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.
2 March 2016
Four types of potential franchisee - are you one of them?
Franchisees are a varied bunch - here at Bedshed, we know that finding a successful franchisee is not a tick box exercise. There’s no simple formula. People from a variety of backgrounds, skills and experience have come into our business and made their franchise a success, and Bedshed is richer for this variety.
However, we do see trends. And from these trends, we’ve had a bit of fun pulling together these four franchisee profiles - which one are you?
1) The retired professional
You’ve spent 30 plus years in a demanding 9 - 5 (or sometimes longer) office job. Your children have grown up and are enjoying successful careers of their own. You now have the luxury of owning your own home; however you see yourself wanting to push out of your comfort zone and invest your money wisely, to have something to hand down to your children. Plus, you’re just not ready to take yearlong cruises yet. Unlike in your previous career, you will have the freedom to work for yourself within the hours you decide. Depending on what franchise you join, you will also have the security of being part of a trusted brand.
2) A manager in a franchise business
You have been working as a store manager in a franchised business for over 5 years, and are a top selling employee - invaluable to the business. However you now want to share in the profitability of the business, as well as have a bit more flexibility in how you work. Don’t be scared to take the next step. Your time on the shop floor has educated you with a solid understanding of the current trends in customer wants, needs and service. Your experience as a manager will enable you to instil the right amount of leadership, teamwork, and management in your position as a franchisee.
3) Migrating couple
You have just moved to Australia with your partner (or are thinking of doing so) and have the required funds to invest in the Australian economy. You want to invest in something with less risk attached than going out on your own, with a proven track record of being a profitable business to support your family in the future. You’ve both worked professional jobs back home, and you might have some sales experience, but importantly, you are willing to learn any new skills necessary. You also are keen to be part of a new community quickly as a local business owner with the power of a known brand behind you.
4) The redirected employee
Having worked in your company for over ten years, you’ve found yourself taking a different direction out of your current company. This means you have capital (in the form of your employment payout) and are looking to the next phase of your career. You want more freedom over your own destiny, but don’t want the high level of risk associated with going out on your own. From your previous job you have managerial and financial experience, and are willing to learn new skills where necessary.
To read about some of our Bedshed franchisees and their stories, click here