Are you a potential Franchisee?
Purchasing a Franchise can be a very positive step in running a business and having the additional security that goes with being a part of a Franchise business.
However franchising isn’t for everyone. You need to satisfy yourself that the franchise that you are looking to purchase is suitable for you in terms of location, finance and passion. If you are not passionate about the type of franchise, just because it is a franchise doesn’t mean it will be successful for you.
You need to ask yourself of the type of business suites your personality and your lifestyle. Can you work within the framework of the franchise and its systems?
If the answer is yes then you may be a candidate for a franchise.
Can you do this?
You need to look at yourself and work out if you are suitable for franchising. What experience do you have, both in business and in the industry that the franchise is involved in. Does the industry require a high level of expertise or skill; for instance if you are getting into a hamburger franchise then this will take a different level of skill that other specialised franchises.
Do you have what it takes to be a franchisee?
Many people have found that becoming a Franchisee is far different from what they thought it was going to be like.
Essentially you “give up the tools” and become a manager of people. Many Franchisees can’t “give up the tools” – that is, stop actually doing the work and manage the people. If you can’t do this then don’t become a Franchisee, as franchises are about leveraging time and if you still want to do the work you won’t be able to leverage your time.
Being part of the franchise means that you will be following a predetermined system, without much leeway for any changes. If you are the kind of person that is happy with this then you will fit the Franchisee mould. If you are the type of person that is always looking to change things then franchising may not be the best option for you.
The Franchisor will be providing all the systems that you will require to operate a successful franchise. You will still need to do the work however. You will need to be committed to the franchise and probably put in some long hours. You will need to manage staff and pay attention to detail as the system will probably be quite detailed in every respect. If you are not a details person then Franchising may not be for you.
You also need to ask some questions of the Franchisor and their track record. Are they successful in their own business and also as being a Franchisor? What do other Franchisees say about them? Ask to talk to other Franchisees; if the answer is that this is not permitted alarm bells should be ringing as there maybe some information that a potential Franchisor doesn’t want you knowing about.
FrankDocs is the premium suppler of Franchise Documents, Legal Documents, Franchise Manuals, Franchise Templates and Franchisee Recruitment Documentation in the UK. Feel free to visit us at www.frankdocs.co.uk or by emailing support@frankdocs.co.uk
Tagged with: franchise agreements • franchise documents • frankdocs.co.uk
Comments are closed.