How to Drive a Successful Franchise
Last week we published the first part of our interview with Driver Hire’s Kasia Baldwin, looking at the advantages of starting a franchise over a completely stand-alone business in a recession. In part two of the interview with the Franchise Marketing Manager here, we take a look at her key ingredients for franchising success, and how to drive business growth as the UK economy begins to take its first tentative steps towards recovery.
What would you say are the three most key things to bear in mind when starting a franchise?
“When looking to start a franchise the three most important things to consider are your role in the business, investment levels, and your long term expectations.”
How do you know what type of franchise you are right for?
“It’s important to decide early on what your role within your business will be. Are you somebody that will want to carry out the service your business provides or do you want to manage other people to do this for you? You’ll also need to work out whether your skills suit a franchise you are interested in and how much time you are prepared to put in to growing your business.”
“Even at the start of your search you need to think about your exit strategy and your long term expectations. Why do you want to become your own boss? For how long can you see yourself in the same role? Some franchisees prefer to run a business for around five to 10 years before selling and starting a new challenge, while others are looking to buy a business to grow as a future retirement fund.”
In turn, how can you best gauge that a particular franchise is right for you?
“When looking at the investment required, be realistic and look at value for money, not just whether the franchise licence fee and set up costs are high or low. Visit your potential franchisor’s head office and meet the team who will be supporting you. Speak to other franchisees and quiz them on the high and low points of running their own business. Remember, setting up your own business is hard work if you really want to reap the financial rewards. A good franchisor will be realistic with you on what is needed both in your time and money. By doing some in-depth research and by speaking to family and friends you can find the right franchise for you.”