Franchising can be a very appealing option when looking to start or expand and develop a business. It isn’t however for everyone, so before you look to go down this route it’s important to understand franchising and identify whether it’s a good fit for you.
Below is a list of questions to ask yourself. These should help you to better understand whether franchising is for you. This list is by no means exhaustive and a member of Winkworth’s new franchising team can have a further discussion with you if you have any questions regarding this route.
Q: Do you have enough working capital to invest in a franchise?
It’s important to evaluate your current financial commitments carefully. Do you have a mortgage, loans, school fees to pay? In every business start-up there will be dips in cashflow at the beginning as it takes time to break even and then to make a profit. It’s important to know that you have enough working capital to invest in the franchise whilst continuing to pay your other financial obligations.
Q: Would you be willing to work above the normal 9-5?
Starting any business is time-consuming but if you are willing to put in the extra hours this can quickly result in huge rewards. Consider whether you can give up more personal time to accommodate spending the extra hours on the franchise, particularly in those early stages.
Q: Do you have the full support of your family and friends?
Spending more time in the office, especially during the beginning, could disrupt your personal life. You may not be able to collect the children from school or go on that last-minute holiday just yet. Winkworth actively encourages the involvement of family members in the offices and this is reflective across a lot of the network. It is important to know that your family and friends fully support you and can help you to make the business a success.
Q: Have you worked in a Management position before?
There will be hundreds of important decisions to make during your time as a franchisee. Do you think you have the management experience or skills to make these decisions whilst motivating a team of staff and pushing the business to success.
Q: Are you good at taking instructions?
The beauty of a franchise is that you independently own and operate your business whilst receiving back-office support services from the franchisor. Being part of a franchise however you do have to adhere to sometimes strict guidelines on how to run the business in terms of legislation and best practice. These are in place to protect both you as the franchisee, the franchisor and the brand.
Q: Are you a confident and personable character?
Winkworth value these traits and see them in all the franchisees in the network. It’s important to be approachable, passionate and driven to see real success.
If you have answered yes to all or most of these questions, then franchising could be the route for you. If you want to learn more about owning your own estate agency contact our new franchising team today to find out further information on becoming a franchisee and being part of the Winkworth network.