17 June 2016
4 questions your partner should have before you buy a franchise
Franchising can be a rewarding and fulfilling experience, with both lifestyle and financial benefits. However, actually purchasing a franchise and starting a new life can be a huge decision, and one that affects the whole family. It’s therefore important you and your partner discuss the tough questions before you make the final commitment. Having the support of your partner in the initial process of getting started is integral, and can make all the difference!
Here are 4 questions your partner should have for you before you make the final decision to invest in a franchise.
1. Have you done your due diligence?
Before you sign along the dotted line of the franchise agreement there are a wealth of things you will need to consider. Doing you research on the franchise you are getting involved in is essential – are you joining a reputable franchisor that you can see yourself working with? Will the business be the right cultural fit for you? Talk to both the franchisor and other franchisees to get the full picture on what you can expect when you join the franchise.
Get clear on your skills and experience and how they can be applied to this new role as franchisee. Identify your weaknesses and consider whether you’ll be able to source the right staff or get support from the franchisor to fill in the gaps.
2. What are you prepared to put in?
It’s no secret that hard work and determination usually pay off in the long run. However the initial stages of setting up a business can be time-consuming. Make sure you’re clear on the need to put in time at the start to reap the rewards later.
Ensure you know the elements you need to build the foundation of a successful business. Investing in your staff, getting to know your local area, and building relationships with your suppliers are just some of the things you will need to think about.
3. What happens if it goes wrong?
While it’s important to go in with a positive attitude, it’s also critical to have a backup plan. How accustomed are you to dealing with things when they don’t go according to plan? Have you asked the tough questions of the franchisor?
Remember however, your franchisor is there to help. They should be more than willing to provide strategic advice whenever you need it, but particularly in those initial stages of opening your business (hence the importance of doing your research on the franchise in the first place!).
4. What lifestyle benefits are you expecting?
When you own your own business, you can be flexible with your hours. However, when you’re in retail this can mean your team might need some support on weekends and public holidays, which balances the times when you can pick your kids up from school. Be realistic about what it takes to make your business a success, and put in effort where it matters to reap rewards later.