Reading Time: 2 minutesOwning your own business involves a lot of hard work. With a franchise you get branding, a business model that’s already successful and the training and support you need. However, franchises can be just as tough to make a success of if not done right. In this article, we explain how to run a successful franchise in the UK.
Have you invested money and time into a new business franchise venture or still considering whether it’s right for you? You are probably wondering how you can make sure it’s a success.
What’s Required For A Successful Franchise Business
To figure out what is required to run a successful franchise business, it’s worth looking at an example of one that’s become the biggest operation of its kind in the country. The franchise we are talking about is Subway and since the first outlet was opened in the UK, it has grown and expanded exponentially to over 2,400 stores throughout the country.
Subway themselves have highlighted the kind of attributes they are looking for when taking on franchisees.
- Good business acumen
- Excellent motivator
- Passionate for the service or product, knowing the franchise inside and out, understanding its market and competition
- Efficient with regards to time management
- Articulate and approachable
- Good listener and communicator
- Professional appearance and attitude
- Welcomes guidance and advice
Look at that list for a moment, very carefully. If you possess any or all of those personality traits, skills and attributes, it may be possible for you to have success with a franchise.
Although it is representative of what Subway looks for in its franchising partners, those could be applied to any business.
How Do You Choose The Franchise That’s Right For You?
With so many to choose from, you might find it intimidating trying to pick out one franchise to join. The best way to determine which is right for you is to work out the industry and sector you want to be part of and then the business model that works best for you. It’s vital that you stick to the investment budget you have, to find franchises that are suitable within the sector you’re interested in.
Research is important, and it is worth attending franchise exhibitions as they will present you with the opportunity to network with other franchisees looking for businesses to join.
Use The Discovery Day To Its Advantage
Once you have narrowed down the business you are interested in joining, you need to work out whether they have qualities you are looking for in a company and brand you want to operate as. The best way to figure this out is when you attend the discovery day. This is your opportunity to find out first-hand about the people, culture and brand and is often held at the headquarters of the company.
You will want to find out what support is available, what it’s like to work for the company and does the company actually invest in your potential much?
Over and above all of this, you need to ensure that a positive business relationship is possible between you and the franchisor. If they are willing to give you their time and attention, you will have a better chance of being successful.
It won’t be easy, as nothing is in business, but keeping the above in mind when looking to set up a franchise, you have a good chance of being successful.