What You Need To Know To Succeed As A Franchisee
By Rhonda Sanderson
People decide to buy a franchise for a variety of reasons. Many are drawn in by the opportunity to run their own business with the security of a proven system and the support of a franchisor. With an already established system in place, the risk of failure is not as great as it could be starting a business from the ground up. This is why the franchising model has proven ideal for entrepreneurs and go-getters who want to own their business, but without spending all of their time and resources getting that business up and running.
That is not to say there isn't a lot of hard work required when opening a franchised business. Many new franchisees make the mistake of thinking they can just sit back and watch their business grow instantly. In reality, a great deal of networking, marketing and hands-on work will be required to make any new business successful and profitable. So, while certainly exciting, becoming a franchisee for the first time can be a difficult adjustment.
Taking the reins
In today's economy, especially, starting a business within an established franchise system has become increasingly attractive to professionals who no longer want to risk their futures by working as employees for companies that may not offer stability. Becoming a franchisee presents an attractive opportunity to take over the reins of your future and be your own boss.
Following the system
Of course, such examples raise the question of how a new franchisee without prior experience in a given industry can start a business within that industry. Further, many independently minded businesspeople find it is a difficult adjustment to have to start following a set system for the first time in their careers.
Longtime business associates and close friends Boh Woodward and Robb Gardner became franchisees for LED Source-a lighting supply franchise system- in Calgary late last year after leaving their own 20-year careers in the music sales industry. While they both had strong business backgrounds, the biggest challenge they faced as new franchisees, they say, was getting used to following a system.
"It was definitely a challenge to convert all of our experience and sales skills to fit inside the franchisor's terms," says Woodward . "When you've been doing something independently for a long time, you develop your own way of completing tasks- but to take advantage of everything the franchise system has to offer, you must learn quickly how to do things their way."
"It takes a while to integrate yourself into a system, but the results speak for themselves," says Gardner. "You need to remember franchises are tried and true and they work."
Becoming a franchisee is an opportunity to take your financial future into your own hands with a rewarding new career, leaving job uncertainty in the past. It is an exciting process, but success only comes with a lot of hard work, dedication and commitment to a business plan. Fortunately, you can reap the benefits of a strong support system and proven business model, so long as you are willing to follow the franchisor's model diligently.