Many people are now veering towards the trend of moving out of the corporate grind and becoming self-employed; and in the current market landscape, franchising seems like a very conducive option.
The financial risks are lower than embarking on an entirely independent business venture and you have a set format and business framework to function in; which gives you a certain amount of stability from the outset.
But the decision to buy a franchise isn’t something that can be taken lightly and it’s important to have all your facts right. While there are numerous benefits to being a franchise owner, there are quite a number of misconceptions, generally doing the rounds in the media and the industry itself. And sometimes these act as a deterrent to people looking to step into the franchising scene.
These misconceptions about franchising don’t necessarily give you the complete picture of what the franchising industry is like. If you are part of a well-established and credible brand, these myths aren’t representative of how franchising is:
This is a very common misconception and many potential franchisees feel that their voice won’t be heard. Most good franchisors encourage and welcome franchisee inputs, especially when it comes to purchasing decisions related to product. They go the extra mile to make their franchisees feel like they’re part of a supportive and encouraging family that is there to back them at all times. Many companies also conduct regular meetings where they bounce new ideas and strategies and solicit feedback and input from their franchisees.
One of the best things about buying a franchise is that you are your own boss. While this means the entire responsibility of running your franchise and turning it into a success lies on your shoulders, it also means that to a certain degree, you have the flexibility in deciding the hours you work, rather than falling in line with someone’s orders and working fixed hours.
Most great franchisors will work with their franchisees to make sure they are satisfied with and are able to manage their work/life balance. They offer assistance and support in building a very stable and robust business structure and conduct regular staff development and training sessions. This helps ensure that the franchisees are able to work on a more flexible schedule and are able to take some time off.
One of the many benefits of joining a good franchise is that you have a ready network of experienced professionals there to help you make your store a success. However, as a franchisee, you have a very important role to play in the way your business progresses and need to be proactive with the ongoing decision-making process. Well positioned franchise networks conduct quarterly meetings in which they discuss everything from promotional marketing campaigns and customer feedback to operational matters. This detailed and comprehensive approach goes a long way in contributing to the success of your franchising venture.
When you are choosing a franchise network to invest in, look for one that has a good standing in the market with a proven presence in its niche. Conduct extensive research on their business model and speak with existing franchisees in that network; this will give you a better understanding of how the franchise functions and whether it would be able to support your business goals and dreams.
If you want to know anything more about setting up a franchise business or want some sound and professional advice, call The Franchise Institute on1300 855 435 or fill in this contact us form and we’ll reply as soon as we can.
Thanks for reading,
The Franchise Institute Team
1300 855 435