Should you join a senior care franchise?
A recent report by the U.S. Census Bureau has revealed...
Before you embark on your exciting new journey into the world of franchising, take some time to ask yourself a few questions to ensure you are heading into your new career with your eyes wide open and are prepared for whatever you may encounter.
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Who
Who needs to be involved in your new venture? Consider how your new role as a business owner will impact your loved ones, and make sure they understand the commitment you will need to make if you want to make a success of your business.
Map out your stakeholders. These will include your franchisor, franchise attorney and perhaps an accountant. You need to understand who your suppliers will be and identify your target audience (customers/clients). Unless you know who is involved in your franchise business, you will be unable to define a clear pathway for success.
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What
What will your role entail, and what support is available to help you succeed? Ask the questions that are bothering you, and do not be afraid to dig deeper. What training will you need to undertake, what contracts must you set up, what are the commitments that you are making, and what are the terms of the agreement that you will be signing?
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Where
Where will your business operate from? Will you need to rent or purchase a property, and is any financial help available to help you to get started? Where will you advertise your new business to increase customer numbers and generate excitement about your new venture? Where will you get your stock, and where will you store it?
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When
When will your business go live after you sign the Franchise Agreement? Is there a waiting period? Will you need to hire staff or purchase stock before you can get started? What can you do in the interim to alert potential customers and clients of your existence?
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Why
Why have you chosen this particular franchise? Do you understand the impact it will have on your life? Are you prepared to immerse yourself into the brand to not only help your business thrive, but also to increase the reach and reputation of the brand itself?
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and ... How
How will you judge success? Think not only in terms of KPIs but also the compatibility of the business with your personal aims and objectives. How will you run the business, and how will you fund it?
By asking yourself these questions, you will uncover your motivations for joining a franchise and highlight any key concerns that you should discuss in depth with your proposed franchisor before you sign on the dotted line. By taking the time to fully consider the scale of the endeavor that you plan to embark on, you will be able to put measures in place to minimize risk and increase the chances of business success.
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