Taking on a franchise can be difficult and challenging and you can’t do it without a staunch support network behind you. Whether that’s getting the right advice on franchising in the first place, working with colleagues to put together a robust growth plan in the business or simply getting the support from friends and family, if you want to succeed you need to be able to draw on help when you most need it.
Going out alone and essentially running your own company as part of a franchise group is not an endeavour that should be undertaken lightly. Whether you buy a resale or a new start, you will need to put some of your own finances into the operation and make the right choice of franchise along the line. If you are planning a move into the franchise arena, you will need the support of your family, particularly your partner. They have a vested interest in what is going to happen, certainly if you are moving from being employed by a business to starting out on your own.
Support is a two-way process. That includes being open and honest with your partner about what the prospects are and how you are going about choosing the right franchise which works for you. There may, for instance, be a period when things are tight and you have to put all your effort into getting the franchise off the ground before you begin pulling in a reasonable profit.
Picking the Right Franchise
You might have a keen business brain (or think you do) and are able to recognise a great opportunity when you see it. But if you are new to franchising, it makes perfect sense to get some support in the initial stages. Finding a franchise expert who can help you work through the details of any offer and how this fits with your future plans is imperative and could mean the difference between success and failure.
Picking the right franchise also involves looking at the kind of support you are going to receive while you are setting up. With a franchise resale, you are going to be taking on an existing business with a track record but you will probably still need to learn vital skills to bring you up to speed. The training and support that is on offer is vital for any future success.
Building Business Support
Never underestimate the power of networking – it forms the core of many successful business relationships. Networks are a great way to build support for your franchising dreams and can provide you with in-depth information to help you not only make the right decisions but to begin to grow your business. If you aren’t already a member of local networking groups, now is a good time to join. What you’ll find is a whole host of business experts and experience that you can call on when you most need it.
Building Work Relationships
Of course, the other support you need is with the people you are going to work alongside. If you are taking on an existing workforce, then you need to build those relationships and leverage them effectively. Any business is only as good as the people who do the hard yards and getting them onside is critical to success.