Frequently Asked Questions About Owning a Franchise
When it comes to owning a franchise, you doubtless have many questions running through your head. You want to know if this investment is right for you, what the industry is like, how much it will cost, and what obstacles you might encounter. We’re big believers in our franchisees being as informed as possible before they embark on a career in franchise ownership. Part of that educational process is hearing what common questions and challenges are usually front-of-mind for new franchisees, and getting comfortable addressing them. There are a few important questions to answer before taking the franchising plunge.
Do I need prior industry experience?
While industry experience is always helpful before opening a business, it is by no means a requirement for success. Many who pursue bookkeeping franchise opportunities have diverse professional histories and a wide range of experiences, which may or may not include managerial experience. More important than a long career in bookkeeping or owning a franchise is a willingness to learn. New franchisees should always be curious about discovering the ins and outs of a new industry, and should never be afraid to take advantage of our dedicated support team for any questions that may arise.
What’s the selection process like?
A common misconception about franchising is that franchisors aren’t selective about who they take on board. To the contrary, to protect their own best interests, franchisors must be extremely selective. With every new franchisee that joins the team, the franchisor is risking their brand name and significant resources, and expect that these supports will be put to good use. Franchisees are a direct reflection of their company’s brand, so there is often an extensive vetting process involved in taking on new franchisees. The Supporting Strategies Discovery Day is designed for this very reason—to help franchisees and the franchisor get acquainted, learn if it’s a good fit, and build a solid foundation for a professional relationship.
Will I have the freedom to run my franchise my own way?
One of the most attractive elements of franchising is the allure of working for yourself, and being your own boss. While we can’t speak for all franchise opportunities, Supporting Strategies values the independence of its franchisees, and empower them to make their own business decisions. When you own a franchise, it’s important to inject your own personality and character, to more easily forge a connection with clients and create a lasting impression. While we have certain policies and procedures in place that we ask franchisees to respect — developed according to our proven, long-standing business model — we empower franchisees to get creative within our framework.
Will owning a franchise be expensive?
There’s no doubt that franchising can be expensive. Most franchises require a franchisee fee, along with a royalty payment that must be paid at intervals to the franchisor. However, it’s important to remember that the reason behind franchise fees is because the franchisor is giving you many of the resources you need to run your business effectively. From a dedicated support team, to comprehensive training, to a suite of marketing materials, you should be receiving ample return on your initial investment in the form of helpful resources.
If owning a franchise sounds like your next career move, or if you have further questions about what it takes to franchise with Supporting Strategies, get in touch with us today.
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