10 Questions To Ask Before Buying a Franchise
The idea of owning a franchise interests you but before you go any further and commit, ask yourself “Am I the right kind of person to own a franchise?”
Answer the following questions to find out. That’s because this is all about you – your lifestyle, family, likes and dislikes, work habits, values, ethics, and your dream of economic independence.
So, take a step back and answer the following questions honestly to really understand if owning a Puddle Ducks franchise is right for you and understand what it takes to succeed at what can be an extremely rewarding career path.
If, after you’ve read the questions below, you think that you’d be a good fit for owning a franchise, the next logical step is for you to attend one of our Discovery Days at our Head Office in Cheshire.
1. Am I naturally a team player?
Good franchisees are team players with a desire to make connections with those who share their values.
Once you sign your franchise agreement, you become a part of a community and will need to manage employees and ensure you create a winning mentality, while also building good relationships with your customers to gain their loyalty and trust.
If you truly are a people person, you already possess one of the most valuable assets needed to become a successful Puddle Ducks franchisee.
2. Am I able to work by myself?
If you need your workload structured for you by someone else to remain motivated, you are unlikely to succeed as a franchisee. If you are longing for greater autonomy, flexibility and control of your schedules, then being self-employed is likely to suit you more than employment.
As a franchisee you will still have the support of your franchisor and your franchise network, but they won’t be telling you what to do or when to do it by so you need to be instinctively organised and committed.
3. Do I have a strong work ethic?
Buying a franchise is not a guarantee of success. While the franchise system will provide start-up training and offer ongoing support, you need the tenacity and emotional stability to manage the business you own.
Most franchises are run by hands-on management; therefore, you must be willing to work harder than you have perhaps ever worked before, particularly during the first year. A successful franchisee is someone who is willing to do whatever it takes to get the job done.
If you are someone who understands what it takes to be successful and have the motivation to make your business succeed, you have the cornerstone of a winning franchisee personality.
4. Am I willing to completely follow the franchise system?
The key to being a successful franchisee is the consistency of the product and service that customers find from one franchise to another. When you display the sign and brand of a franchise, you are indicating to customers that you follow that particular system.
If you are extremely entrepreneurial and do not like to conform to a predetermined formula, you should be cautious about buying a franchise. If someone has already done the work, tested the procedures and proven that a system works, a clever person will pay attention and follow that system.
Whilst still being focused on success, you must also be willing to listen and learn from others to avoid the pitfalls already made by others in order to find success sooner. That is the essence of franchising.
5. Do I have my family's genuine support?
Although you will have greater flexibility to fit your hours around your personal needs, sometimes your new business will make demands on your time that will affect your immediate family. They will have to adjust to your new routine.
Make sure you ask them if they are genuinely supportive of your decision to buy a franchise. If your family is enthused by your franchise opportunity, you are building your business on a firm foundation.
6. Am I a risk-taker?
Anyone who starts their own business accepts a certain amount of risk, and although buying a strong franchise with a proven track record helps to reduce this risk, it can’t eliminate it.
If you are careful and thorough in your franchise research and you know just what you are signing up for, then you have the right approach to succeed.
Our blog will also point you in the right direction with any questions you may have about franchising.
7. Should I go for something I love or something I am good at?
If you are setting up your own business, it is crucial that you are extremely good at what you do and also know exactly how to set up and run a business from scratch.
If you are buying a reputable franchise, you can choose something you are passionate about and will be trained how to run the business. Some franchises do require specific experience, skills or qualifications, and others are more flexible. Here at Puddle Ducks, we feel a person with the right kind of attitude can, with our support, learn all the skills they need to become a successful franchise owner.
8. What is my personal definition of success?
What lifestyle do you aspire to? Think about the hours you want to spend working, the travel you want to do, the amount of money you want to make, the security you crave.
Attaining your personal goals doesn’t happen overnight or without putting the work in first.
We’re proud of our successes – take a look at the awards we’ve won for running the best swimming classes and giving franchises the opportunity to reach their potential.
9. Where do my skills lie?
Be honest with yourself. List your skill set and evaluate how well you perform each. List your weaknesses, those things you’d not want to do or would want to hire someone to do in a business.
Do you have the right skills and aptitude to run a business? Do you believe that any gaps in your current skills and experience can be filled with the right level of support and training provided by a well-rounded franchise system?
Find out about our own expertise and teaching programmes to see if your skills are a good match.
10. How much money do I have to invest?
How much money can you invest? Do you need to take out a loan? How long can you manage without drawing a salary?
You can think of the costs of being a franchisee as paying for the work someone else has already done in developing a successful business model, marketing strategy and superior operational efficiencies.
A good franchisor will be able to tell you the expected running costs of the business, as well as the purchase price and ongoing royalty fee.