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Thinking about franchising? Five tips to get you started

A lot of people see franchising as a half-way house between salaried and self-employment with entrepreneurs striking out on their own. Here are five tips for those, who are thinking of starting a new franchise or looking to build a firm foundation for a successful future.

A lot of people see franchising as a half-way house between salaried and self-employment with entrepreneurs striking out on their own. But while you can certainly reap the benefits when launching your own business, there are moments when it may be a bit lonely, too. This is why it is important to access various different support networks.

Here are five tips for those, who are thinking of starting a new franchise or looking to build a firm foundation for a successful future:

  1. Talk to your franchisor. They have a huge amount of know-how and experience which you can and should be drawing on. Make sure there is someone well-placed in the organisation whom you can ring for a friendly, informal chat from time to time.
  2. Even if you are the type of person who does not normally believe in talking about work at home, your partner will understand if you make an exception to that rule during the early years of a franchise. They will have helpful suggestions to contribute, too.
  3. Identify a successful franchisee in your area – and offer to take them out to coffee or lunch. Then pick their brains. They may be flattered to be asked and they will probably come up with so many helpful tips that the cost of the lunch could be one of the best investments you have ever made.
  4. Cultivate friends who are at the same point in the franchise process as you. Realising that any potential challenges you are facing are not unique is half the battle.
  5. Involve your staff as much as possible in day-to-day decisions and spend time with them out of hours. They will often be able to spot things you have may have missed: small practical ways of improving the business.

Franchising is less lonely than starting a new business from scratch. It forms part of a much wider business community, with its own established structures and support systems for the future.

Have you been thinking of starting a franchise? Winkworth is looking for new franchisees to continue their successful growth.

Contact Gina Piper (Business Affairs Manager) on 020 7355 0200 or via email at gpiper@winkworth.com to find out more about starting your own Winkworth franchise. All conversations will be strictly private and confidential.

Learn more about franchising with articles, tips and advice on taking the next step in franchising: www.winkworth.co.uk/estate-agent-franchise

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