Marketing your franchise in 2025
As we gear up for another year, it is important to...
If you have decided that 2025 is the year you'll make your entrepreneurial dreams come true, you will need to pick a business to join. How should you go about choosing the right franchise business for you? Here are some tips:
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Evaluate your interests
The leap from employee to business owner is easier if you join a franchise in a sector that you are familiar with and passionate about. You don't necessarily need to choose a franchise in the same sector that you are currently employed in, so think about your personal hobbies and interests and consider whether you could turn a hobby into a job.
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Consider your financial position
Perform an honest assessment of your financial position. You will need to fund the franchise fee out of your own pocket, potentially lease a property, furnish it, order stock and maybe even recruit staff to get your business up and running. All of this costs money. There is a high likelihood that you will not see a return on your investment in the first year, so you will need a substantial savings buffer to cover your living expenses as you become established. If your savings will not stretch to subsidize your preferred franchise as you start out, you may need to rein in your ambitions and select a franchise with a lower cost of entry.
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Determine the level of support you will need
Some new franchisees need more support than others to make the transition from employee to business owner. Be honest about your capabilities and discuss responsibilities and expectations with prospective franchisors to make sure you join a business that's the right fit for you.
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Perform due diligence
Consider the extent to which the franchise you wish to join is already represented in your local area, along with similar businesses. There is little point in joining an oversaturated market, as your opportunities to add value and stand out will be limited. Visit branches of the franchise you wish to join and talk to the franchisees about their experiences with the brand. Study the franchise agreement in detail and ask questions to develop your understanding and allay any concerns you may have.
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Seek professional advice
Joining a franchise is a major life decision, so before you sign on the dotted line, engage with a franchise attorney and a financial advisor to make sure you have considered all relevant factors, that you truly understand what you will be signing up for, and that you are completely comfortable with all aspects of your decision before proceeding.
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By performing these five steps, you will be well on your way to a successful career in a job you love. Good luck!
