Looking for a fulfilling journey this Valentine’s day – the perfect fit? A lot of people who are considering buying their first franchise spend a lot of time fighting self-doubt and fear of failure. Not only are the stakes high, but there is a considerable amount of internal pressure as well.
Am I The Perfect Fit For A Franchise?
According to Jean-Pierre Seger (Cash Converters Franchise Sales Manager), a potential franchisee should possess a number of qualities, namely: passion, professionalism, the necessary finances, and respect (to name a few). Looking for something you’re passionate about will make the process worthwhile. Preexisting knowledge of an industry will drastically reduce the amount of research to be done.
However, have you considered all potential pitfalls? For example, do you have the relevant skills and experience required to make your franchise a success? Although you might not have been directly employed in the industry in which you wish to establish your franchise, you need to determine whether any previously acquired skills could be applicable to your chosen franchise. Such skills might range from accounts management to task delegation.
Franchising Business Models
Once you have decided on a franchise that works best for you, you need to consider a number of factors. While it may be your business, there are still rules and regulations to which you have to adhere.
Here are a few questions you can ask yourself when considering franchising options:
- Are you willing to adhere to the franchise guidelines? Brand consistency and uniformity plays an integral role in franchising. Customers expect a consistent level of quality and service at each franchise location.
- Are you willing to learn new skills? A franchise’s established system also means that you will receive training and support that independent business owners have had to acquire for themselves and hone over time. This can be a great opportunity if you are willing to acquire new knowledge
Franchising is a very well-developed market in South Africa, with over 550 franchised brands and close to 30 000 franchised businesses. Your perfect fit is waiting for you! The Infinity Brands team is standing by to help you make an informed decision.