14 December 2016
Four questions you should have for your franchisor before you commit
here are many things to consider before you make the final decision to join a franchise. Owning a franchise offers both a rewarding and challenging experience, however it is extremely important to do your due diligence and get all the information you need before you sign on the dotted line. Not only is it essential you’re prepared for what’s expected as a franchisee, but you also want to ensure you’re the right cultural fit for the franchise system you’re joining.
Here are 4 questions you should have for your franchisor before you make your final commitment:
1. What level of guidance and support will I receive?
Joining a franchise means you don’t have to start from scratch, as you have the advantage of an established brand behind you. However this doesn’t mean it’s all going to be smooth sailing – the support you receive from your franchisor, particularly in the initial stages, is critical to success.
The level of support differs between franchisors, so it’s important to understand what you’re getting. Will you have a dedicated representative to answer your questions? Is any training offered? Make sure you know what you can expect ahead of time, so you’re not surprised when you’re up and running.
2. Will I have a say in the franchise system?
Each franchise system has its own unique way of operating. Some encourage input from franchisees when it comes to decision making, while others don’t. It’s important to know upfront what sorts of opportunity there are for you to get involved and have a say.
At Bedshed, franchisees have the option of being a part of either the Franchise Advisory Council (FAC), or the Merchandise Advisory Council (MAC). The FAC contributes to business decisions on matters such as customer feedback and operations, as well as promotional and advertising campaigns. The MAC is responsible for product related decisions.
3. What sort of a work/life balance can I expect?
All successful careers require hard work and determination. Franchising is no different. However a good franchisor should be able to explain how the franchise assists franchisees in ensuring they experience a healthy work/life balance.
Also ask to speak to existing franchisees within the system. This should give you a clearer idea of what to expect.
4. What sets you apart from other franchise systems?
It’s no secret that each franchise system is slightly different in how things are run. You want to find one that’s best going to suit your interests and needs.
For example at Bedshed, we pride ourselves on a fun an inclusive culture. We host an annual awards night, which acknowledges excellence and dedication among our franchisees. It’s also a chance for the network to come together as a team, and enjoy each other’s company. Bedshed also hosts biannual buying trips which visit destinations across Asia. These are a fantastic opportunity to socialise with other franchisees, as well as have valuable input into future product selection.