ADVICE FROM A FRANCHISEE

Five Of The Most Valuable Tips From A Franchise Owner

Tip 1 - Include Your Spouse On Calls

Investing in a Franchise is a huge financial decision.  Money Magazine did a poll recently and found that, "Couples who agree on saving and budgeting feel more financially secure, argue less about money, and in general have more satisfaction in their marriages".  Not only will you be more likely to reach your long-term goals, but you both will feel comfortable in the knowledge and understanding of your financial situation.

Tip 2 - Have Clear Cut Goals

While the idea of investing in a franchise may be new, it is important in the beginning of the process to lay out your "must-haves".  Ask yourself these questions: How much time do I have to invest in a new business? How much return do I need to see for this to make sense as an investment? Do I want to manage things or manage people?

Tip 3 - Talk to An Expert in Funding Early In The Process

Similar to the process of shopping for a home, it's best to know how much you can afford to spend before falling in love with something that's out  of reach.   Talking to a Funding Expert won't hurt your credit score and will help narrow down a list of options that are within your budget

Tip 4 - Remember; It Is An Interview

We like to think of Franchise Introductory Calls as a two-way interview.   While you're learning about the Brand's story and financial performance, the Brand is trying to assess if you'd be a successful franchisee.  It is ultimately the candidates decision to invest in the franchise, not all candidates are approved during the discovery process.

Tip 5 - "Check Your Premises"

Just because you enjoy working out, doesn't mean you should buy a gym.  It also doesn't mean that a gym is the right business model to help you achieve your goals.  Speak to your consultant and really try to identify your strengths, how much time you can commit, and what you need to accomplish with this investment.  People tend to be driven by passions and interests, when in most business ownership roles you attend to the same high level tasks.

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