Franchise owner advises his younger self | Bedshed

What you wish you knew then - franchise owner advises his younger self.

What you wish you knew then - franchise owner advises his younger self.

We caught up with Stewart Herman of Bedshed Melville, a long-standing franchisee with Bedshed who is approaching the 30-year milestone! During this time, he’s certainly achieved a lot – but as with any successful business, it hasn’t come without its challenges.

It’s no secret that a prosperous career requires hard work and determination, something Stewart knows all too well. Reflecting on his time with Bedshed so far, we asked Stewart what advice he'd give to his younger self about setting up and running a successful franchise store.

Location, location, location!

The location of your store, no matter what it is that you’re selling, is a major criterion for success. Take the time to research different areas. What is the foot traffic like? Is it an area of growth now and in the future? Can you see people in the area coming into a shop to buy your products and consider what competition you have nearby?

Once you’ve sorted this, you can worry about the fit-out and design. For example, Bedshed has been rolling out its new evolution store fit-out, which my store has received with great success.

Understanding cash flow management.

Remember, when you start a franchise, you become a business owner, which means you’re doing much more than simply selling to customers. You'll become responsible for the 'backend' of the business, which makes putting a robust business plan in place critical. Be organised in your approach and get your ducks in a row as soon as possible, particularly with the finance side of things. This will save you a lot of headaches further down the track.

Get involved in the network.

While I certainly feel involved and included in the Bedshed network now, getting involved from the start is something I would recommend to new franchisees. Getting tips from those more experienced is a fantastic help. It's amazing what you can learn and pick up from other franchisees.

At Bedshed, we have the Merchandise Advisory Council (MAC) and the Franchise Advisory Council (FAC). These open logistical and marketing conversations to any franchisee interested in making the best decisions regarding operational matters, customer feedback, advertising campaigns (FAC), and product-related decisions (MAC).

Don’t neglect your work/life balance.

As with any role in any industry, it’s important to work hard, but it’s equally important not to let go of doing the things you love. For me – I love long-distance running. Between running my franchise and spending valuable time with my family, I now find the time to run before work.

Take advantage of the perks!

The great thing about franchising with Bedshed is you can justifiably travel overseas to attend things like buying trips and furniture trade shows. This will assist you in running your business and keeping up to date with the major furniture and bedding trends. 

Not only will you get the added financial benefit from bulking up your frequent flyer points, but you’ll also pick up innovative products and sales tips that you might otherwise not have come across!

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