Owning your own business is an aspiration that many people hold. However, not everyone has a great idea or the know-how to start their own business.Â
For this reason, many people are turning to franchises, as they allow you to operate your own business under the name of a well-known and established brand.Â
If this sounds like you, we’re here to help with five tips all first-time franchisees should know.
Tip 1 – Do your research
Like all business decisions, it pays to do your research. At a bare minimum you should enquire into the franchise agreement and have a thorough understanding of how it works. The same applies to costs involved. This may include:
Upfront fees
Establishing and maintaining the franchise
Any expenditure you may have to pay
Your tax obligations
With this information you will be able to make informed decisions about owning and operating a franchise.Â
Tip 2 – Understand that you will need to work
Owning a franchise is generally hands-on work, so you need to be prepared to step into the role and get things done!Â
At Home Sorted! we’re fortunate that our franchisees love their role. We have cultivated a team that enjoys helping others and it shows through their dedication and commitment.Â
Tip 3 – Consider your personal circumstances
Once you understand that you will need to work, it’s important to consider your personal circumstances. Are you in a position to invest in a business? Do you have the time for a hands-on commitment? Are your family onboard with the decision? Will you be investing alone or with your spouse? Have you outlined who will be responsible for each area of the business?Â
Answering these questions will allow you to better understand where you currently stand and what is possible.Â
Tip 4 – Be present at all provided training
One of the biggest advantages of buying a franchise is the training and support provided. There is a massive learning curve when you change from employee to business owner and the advantage of owning a franchise is that you have the franchisor there to lead the way.Â
Ensure you are present and switched on during all provided training. Ask questions and follow up any concerns or queries that develop – even if they only spring to mind at a later date. Your franchisor has proven success in building the business brand and can therefore help get you onto your feet and on track to your own success!Â
Tip 5 – Utilise ongoing supportÂ
Similar to the point above is taking advantage of ongoing support. As a franchisee your success means success for the franchisor. What this means is that you have a team of people who want to help you succeed and will help you along the way!Â
At no point should you feel that you are in this alone. Instead, be sure to utilise ongoing support from your franchisor – this is one tip, you’ll never regret.Â
What’s Next?
At Home Sorted! we’re on the lookout for like minded individuals who love organising to join our team of franchisees. If this sounds like the next step in your career, don’t hesitate.