Franchising, like any new business venture, is a learning curve and can often seem a little daunting. We’ve put together some top tips that will help you make the right decisions and settle in as a first time franchisee.
1. Use the support available
Take full advantage of the support available to you, being able to access the experience and back-up of head office and other franchisees in the network is invaluable, and means that being self-employed doesn’t have to mean being on your own. Be sure to discuss any challenges you are facing with your franchisor as they will be able to provide you with the nessisarly advice and support.
2. Always check to see if a franchisor is a member of the BFA
It’s imperative to ensure that the franchisor is a member of the BFA (British Franchise Association). If they aren’t accredited then you need to be asking questions as to why, the BFA say they ‘help potential franchisees to recognise the good franchises and the not-so-good, as well as to help businesses involved in franchising to secure their own position amongst the good’. Belvoir is fully accredited by the BFA.
3. Buy with your heart, not your head
It is too easy to fall in love with the dream of owning your own business and be seduced by a concept only to find that the reality is not what you thought it would be. It is essential that you have fully researched the business, the franchisor and the local market before you commit.
4. Attend a discovery day
Discovery days are a great way to find out more about the franchise, meet the team and gives you a great opportunity to network and talk to likeminded individuals. Whilst on your discovery day think about a few things, how supportive do the staff seem? What kind of innovative platforms are they able to offer to help you to develop your business? Finally what is your first impression, do you feel welcomed by the business? All of these things will help you to build a picture and work out if it is the right business for you.
5. Talk to existing franchisees
Ensure you take time to speak to several existing franchisees to understand if this is the kind of business that you are suited to. Existing franchisees can offer you objective feedback essential to the major investment you’ll be embarking upon. Head to a local branch/office and ask to have chat, most would be willing to discuss your venture with you because ultimately, all franchisees are entrepreneurs.
6. Don’t rush your decision
Ultimately the decision is yours, so make sure you take some time to think things through. If the brand fits and you feel a spark of excitement then it’s most likely the franchise for you. If you feel like Belvoir gives you that spark then why not arrange a discovery day to find out more about the business and meet the team. Please see below for information on how to get in contact with us.
Belvoir is an award-winning estate and letting agency with over 200 successful offices around the UK. If you would like to talk about being our next success story, please call us on 01476570000 or email us on email@example.com