You’ve made the decision to ditch the tie for peace of mind and open a franchise business. This is a sizable investment in your future. You want to make a change for the better. The people on your team, their attitude, their commitment will affect your future success. Do the people sitting across the table share your enthusiasm for franchising?
When the news broke about the stars of Unfinished Business posing for stock photos that could be used for free, a group of us at Go Tire, Inc. thought, “We have to use those!” So we kicked around ideas on what sort of articles we should create. We decided that we needed some franchise licensing pieces. We are, afterall, a franchise organization.
In the past, each of us had been in the franchise industry in some capacity. We’d read articles about the “X Things to Look For in a Franchise” or “What to Look For in a Franchise Opportunity.” We didn’t want to re-hash those tips – not for this. Everyone in franchising has posts like that. From the beginning, Go Tire wanted to be a franchise company that was different from others we’d experienced in the past.
As we looked at the photos and reviewed our franchisees video testimonials, one question came to mind, “With whom are you in business?”
When you make the decision to stop working for someone else and choose to open a franchise business, that’s a huge investment. The people behind the logo matter just as much, if not more so , than the brand. So, here are some what to look for in a franchise tips that you may not have considered before.
Does the franchisor share your enthusiasm?
Damien Murphy, a Go Tire tire professional who owns and operates the Go Tire franchise serving Barrie and surrounding areas, said that he and his wife saw Go Tire founders Heather Murphy and Craig Howes pitch on CBC’s Dragons’ Den. That prompted him to call and inquire about joining the franchise. The next day, Damien heard from Go Tire.
“Had we not heard back, we would have lost interest in the opportunity,” said Damien.
Why it matters: An enthusiastic partner makes the entrepreneurial journey more enjoyable and pleasant.
Does the franchisor allow you to progress through the licensing process at your own pace?
No one likes to be pushed, particularly when a sizable amount of money and our futures are in question. While a franchisor should absolutely have a licensing process that logically and transparently allows the prospective franchisee to explore the franchise opportunity, the prospect should never feel like they are being brow beaten into investing in a franchise opportunity.
On the other hand, a prospective franchisee who fails to read the franchise disclosure document, doesn’t make due diligence calls, or continually delays the licensing process, may not be best suited for a franchise. At its core, franchising is a system that is offered to entrepreneurial types who want to own and operate their own businesses, but prefer to rely on systems created by other talented professionals. If a prospective franchisee cannot follow the licensing system, it’s unlikely they’ll thrive following other systems for marketing, operations, accounting, etc. that the franchisor has carefully blended into their business.
Why it matters: Perfectly paired partners find and work with each other’s rhythm.
Is the franchisor someone with whom you want to do business?
Go Tire prides itself on finding outstanding quality people who want to embrace the entrepreneurial lifestyle and join our road crew. We want franchisees who can echo Damien Murphy’s sentiment when he said, “I’m proud to have my name associated with this company.”
Franchising is a relationship. The franchisor asks a lot of questions of prospective franchisees during the discovery process. The prospect should do his or her due diligence and ask as many questions as possible of the franchisor and the franchisees. The franchise disclosure document provides a wealth of information. If it’s possible, visit the franchisor’s headquarters. Determine the enthusiasm level of existing franchisees. Are the veterans still as eager as the new recruits? Do they see opportunity on the horizon?
At Go Tire, we visit the territory you intend to service and give it a cursory look. We want to know that you are setting yourself up for success. We may identify assets you never considered or bring a potential threat to your attention. We’ll also discuss strategies how you can maximize your assets and address any threats if you choose to join our team. We’ll also put you in touch with your fellow franchises in the area so you can collaborate, share, and support each other.
Why it matters: A positive reputation will open doors on your entrepreneurial journey.
So, in addition to the 8 things to consider before you choose a franchise opportunity, now you have three more questions to ask yourself in the process.
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