Opening a franchise is a great way to start a business without having to go it alone. Franchising is an arrangement whereby an existing, established company allows a person (the franchisee) to open a branch of the company for themselves. This benefits both parties – the franchisor company gets a new branch, while the franchisee gets to run their own business with the support of the franchisor.
Lots of companies offer franchise models. In fact, Get Ahead VA offers a franchise package for anybody wishing to open a branch in their local area. But with so many opportunities out there, how can you decide which one is right for you? Here are a few essential things you should consider when choosing a franchise.
Your finances
Starting a business is a huge decision, and this just as true of franchises. Typically, the franchisee will have to pay a fee in order to be able to use the franchisor company’s brand name, marketing materials, business systems and so on, and of course any new business requires a certain amount of initial investment. Therefore, before you sign up to any franchising deals, you should research all the associated costs carefully, and examine your finances in detail to decide what you can afford.
The market
Before opening a franchise, you need to research the existing market. Ask questions like: What does the business offer? Is there demand for what they’re offering? Will this demand continue in future, or even grow? Who are their biggest competitors? Is there room for your new business in this market? You may love the business in theory, but the only way to make a success of it is if you can find the right audience, so get to know the market inside out before you make any decisions.
The opportunity
Most franchisors will provide you with information about the company and the support they will give you when you open a franchise with them, but you should also do your own research. Ask the franchisor as many questions as you can about how the business operates, its recent performance and its ethos. If possible, talk to other franchisees to find out about their experiences. Knowing exactly what to expect from a franchise will help you to make an informed decision.
Yourself
Finally, you should consider how you will fit into your chosen franchise. Think carefully about the role you will have, and whether your skills and experience play into this. For instance, at Get Ahead VA we don’t require our franchisees to have virtual assistant or admin experience; in fact, we find that people with a marketing or business development background are best suited to the job.
Once you’ve thought about all these elements and found a franchise that works for you, you should be ready to start an exciting new chapter in your career. Good luck!
Want to learn more about Get Ahead VA’s franchise opportunity? We offer ongoing support and a proven, successful brand to get your new business off to a flying start. For more details, or for a copy of our free franchise prospectus, contact Rebecca Newenham, owner and founder of Get Ahead VA, on (01483) 332220. We can’t wait to discuss this exciting opportunity with you!
