The path to owning a franchise is an exciting journey, one that can change your life. And if you put some careful preparation into the task, you can set yourself up for a successful franchisee career. 

Prepping for this adventure is not just about the paperwork and research you need to get to grips with – it’s starts with defining your motivation, recognising your family commitments and support, and understanding your goals.

So why do you want to own a franchise? Pinpointing your motivations will guide your decision-making.

What drives you to be your own boss?

Perhaps you seek the freedom of a more flexible lifestyle, or you believe being your own boss as the best way to achieve your ambitions.

Do you have particular skills you want to exploit or develop as you build your business?

What do you want to achieve? Are you lifestyle-driven, wanting more time with family over the years? Would you like to create a business you can hand over to the next generation? Do you have a financial goal?

Be clear about your level of ambition and lifestyle goals so you can focus on finding business matches your needs.

Why choose a franchise?

Are you looking for the security of an established brand and tried and tested systems? Do you see the expertise and support from the franchisor team as an essential part of your business-building toolkit?

Whatever the level of financial investment you can bring to the new business, a franchise has specific requirements – are you committed to following the rules?

A franchise has plenty of benefits over an individual business, but it isn’t for everyone. Think about your responses; if you’re looking for a simple investment there are other options available that might better suit your needs.

Match your passion to profits

When you have found a brand you love, it’s important to keep your head! Whatever your driving force in buying a franchise, one thing is for sure – you want it to make money. So do all the homework you can as you prepare your path to success as a franchisee; ensure the business has the potential to deliver reasonable profit margins and has the longevity you need.

It’s important at this point to be cool-headed about the investment, and not over spend on the business. Take advice from a franchise-friendly accountant about whether or not the business on offer is viable.

Get the family on board

Many franchisors consider the support of family and friends as essential to franchisee success. Are your nearest and dearest supportive of the decision, and the brand you want to invest in?

Take the time to talk with your family members about what’s involved – in terms of time and financial investment. Will you need their help in the business? Find out if they understand what that will really look like.

And importantly, nut out some of those relationship questions – how will the hours you work affect your relationships?  If there is to be family investment, what happens if there is disagreement about the business?  Investing can change family dynamics, so it’s important everyone understands what is involved. 

If you’ve got all these things in place, you can start to look more closely at what’s included in the franchise agreement – the training on offer, the costs and commitments you are responsible for, the marketing support, and what happens when your first term comes to an end.

Check out the Franchise Handbook for more guidance on choosing the right business for your needs.