5 questions to ask yourself before starting a franchise

starting a franchise

Starting a franchise seems to be the ideal compromise for budding entrepreneurs who want to become their own boss while enjoying the benefits of organised trade. This business model and the support of an experienced experienced franchisor The risks associated with entrepreneurship are significantly reduced. Thus, many people choose to starting a business as a franchisee. Here are 5 things you should know before you becoming a franchisee !

#1 What do I know about franchising?

First of all, it is necessary to take stock of what you already know about the concept. The aim is to ensure that you understand the fundamental principles and the different types of franchises ! While it is true that signing a franchise agreement can be an attractive option to reduce the risk of failure, the reality is that it is not that simple. Franchising has its advantages, but it is not for everyone.

#2 Am I right to be a franchisee?

The franchisee status is even more demanding than starting a business. Not everyone has the capacity to take on such responsibilities, constant stress, late hours and a possible lack of holidays. Entrepreneurs who embark on the adventure must demonstrate real work force, business sense, managerial skills and unparalleled human qualities.

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#3 How to choose the right franchisor?

It is common to find brands with similar concepts within the same sector. To make an informed choice, go further than simply requesting documentation! Do not hesitate to go to specialised trade fairs, prepare questions and check the information provided. Some brands also offer mini discovery courses or information days to facilitate contact before launching a franchise.

#4 What budget should I set aside to start a franchise?

Each entrepreneur has calculated an overall initial investment beforeopening a franchise. This amount is useful for calculating the personal contribution needed to obtain a bank loan. If you feel that you cannot raise the recommended amount, you should know that the chances of a franchisor trusting you are slim... À Unless you have an impeccable profile, it would probably be wiser to turn to a less expensive concept.

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#5 How to prepare my franchise project?

Whether franchised or not, setting up a business is a slow and painstaking process, requiring months or even years of thought. Therefore, it is essential todevelop a business plan, a profit and loss statement and to carry out a thorough and in-depth market market study. These documents will serve as arguments to convince your financial partners of your ability to carry out your project. Don't worry, you can of course You can of course count on the support and sound advice of your franchisor!

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