Are You A Master Of Sales?
Obviously, at InXpress, we love the Business in a Box approach that franchising offers. But that doesn’t mean that buying a franchise is a copout, or that an owner is somehow cutting corners when they invest in one. There’s a lot of due diligence involved. It can be hard—if you’re thinking about buying a franchise—to know what’s essential and what’s not.
We’ve put together a cheat sheet of the 4 things you need to know about buying a franchise before you make that investment.
A prototype— that works
A franchise might have slick branding, a trendy product, and a charismatic sales team, but you need to know that their business model works, or you’re toast. Make sure franchise owners are successful, and that the product or service you’re selling is recession and trend-resistant.
A management team—- that you can trust
You should be inundated by support from your franchisor and their management team, or look elsewhere. Make sure the support and resources are thorough, ongoing, and easily accessible.
A training program— that covers everything
Even if you know the model works, and you have access to the team that’s made it a success, you need the training to make the model work for you. Training should come straight from the franchisor, and should be ongoing as the parent company changes and/or adapts their products, services, and brand.
The capital you need—for growth and change
You want to make sure you franchisor has the capital to grow their influence (and their impact) in both the local market, and the overall industry. You want to make sure they stay relevant, and that they offer a product or service that can adapt to the ever-changing needs of the individuals or businesses your franchise will work work with.
This is by no means an exhaustive list of essential things to know before buying a franchise. But it will be a great foundation on which to do the rest of your homework. In general you want to ask all your questions to both the franchisor (a trusted, experienced member of their management team) and other franchisees (they will be honest— we promise!)
While franchising isn’t for everyone, there are lots of people who have found unexpected, lasting fulfillment in owning their franchise. When it comes to learning whether or not a franchise is right for you— it never hurts to ask!
What questions do you have about starting a franchise? Ask us in the comments, or talk to one of our team members today. Even if you don’t work with us, we want you to be confident in your career choice. Let’s talk.