When you start to look at franchising you may have been made redundant, employed, self employed, or just taking a break. Whatever the case the process will most probably be the same: - gather as much information as possible by surfing the web (including BeTheBoss UK - http://uk.betheboss.com) and reading franchise publications (such as The Franchise Magazine - http://www.thefranchisemagazine.net), perhaps even attending a franchise exhibition (like the one coming up in Birmingham the first weekend of October),
- create a shortlist of franchises, by casting aside those opportunities that are obviously not right and requesting more information from those that may be,
- make contact via make phone calls and emails,
- meet the franchisor, by attending an initial meeting (sometimes called a Discovery Days, Road Show, etc) then one or more follow up meetings
- talk to existing franchisees and then, finally,
- make a decision.
This process usually takes 1-3 months for people that are serious about franchising and who are ready to move in that time period.
With over 800 separate franchise opportunities on offer in the UK this can be a daunting task and not a time when you want Franchisors to be bombarding you with calls trying to 'sell' you their franchise. There is a big difference between receiving one or two friendly and helpful calls following your enquiry, and hard sell geared towards convincing you to take your interest further as soon as possible and 'sign on the line' before you have had a chance to think things through.
Unfortunately a lot of people are 'sold' a franchise without truly finding out if there is a real fit between what the opportunity offers and what they are looking for. There is a very simple way to avoid this happening simply follow the process through its course and let the Franchisor know what you are doing, your time frame and that you will contact them when ready to move things forward.
On the other hand, if you are not interested in an opportunity having received further details or attended a meeting, it is courteous to let the Franchisor know of this (even by email). There is no need to feel bad about doing this as it will allow the Franchisor to concentrate their efforts on candidates who remain interested in their opportunity and should also ensure sure you do not keep receiving follow up calls and emails for months afterwards.
In the UK, however, there are a lot of Franchise opportunities competing for a small number of potential candidates that have realised the benefits and power of franchising. What this means is that some Franchisors are not as selective as they should be and this can be damaging to both their network and your investment.
In summary, you should feel that there is a 2 way process when researching franchise opportunities. As you assess the opportunity, the Franchisor should be assessing you and if you feel no pressure to measure up to some of the standards they set, you should hear alarm bells ringing. It is important that you seek to impress the Franchisor as much as they seek to impress you with what they offer. If you're not excited and motivated before you start, it will usually not materialise afterwards. |
