Franchising FAQS – What Do I Need To Start My Own Business?
The idea of buying a franchise might have entered your mind, but you’ll likely be wondering exactly how to start your own business. There are a number of things you’ll need to get it up and running successfully. Here, we reveal them…
The necessary skills
If you’ve never run a business before, then it’s unlikely you’ll be able to go into doing so blind – especially if the franchisor calls for a specific professional background. Whilst some might not expect you to have industry experience, there will be basic skills they require.
These include team management, a knack for numbers and the ability to draw in business. Without these, you could struggle to make the franchise business a success, causing the franchisor to see you as a risky bet. You should research any other skills or experience the franchisor requires. Then you can see if you fit their bill before applying, or take action to improve any necessary areas.
A flawless business plan
Once you’re certain you meet the franchisor’s criteria, you can get to work on building a winning business plan. You’ll need to forecast all costs. Don’t just consider how much it is to buy a franchise, factor in the costs that will be coming in and going out. Be honest – think about how and when you can realistically expect to break even.
The plan is needed to not only convince the franchisor, but to acquire capital for financing the business too. Some franchisors will offer to help you make it pitch-perfect, as well as introduce you to trusted lenders. This will give you the best chances of receiving the required funds.
A business plan isn’t the only thing you can get assistance with – the majority of tasks involved in starting up a franchise require outside help. To get everything in place, you’ll need to think about who can support you – from taking on staff to finding suppliers for key responsibilities (such as taking out the appropriate insurance).
The franchisor can help you with some aspects. For example, they may know a good insurance provider or a recruiter in your territory. They will also be able to offer you support and training. It’s a good idea to look into how much they will provide, especially if you don’t have any experience in the industry. One who is a bit more hands-on will prove very valuable in this situation.
A fitting franchisor
The appropriate level of support is key to know before buying a franchise. There are other factors you should take into account as well, such as the likelihood of the franchise being a success. You’ll need to find out as much information as possible to verify that the franchisor perfectly fits your needs.
This includes ensuring that their business model is one that’s proven to work and will provide a quick return on investment. Also consider whether running the franchise is something you would realistically enjoy. If the opportunity doesn’t truly appeal to you, it may be that there are other small business ideas that would resonate more.
Specialist cleaning and restoration is one such fantastic and viable business opportunity. It’s recession-resistant, and with Rainbow’s well-established brand, has proven to be a rewarding and enjoyable experience time and time again.
How to buy a franchise with Rainbow
To get the ball rolling on your franchise business dream, request a callback from our team and find out more about our available territories today.