The ability to tap into a wealth of expertise gives franchisees a significant advantage.
Running a small business offers considerable pluses including flexibility, freedom and the chance to build a valuable investment – your own enterprise. The downside is that small business operators are often surprised at just how much hard work it can take to make the venture survive- let alone flourish.
This probably goes a long way to explaining why franchising is so popular in Australia. Along with an established brand, operating systems and marketing know-how, a good franchisor will give generous support to franchisees. After all, it is the franchisor's interests for franchisees to succeed.
The key for franchisees is to make the most of what is on offer, and a good starting point for anyone contemplating a franchise, is to know what sort of resources are available.
This is critical. The level of initial training a franchisor provides can either set you on the path to success or see you floundering from day one. So be sure about what training is provided – how hands on it will be and how long the initial training period extends for.
Don't cut corners here. New franchisees need to be prepared to treat this training period as their job. Aiming to hold down another job while undergoing training will undermine the investment the franchisor is making in your future success. Initial training programs are often intense and there is a great deal to learn, so be prepared to give it everything you have.
Having a long term mentor who you can call on for information, guidance or just additional support can be invaluable in the first few weeks, months and maybe even years of operating your franchise. Mentors provide a useful sounding board and have probably operated in a variety of market conditions. So the support they offer is not something to shrug off.
Take advantage of the ability to connect with a mentor. Respect that they too are running a business of their own, but listen to the advice they offer. It could be worth its weight in gold.
A quality franchisor will provide ongoing training in all areas of your business – some of it free, some of it all low cost. It may seem that certain courses or seminars are not directly related to your own business. But in today's competitive marketplace all types of market intelligence are useful.
Taking the time to attend training courses won't just improve your business acumen. It also offers an opportunity to catch up with other franchisees and exchange ideas. The courses on offer are typically run by experts in their field, giving you a rare chance to pick the brains of a specialist.
Local, state and national conferences
Contrary to popular belief, company-wide conferences are much more than a corporate shin dig. This is your chance to network, get a feel for the challenges other franchisees are facing (they could mirror your own) and discover how they are handling market conditions to grow their business.
In short, conferences are a highly valuable mixing pot of ideas, and it is likely that by participating, your own business will benefit.
Tap into what's on offer
The business community in Australia is highly diverse, and there will always be entrepreneurs who are better suited to running their own show without the backing of a franchisor. But for depth and breadth of resources, it is hard to go past a high quality franchise.
The trick to making the most of what your franchisor has to offer is to get involved – give and take ideas, and be prepared to tap into the experiences of others and apply what you have learned to your venture.
To learn more about whether you have what it takes to become a Mortgage Choice franchisee, call us today on 1300 650 330.