As a wise Jedi once said, “These aren’t the droids you’re looking for.” With the wave of a hand, his statement was turned into truth. And much like Star Wars, franchising comes with its own set of problems – ones that are likely solved in the heat of the moment or taught by a more experienced hand. But unlike Star Wars, there’s no magic to help things go our way; we have to deal with them the hard way, just like everyone else.
By first looking into different brands and types of franchise for sale Canberra, however, you can help eliminate some of that hard work from the get-go. Ensure you’ve chosen the right company and industry and are taking on your business with all the necessary skills. So just as in selecting a mate for marriage, take your time and carefully analyse all the pros and cons before tying the knot! Browse many different franchises in various categories. Search by industry, location, and desired investment level.
So let’s get started, Jedi power aside. Take a list of a few franchise ideas you have in mind. Whether or not you’ve researched them, write out a list. Now it’s time to determine if each is a good fit. Write what you like or don’t like about each brand – the look of their logo, what they do, what they stand for, and the price point. Would you pay for their services? Can you stand to give financial advice for your entire life? Or clean offices? Or print brochures? (Even if you plan on hiring, assume you’ll be doing some of the menial jobs from time to time.)
Now list companies in order of preference, whether that’s its number of pros or just how excited you are about the idea. (Though it should be noted that companies with excess cons should not be ones you are most excited about; that shiny new feeling will wear off soon.)
Consider this your working list.
Now it’s time to look at a budget, business models, requirements, start time, and other information on their franchise brochure page. Write all of that information down on your piece of paper, too.
Next re-rank your franchises. Cross out ones with too many cons or one giant con you won’t be able to overcome, such as one that’s out of budget or has a business model you aren’t comfortable supporting.
Hopefully, your list will remain much the same, if only taking on slight adjustments. If you’re completely flip-flopping, it might be time to walk away and revaluate what you’re looking for in a company. It might sound simple, but this time-proven method is one of the only thorough ways to ensure that a company is right for you and vice versa.
Now, take your top prospects and reach out to the companies themselves. Just complete the “Request More Information” form, and the franchises you are interested in will contact you to give you more information and answer your questions.
Once you’ve spoken with a company representative, you can earn a much more thorough understanding of what they have to offer and how you would potentially fit into the mix. But more importantly, whether it’s time to move forward or start your communications with a different brand, and why.