I take my hat off to anyone who leaves their security blanket and jumps into the business world; it is not easy to do. Starting or buying your own business can be nerve-wracking and exciting at the same time… rewarding, and eventually profitable. I know because I’ve done it too.
However, I do realise that financial security for one, is a huge factor when starting or buying a franchise business. You’ll find yourself asking questions like, Will I be able to pay the rent? Or the mortgage? The kids’ school fees? Buy groceries? If this falls through, then what? We could lose everything!
Franchising can minimise most risks because what you’re buying into has been done before – by many different people, from many different backgrounds and business experiences, and the majority have been successful. And they are happy to share their recipe.
Finding the right franchise business
One piece of advice I can give is to look for a reputable brand to buy into, follow the system and processes, be open to the advice of the franchisor and other franchisees in the network, and you will have a real chance of being successful.
Franchising is about following the system and the guidelines provided.
If you don’t want to follow the systems and the recipe, then maybe franchising is not for you, and that’s ok. Just remember, a sound franchise model should have all the little things done for you and all the processes set in place for you.
Though throughout the process, make sure you do your due diligence and address the elephant in the room. Talk to people who have been there and done it before, and find out how they managed their main concerns. Thankfully in the world of franchising, you’re never alone.
The elephant in the room
During my presentation at this year’s Franchising Expo, I spoke about the elephant in the room.
I addressed those questions and concerns that run through everyone’s head looking to purchase their own business – the very things that put doubt into your mind and make you hesitate.
But instead of having someone who’s been in franchising for over 20 years tell you that you’re going to be fine and not to worry about a thing, I asked one of my franchisees to talk about their journey into franchising and the concerns and risks that they faced before taking the leap of faith.
Kristy and Murray Pendlebury have owned Gutter-Vac Brisbane East since May 2019 and have more than doubled their initial investment in their business in that time.
In the recorded session below, you’ll hear about Kristy and Murray’s story, and Kristy’s responses to some of my questions, like:
“What were you most worried about when you decided to buy your own business?”
“Did you consider failure?”
“Did you have a Plan B?”
If you’re interested in buying a franchise business, have a look or enquire about our franchise territories for sale.
For more information about a Gutter-Vac franchise and to make sure we have the recipe you’re after, you can join our 1-hour online Franchise Opportunity Sessions.
Managing Director and Founder, Gutter-Vac