To make your choice:
1 Have the required profile
Make sure you have the necessary skills to run your franchise. You must, for example, be a good manager and have good people skills, be passionate about the industry you want to work in and have the support of family and friends.
2 Choose your franchise carefully
Get as much information as possible about the franchise you are interested in. Clear up all your doubts by asking the franchiser and contacting some of the franchisees on the network.
3 Prepare a realistic Business Plan
The preparation of a realistic Business Plan will help you to see clearly the viability of the project. A complete Business Plan will provide information on the long-term success of the business.
4 Seek help from professionals
Are you worried that you don’t understand the terms of the franchise contract or are not sure you can afford to start a business financially? Don’t hesitate to contact lawyers and/or accountants to help you.
5 Don’t leave any room for doubt
Are you 80% sure your franchise will work? What makes you doubt? Try to eliminate any doubts or ambiguities you may have and get as close to 100% as possible.
To manage your franchise:
6 Take advantage of the franchiser’s support
The franchisor must give you the training courses you need, as well as the operation manual of the franchise. In addition, the franchisor or other members of his team must be available to you while you are managing your franchise. Do not hesitate to contact them if you have any questions about the operation of the business.
7 Knowing how to deal with problems
Don’t wait for the problem to get worse, you must react immediately to solve it. Be prepared for problems that may arise, for example by considering possible solutions in advance.
8 Be aware of other franchisees and the competition
It is important to be aware of the market situation and the sector in which you operate. You can learn from the successes or failures of other franchisees in the network or from your competitors.
9 Prepare for the future
It’s important to have long-term goals, it will help you stay motivated. In addition, sound planning will help you identify problems before they arise and find the necessary solutions in time.
10 Being constantly motivated
Being a franchisee is a daily challenge. You must always be on your toes. Even if business is good, don’t relax.