I work closely with a leading UK franchise, so I guess I know at first hand what it takes to be successful as a franchisee. Although I am asked many questions, one stands out in particular and that is the question ‘so, what do I get for my franchise fees?’
I love this question, for it shows me that someone appreciates that their investment into a franchise needs to deliver additional value over an above going it alone.
They want to know what they are buying and why wouldn’t they?
When you buy into a franchise you should be buying a product or service backed by a business and marketing system that has been tried, tested and proven to work to generate profit.
Of course, everyone who goes into business for themselves will have these goals in mind. Anyone who has been in business will know the hidden traps, distractions and challenges that face everyone new to the business.
‘With a franchise, you can put an old head on young shoulders’
I guess that is the hidden answer to the question, ‘what do I get for my money’. A safer alternative to starting out on your own. Buying the time and money wasted making the mistakes everyone makes.
Sure I can talk about a business that allows someone to be their own boss and benefit from working at home. Flexible working hours, increased income, better work-life balance or minimised childcare costs are important for many and a good franchise enables people with the right personality and temperament to achieve these goals.
However, the person I’m talking to has likely already considered that they can do this on their own, without the cost of a franchise. This is nearly always the question behind the question.
Starting out on your own is an act of faith with ‘no safety net’ by way of knowing what typically happens and how to deal with the challenges to be faced.
There really is no substitute for experience.
Yes, you can work out how to set up, run and develop a new business but brainstorming smarter options is best done with people who have already done what you plan to do.
Every new or established business will face challenges and times when business isn’t so brisk. Even a franchise. However, rather than figuring out what to do on your own or with an equally inexperienced family member, it’s better to talk to someone who’s already made their mistakes and learnt from it.
A good franchise team offers valuable support, inspiration and know-how to help their franchise partner through the tough periods far better than someone who has never faced those same challenges before.
It is important to surround yourself with experienced people who can guide you through the good and bad times. No one does anything of any consequence on their own.
For the many who are new to the business, a good franchise holds out a helpful hand to guide the newbie along their well-worn path to success.
They have the success map from a path well trodden so you don’t get lost in cul-de-sacs or travelling the wrong way up one-way streets. Better to work for yourself as part of a like-minded team than work alone and on your own.
Rebecca Cross is an Award Winning Virtual PA. Her background experience working with IBM and the Wall Street Journal provides invaluable experience. She specialises in providing creative business and administration support for entrepreneurs and business owners who understand the value of working on their business, rather than in their business. She is especially looking to work with business start-ups, entrepreneurs and professionals who travel extensively