Franchise Opportunity: Four
Points You must Consider
concerns and considerations:
Some have found
franchise opportunities to be the answer to their liberating dream of
owning and running their own small business. Kevin Cushing (Small
Business Opportunity Magazine, Winter, 2006) has identified four areas
that you absolutely must consider when thinking about a franchise
opportunity for your small business success.
When you begin
considering franchise opportunities, you should take advantage of the
“discovery days” that many of the networks offer. These are frequently
excellent opportunities to make sure that the franchise is a good fit
between the network and franchisee. Discovery days are usually one-day
events which provide extensive background information about the network
and the franchise opportunity.
identified the franchise opportunity that seems to be the best fit, you
should then speak with at least 20 franchisees in the network. Speaking
to a range of franchise owners from the most successful to those
operating at below average locations, should then provide significant
insight into the business from a variety of perspectives. You should
always beware of networks that claim that all of the franchise
opportunities are above average.
Choosing the correct
franchise opportunity also means completely understanding the training
programs offered by the network as they will be the tools that position
you for success. Also, the corporate office should demonstrate a
commitment to maintaining both initial and ongoing training.
The ideal franchise
opportunity would include a corporate office that provides online
seminars and fully develop training programs for all positions within
the business. This will help prospective franchisees to understand the
complete workflow of the business, how it operates and what the roles of
each prospective employee will entail.
3. Corporate Support
Ongoing support from
the corporate office is an incredibly important piece of the franchise
opportunity puzzle. The corporate office should be very responsive to
the needs of their franchisees. At the very least, new franchisees
should be able to expect weekly calls and bimonthly visits by regional
sales and marketing managers as well as toll-free telephone support from
dedicated help desk experts.
4. Challenges to
starting your new franchise opportunity
You should be
prepared and expect many challenges in the beginning stages of your new
franchise opportunity. The integrated support system is a major benefit
to franchisees. You should allow yourself a learning curve and
understand that it will take you some time to learn the finer points of
running your new franchise opportunity.
As the owner of a
new business you may fall in the trap of relying too heavily upon the
experience of your employees. You should rely upon the same evaluative
skills that helped you to assess and purchase your new franchise
opportunity in choosing the right employees and making the correct
strategic decisions for your new business. A former owner of the same
type of franchise opportunity you have purchased can have great value in
assisting in your decision-making, but you should not allow their
judgment to replace your own.
information from Franchise Wise Purchase Pointers by Kevin Cushing:
Small Business Opportunities Magazine, Winter, 2006
information by Paul Susic M.A. Licensed Psychologist Ph.D. Candidate
CEO/President Susic Psychological Consulting P.C.