Did you know that one in six Australians want to start their own business? It’s not a surprising figure – there are many perks to owning a business. While it may be hard work, you can get to a point where the money just rolls in for minimal effort. Also, being your own boss is an exciting prospect. No more getting told what to do! What’s not to like?
Purchasing a franchise can be a great way to begin in the business world. You can have the backing of a national brand and a guaranteed market all for a fee. But there’s a bit more to it than just purchasing a franchise and collecting cash. Let’s take a closer look.
Do Your Research
Franchise fees aren’t pocket change. You want to research before investing in the fastest growing franchises in Australia. There’s a lot to consider. Location is a prime factor, for example. If you’re purchasing a fast food or beverage franchise you want to ensure that there is going to be enough through-traffic to generate revenue. A great spot for this type of franchise is a shopping centre or service station as people are always going to be hungry or thirsty as they make their way through life.
Another point to consider is how much income the business will generate. You need to do some thorough investigation before coughing up that establishment fee. Ideally you want your investment to be in the black after a short period of time. There’s nothing worse than losing money on a venture.
People love a store opening, but not if there’s nothing in it for them. Advertise your grand opening far and wide with a special offer. Two for the price of one is a good idea, or perhaps throw in a small free product with every purchase over $20.00. Whatever the gimmick is the idea is to establish your particular store as good value in the minds of your first customers – who then hopefully go on to be your repeat customers.
If you’ve purchased an already operational franchise, then a simple “Under New Management” banner can work wonders. This lets people know that you’re now in charge, and if they’ve had a bad experience there before they may be tempted to come back to see if the service has changed. That’s when it becomes your job to ensure that they have a great experience. Speaking of customer experiences…
Put in Some Hours Yourself
It can be tempting to hire a manager and let them worry about building customer relationships. Unfortunately, not every manager cares that much about the business. For some, it’s a job and a paycheck and that’s it – they won’t go the extra mile for you.
So, roll up your sleeves and be prepared to spend some time working at your business. Introduce yourself to customers as the owner and get to know them. Throw in a little freebie or upsize for free every now and again and you’re guaranteed to see them in your store again – spending money.
Success is Not Guaranteed
Remember that success as a franchisee isn’t guaranteed. You need to put in some effort. So, before you take on a franchise, do some decent research and pick the best opportunity for you. Once you’ve bought one, either have a grand opening or let people know the place is under new management. Finally, have a presence at the store and build customer relationships. Before you know it your hard work and dedication will be literally paying off.