Becoming a franchise owner - mistakes to avoid

Investing in a franchise is exciting. From the moment you start looking into franchise options you are making changes to your life and setting out on a new path.

While it’s an exciting time, starting your franchise is not without its challenges. That’s why you really need to work with the franchise operator and be ready to let them steer you to success. All the best intentions lead nowhere without knowledge, experience and detailed data to back them up.

There are plenty of errors that can easily be made. We’ve highlighted a few to give you an idea of what to be aware of and what to avoid to give your franchise the greatest chance of success.

1. Not being honest about your financial position

When you start out, you’ll need to make sure you have the money available for the franchise fee and any other costs associated with buying a franchise. In some cases you won’t need all the money in the bank, you can show you have access to the funds (loans etc)

Not being honest about your financial situation will just slow the process down, create an air of mistrust and potentially lead to a breakdown of relations.

2. Not Sticking to the Business Model

The model is there for a reason, you don’t need to make changes. Stick with what exists and add your personality to the gym/studio/training environment. The franchisor wants you to succeed and has created a model to facilitate that.

3. Thinking You’re on Your Own

A franchise comes with a fantastic support network. Once you have opened your gym/studio you aren’t left on your own. The franchise network is there to support you as much as you need. Don’t feel that you can’t ask for help or advice.

4. Not Utilising Marketing Campaigns

Hybrid Franchise will work on numerous marketing and PR campaigns for you, but you can also be out there spreading the word. Engage your community, invite local media, set up referral schemes, work with local partners. A mix of central campaigns and your own efforts will help you stand out from the crowd.

5. Not Trusting the Franchise

Trust is everything. Not everything will go smoothly, sometimes you’ll have to make big changes fast. But always remember, your success is at the heart of a franchise model. So trust the people helping you and trust the process. Read about our experience bringing Putney to life, a great example of how trust in the franchise and the process led to a better outcome.

6. Forgetting to Enjoy the Journey

Being a franchise owner is a lot of work, it can be trying and lead to long hours. But, it’s not without its fun side.

Being a franchise owner makes you your own boss and gives you the ability to shape the working life you want. Enjoy the process and always look to the future benefits.

These are just a few points to be aware of. Always think about the long term, always maintain a business mindset, always trust the business model and the franchise team and always remember, your success is the overall goal.