Buying a franchise, you are buying a business model that has already proven its sustainability so you can be confident that you are getting the best possible start. It allows you to be part of a great brand, whilst retaining your own identity, but be cautious of some common pitfalls;
Failure to engage franchisor support
Franchisor buy in will ensure that you have the added value of support from the franchisor, their team and fellow franchisees. Maximise the support and marketing that goes into your franchise launch,and remember your franchisor wants you to succeed too.
Not Using The Systems
Before you go against the systems, remind yourself that you brought into them. On day one, when your deposit secures your territory you are signing up for the systems and processes created by the franchisor. Systems that are tried, tested and developed to ensure that you are provided with everything you need to build your business. Use the full processes to maximise their potential for your business.
Not Researching
From failing to research your territory to competitors – you should research all aspects of your business to give yourself the best chance of success. You need to spend time researching what franchisors in your chosen field are offering you for your money and don’t be dazzled by initial offers.
- What long term support do they provide?
- What ongoing costs are involved?
- What marketing is on offer?
Failing To Be Objective
Of course to succeed you are required to be fully invested in your product or service but just because you love to do something – should this be your chosen path for your business?
Consider;
- The return on investment.
- The viability in your chosen location.
- The ethics and culture of the franchisor.
- The USP of the opportunity – what makes them different?
Marketing Beyond Capacity
Yes you need to market your business, but you will also need to consider how you deliver on your promotions, by thinking strategically. use networking opportunities to let people what you do, do it well, deliver and allow the referrals to come your way. Word of mouth will always be one of your most powerful marketing tools.
Entrepreneurs can be cautious when it comes to launching, but this is why franchising is so attractive. We have done the leg work, so you don’t have to – the business you buy is tried and tested and comes with minimal risk. The stats don’t lie, a study by FranNet shows that approximately 90% of franchises enjoy success and remain trading. What are you waiting for – give Avanti a call (08000) 388 799 today to take your next step…