If you're interested in more information on how to choose between a franchise and a independent business, please download our Experience of Business Owners PDF.
9 December 2015
Finding Mr or Mrs Right
When searching for your significant other, there are many things to consider before making the commitment, putting a ring on it and settling down. It is not a decision that should be taken lightly, but when you find the right person, it can be among the most rewarding things you ever do.
The same principles apply when you’re buying a franchise – in many ways the franchisor / franchisee relationship is just like a marriage. Here are four things to remember when looking for the right franchise for you.
Have open and honest conversations
Investigate the options with your eyes wide open, and have frank, authentic conversations with any prospective franchisor. Strong relationships are built on trust and communication and it’s no different when entering a franchise agreement. Talk to both the franchisor and franchisees about what they like and what they don’t like. Don’t be afraid to ask the tough questions and keep probing if you don’t get a clear answer – relationships are a two way street.
In any good relationship you want your partner to be the best they can be, to achieve their goals and have a happy, fulfilled life. A good franchisee/franchisor relationship is similar – you share in each other’s success and support each other all the way. Look for a franchisor that offers the level of support you’re looking for. Ask questions about the initial training, but also the support offered on an ongoing basis throughout the relationship. You can expect your franchisor to assist you in achieving your goals and making your business the best it can be.
Try something you haven’t before
If you always go after the same type of person, you’re limiting yourself unnecessarily. There’s a whole world of people out there and it’s no different when it comes to thinking about your career. Maybe you trained in a professional role, or you might work as a salesperson in a B2B IT firm. If you limit yourself to jobs in these fields, you could be missing out. If you’re ready for a change, think about all the other options beyond what you know – you’ll find lots of your skills are transferrable. Perhaps now is time to consider what you wouldn’t normally, and turn it into something wonderful.
Like any good marriage, there will be some give and take, with each individual expected to contribute fairly to their end of the deal. Keep the lines of communication open and you can expect a great business relationship and reap the rewards.