So you have decided enough is enough. It’s time to have the freedom to work when you want to work and to be doing what you want to be doing – in other words you want become your own boss. And you are considering purchasing a franchise because you want the security of a tried and trusted system around you.
More and more Australians are joining the franchise game to realise their dreams but, there are a number of things to look out for as a stepping stone to success. Here are some tips you should follow on how to buy a franchise:
- Have a personal interest in the work you’ll be doing – it sounds simple but it’s a big one – you’re becoming your own boss and it’s about time you enjoyed your work.
- Do your Due Diligence on the system. Speak to the franchisor and ask all the questions you can think of. Contact as many franchisees as possible to get their experiences. Ask others in your circle, such as friends, business associates, and others you trust if they have an experiences with the brand.
- Understand your market and the demand for your product or service. It’s important to understand your customers and what and when they’re after it. Some businesses can go hot and cold depending on the season or other factors.
- Your territory is your kingdom. Many franchises offer an exclusive territory where you’ve got first refusal on all jobs – in an ideal world this territory will be close to home and full of potential customers, so choose carefully!
- Get to know where your fees are going. Franchise fees are inevitable, and they are there for a good reason – usually all of these fees are reinvested into marketing, lead generation and advertising for you and your colleagues – it’s your money and it should be working for you.
- Your support network should… well, support you. A huge red flag for any franchisee is their franchisor being neglectful or downright lazy – encounter any of this even before you join the franchise and that’s your cue to run a mile.
Good luck with your business hunting.
Brought to you by Grey Army, Australia’s most trusted domestic and commercial property maintenance service.