PICKING The Perfect Partner

Franchising is a concept that is used all over the world – and very successfully! From China to Guatemala, Britain to India, it is virtually unstoppable as it continues to grow at a fast past. This isbecause it is a proven business concept that has gone on to make many brands globally recognised. As franchising is so popular, there needs to be regulators to ensure it stays ethical and credible so that people don’t fall foul to any cons or bad deals. When choosing a franchise that you wish to take up, it is important that you check their background. Are they a part of any associations that give them credibility? If not then you need to ask them why that is so.

Investment

It is important to look how much this investment will cost you. Do you have enough money to set up your franchise as well as keep it running? In some cases, franchisees have to wait a couple months to a year before seeing any profit return to them. It’s essential to have enough capital to run your business in those
crucial startup months as you will have to pay staff, rent, and stock depending on what type of franchise you will run.

Help and Support

One of the main reasons franchising is so attractive to a potential franchisee is that franchisors offer continuous support and training, especially at the launch of your business. This is to ensure that you are heading in the right direction and delivering exactly what is needed of you. A lot of franchisees choose franchisors based on the support and training that it clearly stated it will offer. Be sure to ask about this when selecting your potential franchisor.

Business Insights

What is your franchisor like? Take the time to talk to other franchisees about the franchisor you are interested in as this will give you a clear idea of what the franchisor is like. Do they offer help when it is needed? Are franchisees left to their own devices? Are the rules and business model suited to you? Franchisees will give the biggest insight to whether this will be a match for you as they are currently working with the model and will only be honest with you about what the day-to-day management is really like.

Passion

This may seem like an obvious one but it needs to be said, what are you good at? It is an imperative question to ask yourself and one that needs to be answered honestly. What drives you to work hard? It’s crucial to think about what really interests you. Choosing a franchise is essentially starting your own business and so you don’t want to be starting a business that you are not passionate about or have no interest in. A lot of franchisees go into a business with maybe some previous experience or because it is a lifelong goal.

Clare Jefferies joined homecare franchise ‘Home Instead Senior Care’ in the UK after losing her dad to motor neuron disease and her mum to breast cancer and saw the impersonal care that was given to them. This drove her to begin a franchise that would really provide the care she envisioned for her own parents and went on receive a double outstanding rating from the Care Quality Commission, the highest rating possible. “Being a caregiver takes dedication, commitment, guts and courage. With a double outstanding rating and the commitment of a team as driven as I am to change the face of ageing and to see dignity in care, we are proof that there is a better way,” she said.

Comment