Could a profitable career running a conveyancing franchise be your next professional move? Launch a satisfying independent career while also benefiting from the support of an experienced and prosperous parent company. Here are seven key tips for running a successful conveyancing franchise.
Are you looking to start your own conveyancing business? When you become a franchisee, you’re getting a head start by investing in your own future success. Unlike setting up your own business from scratch, when you buy a franchise you will be able to benefit from the support, experience and training offered by your franchisor which will enable you to hit the ground running. Here are seven tips for running a successful conveyancing franchise.
Franchises are not like other small businesses – they are part of a larger corporation. As a franchisee, ideally, you’re joining an existing recognized brand with a strong track record of professionalism and customer service. To run a successful franchise, you will need to know exactly what expectations your franchisor or parent company will have. That means knowing what costs you will need to outlay to be part of the team, which will include:
These costs will likely be easily absorbed into your running costs because the benefits of owning a franchise include being part of a ready-made brand.
To run a franchise successfully, you need to be part of the team. Franchisees who fail often start modifying the existing business model or changing the products, hours of work and services they are licensed to offer. To be a successful franchise owner, you need to follow the system in place to preserve the brand and protect both your investment and the investment of your fellow franchisees.
While your parent company will likely take care of the bulk of your advertising needs and supply you with customer leads, there is still plenty that you can do to bring in customers for yourself.
To run a successful conveyancing franchise, you can make use of email marketing by sending out regular emails to current and past clients, offering rewards for successful referrals, or special, limited-time offers.
Creating a digital presence is also a great way to advertise your services. A great place to start is by posting to social media sites like LinkedIn, Facebook and Instagram about industry changes, the basics of conveyancing and your client success stories. When people search for a conveyancer online (which most people do), they’ll have more confidence in your business if you have a strong digital presence.
As a franchise owner, you probably won’t need to create your own website. However, using social media to provide useful content to your audience can boost your reputation, position you as a thought leader in your field, and help to entice clients to engage with your service.
An online presence is vital, but so is making personal connections. As a conveyancing franchisee, you can generate a lot of business by making connections with industry colleagues and current and prospective clients to enhance your reputation, resulting in business growth. Start by building up a network of real estate agents who will refer clients to you. You can do this by setting up meetings to introduce them to your business. You might offer them a partnership for successful client referrals.
The most important part of building these networks is to ensure the professionals making these referrals are confident in your skills and reputation, so try to build up a log of testimonials from past clients before you begin networking.
Your job as a conveyancer is to ensure that the title process is completed quickly, professionally, and accurately. A big part of this is to invest in software that will streamline your workflow with simple automated processes.
If you are looking to buy a conveyancing franchise, you will likely already be a conveyancer and know the value of automated software. But when running your own business, it can be tempting to skimp on costs by trying to work without spending money on what you may perceive as unnecessary costs. However, this is often one of the biggest mistakes small conveyancing businesses make. To ensure you meet deadlines and build a reputation for being the best in your business, you have to spend money on the technology that makes it possible.
Having autonomous technology decreases the time it takes to complete a matter, saves you money that could otherwise go to your bottom line, and reduces any human error that may slow down the legal process.
BAS statements, end of financial year tax time, cash flow, paying bills, invoicing… Accounting is a big part of business ownership. The worst thing comes tax time is to find out that you haven’t been keeping up to date with your incomings and outgoings and have weeks of hard work sorting through your finances that you could have otherwise put into seeing new clients and making more money. The bookkeeping side of owning a conveyancing franchise can be exhausting.
The best way to keep on top of your books is to plan from the beginning. You could:
Whichever you choose, ensure you begin the process from day one.
Hopefully, your business will grow enough to warrant bringing in other employees. When that time comes, you’ll need to employ the best business practices to keep good staff. This means:
Being a boss is hard work – just ask your franchisor! But you’ll only get the best out of your staff by offering them a fulfilling and pleasant place to work, so before you bring anyone on, think about the kind of boss you want to be.
To be successful running a conveyancing franchise it’s important to be motivated and results-orientated, but also resilient and willing to learn and to take advantage of any training offered by your parent company. As a franchise owner, you can benefit from being part of the franchise family – surrounded by like-minded people who want to help you to ensure your business succeeds.
Jim’s Group has been able to help many franchisees grow successful businesses, and intensive training forms an integral part of their method. Jim’s Group has refined training techniques and practices over the past 30 years to ensure that franchisees are supported, well prepared, and ready to hit the ground running when they launch their business.
Starting your conveyancing franchise as an instant success is much easier when you buy into an established household brand, such as Australia’s largest franchise group, Jim’s Group. Jim’s Group have property conveyancing franchise opportunities available across Australia. Are you interested in buying a conveyancing franchise? Click here to find out more about starting a Jim’s Group franchise, or phone 13 15 46 to speak with our friendly customer support team.
Thanks for reading,
The Franchise Institute Team
1300 855 435
