Choosing a franchisor can be overwhelming. Are you prepared to take this next step? Are you setting yourself up for success in the long run or are you cutting corners to make it easier for you now?
Here are four steps for choosing your franchisor, because it’s way more important than you think to take your time and choose the right franchise network that fits your vision and goals.
1. Make a checklist of what you want in a franchisor, and more importantly, what you do not want.
Of course, every entrepreneur wants to have a franchisor that has a great business plan and a product that he or she believes in, but what are other aspects of the business you are passionate about? Is corporate social responsibility a big deal to you? Consider finding a company that gives back to the community. If you care about having a franchisor that truly goes above and beyond when onboarding new franchisees, find a company that gives you undivided attention that will set you up for success from day one. No matter what is on your list, just take the time to make it—and stick to it!
2. Research, research, research.
This may seem obvious, but you would be surprised how many people fail to do their due diligence. A reputable company will take you through their multi-step process, in which where you are exposed to different aspects of their company—from getting familiar with their products to deep diving into their business plan. After you speak with the individuals who represent that company, ensure you test their products and get familiar with what they are offering. An ill-informed decision is one that you will regret in the future, so don't jump right into the first franchise network you come across.
3. Ensure you are financially ready for this commitment.
Whether you are accessing funding from a private source or bank loan, or simply using money you have saved over the years, just make sure you have the capital available. Being financially stable enough to make this leap of faith sets you up for potential success and less stress once you start your business. Make sure you ask about the investment cost and ensure you are comfortable with it before committing.
4. Don’t get into a franchisee-franchisor relationship with a company that you don’t see enriching your life in the future.
When we say enrich your life, we mean in all aspects: financially, emotionally, professionally and personally. This new venture has to align with your goals, vision, and what you want to achieve as both an entrepreneur and an individual. The best franchisor you can involve yourself with is one that is mutually beneficial, where they give you the tools to set you up for success and deliver a product or service that you truly believe in. Trust us when we say that it will make all the difference if you truly love a company rather than just tolerate their ideas.
Doing your due diligence when choosing a new franchisor can be an overwhelming time for an entrepreneur, especially if you are new to the life of franchising. We encourage you to take a step back from the hustle and bustle of this time and refocus by following the four steps we have outlined above. We hope that this will help you choose the best company for you, that truly fits your idea of what you want in your future franchisor.
Are you ready to get involved in the fitness industry and do you feel inclined to start the process? F45 Training is here to help you walk through the four steps we have listed above, starting with who we are and what we do. Reach out to a member of our team today and we would be happy to get started with you ASAP!
4 Steps to Take When Choosing a Franchisor