Some 1% of the population are either willing or able to open their own business: this 1% are the entrepreneurs, the risk takers. Franchising is being in business for yourself, not by yourself, says Russell Berkman, franchise director at Jawitz Properties.
Berkman offers some guidelines to potential franchisees, the principal one being that buying a property franchise is not only a major investment in your financial future but a long-term commitment.
- Do your homework! Be sure the franchisor has a proven business model, offers support both in marketing as well as business management and consistent ongoing training. Demand it!
- Ensure you have sufficient financial resources to run your own business.
- Get feedback from other franchisees to assess how the franchisor communicates and runs the business.
- Invest, invest, invest in marketing. The brand will be recognised yet you need to build the business in your local area/region.
- Get involved in your community, and give back!
- Don’t invest in a franchise unless you are interested in property, passionate about it and have some idea of how the market operates.
- Don’t assume the franchisor has the same culture and values as yours. Ask questions to ensure you are compatible.
- Don’t think the brand or the franchise will automatically carry your business to success. Understand the commitment of owning your business, the long and hard hours plus the sleepless nights. Remember that you are building your own future; it is up to you so obsess about your own success.
- Don’t do it alone. The most successful business people build great teams but the ultimate success will result from your leadership.