August 30, 2019
Ability to follow instructions
The foundation of the franchise model is that all franchisees follow the same system, offering the same products and services in their respective territories. You will be obliged to follow the instructions given by the franchisor – usually comprised in the franchise manual which is a comprehensive document telling you how to run the business.
If you’re a natural innovator, consider whether you will be able to follow the franchisor’s instructions to the letter for the duration of your franchise term. If not, then franchising may not be right for you.
Adaptable to change
The franchisor will be constantly innovating to update the franchise business in order to keep ahead of competitors. As a result, they will from time to time notify you of changes that they want to make to the business – and which you will be obliged to implement. These can range from adding additional products or services, to re-branding, to bringing in new computer systems.
Successful franchisees will embrace these changes and improvements, and work with the franchisor to help the business grow and diversify.
Driven
As a franchisee you are running your own business – you are not buying a job. Whilst your franchisor will give you some support, it will be your responsibility to make the business succeed. You will need to manage your staff, market your business and ensure that excellent service is delivered. You should be ambitious about growing your business – in addition to improving turnover and profit, if you are successful the franchisor may allow you to purchase additional territories.
Similar qualities to franchisor
The most successful franchisees will have many qualities in common with the franchisor – after all, the franchisor developed the business model, and if you share a passion for a particular sector you are more likely to make a success of it. Make sure that you meet with the franchisor before buying the franchise and get a feel for what makes them successful in their business. If you have a similar skill set, it’s a good indication that you will make a success of the franchise.
Forward-thinking
Whilst you have the guidance and support of your franchisor, your business is yours to run and you should plan ahead both in terms of a business plan and your exit strategy. The financial side of any business can be the most daunting for anyone new to business, so make sure that you acknowledge your personal strengths and weaknesses and take appropriate professional advice and support where required. Having a grip on your business plan and exit strategy will help you run your business – and will also be beneficial when you are looking for funding, or a potential buyer.
I have worked with Darwin Gray for a number of years and the level of service, professionalism and timely response is second to none. I would highly recommend Darwin Gray to any business.”
Darwin Gray have provided us with a first-class service for many years now. They really take the time to understand our business and develop relationships which results in advice and support that is contextualised and effective.”
We have worked with Darwin Gray for several years and have always found their services and advice to be first class.”
An extremely professional and sincere company who make time for your queries and understand the need to break down certain facts and information to ensure everything is understood perfectly. I would highly recommend the company to anyone looking for any type of legal advice”
PSS has worked with Darwin Gray for many years. We have always received an excellent service. Prompt and professional advice and support.”
We have used several departments within DG recently and we have been very pleased with an effective, efficient and down to earth service. Very happy thus far and I expect that we will continue to use DG.”
Darwin Gray offer us truly superb services. Very professional, quick and services available bilingually which is very important to us, highly recommend.”
My “go to” in urgent and time sensitive cases for direction, support and advice. The team are quick to respond to calls or emails for advice and support on all matters. Always explain complex matters in a way a lay person can easily understand.”
