moreover, a complete understanding of the franchise
opportunity will be key to your success as a business person.

If you’re looking to move into the world of franchising, then the key elements to consider are
what you are getting into, who you are working with, if the partnership is a right fit and what you
plan to get out of it. Here are some of the most important points you need to consider before
running a franchise business.

 


How much will it cost?

Even the richest of people must be aware of how much a new business venture is going to cost
them before making such an important investment.

The total investment required to get a franchise business off the ground can vary, but generally
you are expected to have the funds to pay franchisor fees, purchase costs, your opening
inventory and the amount of working capital necessary before breaking even.

Understanding the costs is vital to the success of the business, as you don’t want to run out of
money when you are on the brink of success. It’s important to ask questions and ensure that the
franchisor is proactive in supplying you with the full information regarding the franchise
opportunity.

Another step regarding the cost of a franchise will be planning the financing of the business. Will
you be taking out a business loan and where from? Many franchisors have partnerships with
banks and institutions that can help you get funding at better rates. That often means that until
an entrepreneur speaks to a franchise, they don’t realise how affordable it can be.


How much time will you have to invest?

Some entrepreneurs believe that because they have the support and back up of an established
business behind them, they are effectively managers and not business owners. Remember that
running a franchise business is not a shortcut to success – although it sure is a fantastic model
the franchisee running it will be essential to the success of the business.

Most franchises will ask you to put as much time into your business as if it were your own start
up. Investing time into a business is also a form of cost. When you join an industry, you should
be passionate and it ought to be an opportunity that excites you.

Understanding exactly how to start the business as a franchisee and what is involved in the
daily running of a franchise is a must. If you are unsure of the amount of time that you can

contribute to the business, it’s a good idea to ask the franchisor if you can run the business on a
part-time or full-time basis or if there are any services that can be outsourced. This can make
your life a whole lot easier and save you valuable time.

Take some time to think about the industry you are getting into. If it’s a franchise that is in higher
demand at certain times of the year, such as school holidays or weekends, then understanding
that you’ll be required to work harder during those peak periods.

Always be clear from the outset of the commitment and time that is necessary to make the
franchise a success.


What is the franchisor like?

When you join a franchise, you will be bound by a proven business model and specific
processes. In order to establish a long and successful relationship, understanding as much as
possible regarding the franchisor is essential to ensure they are a good fit for you personally.
Look at how long a company has been in business, their success rates and the existing
franchisees network. If there is a remarkably high turnaround rate in franchise owners then ask
yourself– why that is?

Talk to the franchisor to get a feel of what they can offer and talk to other franchisee owners if
possible. You could even visit a franchise as a customer to learn more from an end-user
perspective. Think about the support and service you require based on your skillset and if the
franchisor is able to provide it. The more research and information you gather regarding the
franchisor and the business opportunity, the easier it can be to make a decision.


What kind of support will the franchisor give?

Knowing that you won’t be alone, solely responsible for a business, is one of the biggest allures
of being part of a franchise network – but it’s only good if you know the amount of support and
service you are going to be receiving from the franchisor.

Asking for help is one of the hardest things that we have to do in general, let alone when it
comes to the world of business. But if you know that the franchisor is ready and willing to help
and will do everything in their power to help you succeed, it becomes a little easier.

The franchise business model largely depends on the success of each franchisee; the most
successful franchises provide excellent support and work to have great relationships with each
franchisee, then the business is more likely to succeed. Based on this principle, the more the
franchisor invests in the franchise network, the more they will grow as a brand.


Ultimately, what is your goal for your franchise business?

Perhaps the most important thing to consider before running your own franchise business is if it
can help you in your general life goals and achievements.

Have you set up the franchise because it is your dream job and you want to run it until
retirement age? Will the franchise run alongside your current work as a part-time business

opportunity? Does the franchise represent a way for you to get started in an industry that you
are passionate about?

The clearer you are about what you aim to achieve– in the short-term, medium-term and long-
term–the easier it will be to run your franchise business and decide if the opportunity suits you.


Join a successful football franchise today

We Make Footballers are a football coaching franchise that are passionate about empowering
individuals to work in an industry they love, whilst achieving their financial and personal goals.
Our part-time and full-time franchise opportunities are available for coaches and business
people from all backgrounds.

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