Regardless of which field you're in, running a franchised business has numerous benefits, but what steps do you need to take to ensure you get the most out of your business?
Buying into a franchise comes with a number of advantages, but it’s up to you to make sure that you know exactly what is, and isn’t, included in your purchase. Familiarize yourself with the business systems available, what they cost and how to use them properly.
2. Buy a brand that’s known
In a perfect world, all franchises sold would be exactly the same, however, it’s true that brand power plays a significant role in how successful a new business venture will be. Bigger brand franchises can be more difficult (not to mention expensive), to acquire. Ultimately, it's the weight behind a recognized name that start any “new” business off on the right foot.
3. How innovative is the business you’re buying into, as a whole?
The ideal franchised business is one that’s geared to adapt quickly through means of constant innovation. The advantage of this is when you buy an F45 franchise, you will not only receive guidance, but you’ll have access to some truly innovative developments in the fitness industry to keep you ahead of the curve at all times.
4. Make use of all the training, on-boarding and assistance provided
When you become a franchisee of a brand, you will need to be inducted to the franchise’s way of thinking, how they do things and why they do them that way. As a new franchise owner, it’s imperative that you maximize your learnings so that you can create a diverse, comprehensive business plan to turn your franchise into a success.
5. Don’t overspend!
One of the benefits of buying into a franchise business is that you will know exactly how much the setup and operations will cost. This information will prepare you to make smart business decisions. It’s always a good idea to have a maximum price in mind before you start negotiating or enquiring about buying a franchise, that way you won’t overspend.
6. Do I need to be an expert?
This might sound like an odd point, but it’s critical to your success. If you are looking at opening a franchise, keep in mind that you don’t have to be an expert on the industry to be in the business. For example, owning a gym franchise, like one of our F45 franchises, doesn’t mean you have to be a fitness expert or even enthusiast. The point of a franchise is that you can employ people who are enthusiasts, and who know the industry very well. It’s about how hard and effectively you work on the business, not how hard you work in the business.
7. Know what makes a good franchise
Running a successful franchise requires hard work, dedication and commitment. It’s a really good idea to talk to people who are already franchisees in the franchise you’re interested in joining. Find out what are some of the things they found to have helped a lot. How did they overcome the challenges they faced, or did they face any obstacles at all. Find out what they would tell a new franchise owner that they themselves wish they were told. It’s also a good idea to try ascertain how long it took them to start making a profit. This way you could learn from the mistakes of others, and in so doing hopefully avoiding a repeat of those mistakes.
8. Understand the help and guidance you’ll receive from the franchise
Most franchises will have some kind of support for franchisees. If you invest in an F45 franchise, for example, you will receive fantastic support across various channels (marketing, set up, and pre/post open operations). It can be difficult to ask for help or advice when things go wrong, but it’s up to you to know the exact level of support and assistance you’ll receive from the business you’re investing in.
9. Use the support available, but also add some of yourself into the mix
One of the main benefits of a franchise is that you get to buy into a pre-existing business model, which results in a bit less confusion and anxiety about what to do and how to do it. Knowing how the business should operate is one thing, but it’s essential that you have a comprehensive business plan to match your ambitions and goals. Set out short-term and long-term goals, make them measurable, and have a plan for achieving them. List the risks that you could foresee, and the different ways you could go about preventing them.
10. Businesses run on relationships
Sure, money might be a big part of it, but no business can survive if internal and external relationships aren’t actively maintained. A happy team tends to be an efficient one. Should the franchise prescribe wages, working conditions and times, it is up to you as the franchisee to add your own spin to those core elements. It’s your business, and although it might not boast your name on the door, it’s the embodiment of your hard work, and the rewards can be lucrative. Lead by example, do whatever it needs, put your people first because loyalty is not something you can buy.
Another vital element to being a successful franchise owner is to seek out and listen to advice. Whether it be from other entrepreneurs, franchisees or the franchise itself, there’s a wealth of knowledge out there, and by taking the time to find and listen to it you and your franchise could become a resounding success as a result. If you are interested in buying an F45 franchise, don’t hesitate to get in touch, as we’d be more than happy to help with any queries you might have.