Playing Matchmaker: How To Decide On The Right Franchise For You
The appeal of becoming a franchisee is consistent across most leading franchises. You have more freedom, a higher capacity to earn and are able to work on your own terms.
Once you’ve chosen this path, all that’s left to do is decide on a line of work you’d enjoy with a culture you’d embrace.
But this isn’t a decision to be taken lightly; there are various considerations to make before investing your savings. To help, here we break down everything you need to factor in before deciding on a franchise business.
Your own premises vs life on the road
First, decide whether or not the franchise you’ll be choosing requires a fixed location. Not only does this imply a much greater cost, but it also restricts the freedom you’ll have to see the world.
Having a vehicle as your base (or operating from home) gives you more freedom in setting your own hours and selecting clients. When choosing between UK franchise opportunities with this model, ask how much of the equipment provided is part of your investment, and how much you will need to procure yourself separately.
In contrast, physical lots involve more structure. Yes, there are more health and safety, insurance and management concerns to be aware of. But, as a result, you’ll recognise the sense of legitimacy a premises brings. If you prefer the idea of an outlet, we’d recommend that you choose a franchisor that’s able to offer on-site assistance if necessary.
Rigorous training vs the opportunity to explore
Next, ask yourself how you like to be managed. If you enjoy a structured onboarding process with regular chances to develop your abilities, we suggest you choose a franchise that prioritises training and cohesion above all else.
If you prefer learning as you go and expanding into a territory through methods of your own choosing, then consider franchises that allow for independent branding and place your bottom line as their main concern.
It isn’t always either-or, but it is important to ask at the discovery session whether your franchisor prefers a hands-on or hands-off method in relation to management style.
Marketing support vs the freedom to personalise branding
Again, this largely depends on how much of your business franchise you want to be in your own image. Some franchisees enjoy working towards the franchise’s wider aims and ambitions, whereas others would prefer to distance themselves.
You’ll notice some organisations allow single branches to run their own social media accounts with a separate persona to that of the parent brand. This allows for humour, local insight or special offers. However, while these approaches can help build your profile, certain franchisors may be uncomfortable with their brand being used in this way.
Those that prefer a much tighter grip on their communication feel you are always representing the franchisor. As such, you can only put out content that has the approval of a marketing support team. The upside of this is that they’ll help you create a content plan.
Using your current skillset vs scope to learn something new
Finally, ask yourself whether you’re escaping the rat race to do something new or you’d simply like to apply the skills you have to take a fledging franchise business into an empire of your own making.
There are a number of prospective franchisees that are purely seeking a new challenge. For them, training, support and a franchise that supplies resources is ideal. However, others are driven more by a work-life balance and financial benefits.
In the latter case, using what skills you do have – say, accountancy, for example – will help you hit the ground running in the early stages.
Where Rainbow fit in
At Rainbow, we try to accommodate every kind of franchisee. While we do operate on the road, your vehicle will be entirely in Rainbow’s branding and fully kitted out with cutting-edge equipment and tools.
We encourage networking, social media exercises and local advertising. More importantly, we won’t bend your efforts to fall so strictly in line with our own, although we do have a marketing team who can support you if necessary.
So, what are you waiting for? Speak to a franchisor today who prioritises transparency and ambition.