So, you have decided to buy a franchise and that decision must have been influenced by something or someone. It is not surprising that most people develop an interest in franchising when they patronize a local franchise business, or when they have a friend or family that is successful in franchising.
But before you embark on your franchise journey, you need to fully understand that franchise ownership is a life-changing endeavor and you should be ready to commit to running the business.
Highlighted below are 5 tips to help you make that key decision of how to buy, where to buy and what type of franchise to buy:
When it comes to online research, Google is your friend! Google has a wealth of information regarding any subject, it is free and accessible via computer and also via a smart phone. Google is the number one search engine in the world but that is not all.
YouTube is another online platform that you could use for your research. There are people on YouTube who may have franchises themselves or professionals when it comes to franchising. There are also franchise development websites such as African Franchise Institute have information about the brands that they work with and even an assessment quiz that qualify candidates on if they are eligible to become franchisees/franchisors. Bear in mind that while the internet is a perfectly good starting point, it shouldn't be the last place a candidate visits before jumping into the franchising.
Franchise development sites are sales sites, meaning the information there is likely going to be biased in favor of the brand providing the information, so they can encourage you to get in touch with them. For a decision this important, you'll want to make sure you're doing some objective research as well.
2. Franchise expos
Organizations like the NAFMB host regular events that focus on match making, conferencing, training events, workshops and seminars on franchising, showcasing hundreds of franchise opportunities and offering candidates the chance to meet face-to-face with the franchisor. They also offer seminars to help aspiring franchise owners get on the path to ownership.
Franchise Expos are great ways for candidates to advance their pursuit of a franchise brand if they already know what they are looking for and are ready to start. They are also good opportunities to learn about what brands are looking to expand in your market, what type of resources are available from franchisors and others in the franchise industry for candidates to utilize and to get a sense of a company's corporate culture.
Just take note that franchise expos are held for one big reason: to help franchisors sell franchises. Don't lose sight of the fact that you are in a sales environment and will be meeting with people who want to bring you into their system, so you will likely be presented with lots of very positive information that will need further review.
A lot of Nigerians believe that they don't have to consult with anybody to run a franchise business but this notion is wrong. There is always a perquisite for starting a franchise business is some form of certification or approval to run a franchise business. Consultants like Franchise Business Development Services (FBDS) offer a wealth of knowledge, advice and support such as funding, advisory services, group tours to see franchises outside Nigeria just to mention a few.
Franchise professionals at FBDS are committed to increasing the place of franchises in Nigeria. To find out how you can meet with a FBDS professional, Click here.
Franchise owners in Nigeria
There is something to be said for the wisdom of that have embarked on a journey before us, this is very important that we seek the council of those that are running a franchise. These franchisees have a lot to say about the pros and cons of running a franchise and It is also interesting to note that most franchise owners run their business full time. And there is no research in the world that you can do that surpasses what a franchisee can teach a prospective franchisee.
A franchise is a life long commitment, which has the potential to change your life for the better.