Posted on: 30 January 2015
In the same way that not everyone is suited to working in a large multinational, not everyone would make a good franchisee. Some choose franchising because it fits in with their lifestyle, such as raising a young family or wanting something to keep their brain active in retirement.
This was the case for TJ Sutherland and Steve Brown, who are Rosemary Bookkeeping franchisees. “I saw an advert for a franchise show in my local town. It offered an ideal opportunity for me to keep busy after retiring and for my daughter to fit her work around her family,” said Steve.
According to Steve and TJ, the key characteristics for making a franchise work are being passionate, patient and persevering. “This is not a 9-5 job,” says TJ. “You have to put in whatever hours it takes to make your business successful. You won’t get clients immediately so you need to network, network, network to get your name out there.” You won’t get paid for every hour you work either.
Despite what some might think, being entrepreneurial is important in becoming a successful franchisee. “An entrepreneurial spirit is vital in expanding the business,” says TJ. “You should always be looking for new avenues to sell what you do, as long as you stay within your Franchise Agreement,” she adds.
But there’s a balance. “Why else would you go into franchising unless you wanted to follow someone else’s model?” says Richard Holden from Lloyds Banking Group. “If you’re very entrepreneurial then franchising is probably not for you.”
“The ideal franchisee is a likeable people person,” explains Sarah Carlile at Coconut Creatives. That said, they also have the mentality of a business owner. “Although many franchisees are responsible for finding new clients, they still need to be able to upsell and cross-sell,” she says. She also stresses the importance of a full time attitude from franchisees, even if the business opportunity is only part time. “There is always something to be proactive about,” she concludes.
“It’s like being a farmer,” adds Steve Brown, Rosemary Bookkeeping. “ You have to sow some seeds before you can cut the corn.”
Use the content guide below to answer your franchising questions:
- What are the advantages and disadvantages of franchising?
- Does my business suit the business model?
- What do I need to consider when setting up the franchise?
- What are my options for funding a franchise?
- How do I recruit the right franchisees?
- What are the advantages and disadvantages for the franchisee?
- Will I suit the franchise model? (You are here)
- Where do I find franchise opportunities?
- How do I choose the right franchise business?
- What questions should I ask before buying?
- How can I finance becoming a franchisee?
- How do I make my franchise successful?
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