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Six things to consider when starting a franchise

The franchise industry is growing and you’ve decided to invest because you want to run your own business but know you need the added support of a network. As exciting as this is, it’s natural in the early stages to wonder how to make this new enterprise a success.

Here, Victoria Jennings from Bloom Baby Classes shares her top tips to get the most from your investment and see your business flying high. Take a look at her website and Facebook page for more information.

1. Follow that method!

Your franchisor or brand has a proven winning formula. One that has likely been replicated dozens, if not hundreds or in some cases THOUSANDS of times!  One of the main reasons to join a franchise is because you can see the rest of the network running successfully, and that is all down to the fact that they have followed every single step and acted on all the advice and training given.

If you decide to skip a part, this is when you are most likely to fail. Let’s face it, someone else has already done all the hard work for you. They will have spent many a sleepless night making their business successful and spent A LOT of money in the process learning how. They know what they are doing so trust them 100%.

2. Make it something you love

When deciding what type of business is the right one for you, do your research. Make sure the services or products you will be selling are something you genuinely believe in. Do you share the company’s values? Does their ethos mean something to you too? You are more likely to become successful doing something you truly love and feel passionate about, than something that bores you to tears.

3. Collaborate, collaborate, collaborate!

Want to hit the ground running? Want people to be talking about your new business quickly? Collaboration is the key. I say this weekly to my franchise network – reach out, say hi and introduce yourself. Most small business owners love to collaborate. They started from scratch themselves and enjoy supporting a fellow local business.

Is there a way you could join forces with them to offer your target market a discount or special offer? Is there a local business network you can join to spread brand awareness? Can you share each other’s social media posts? Tag one another?

The list goes on and this is one of the best ways of getting your business seen many times over, and an effective way of doing so on a budget too. Or even without spending a penny. Reach out to businesses with the same target audience but who are not competitors as this benefits both parties.

4. Get your marketing mojo on

So, you have parted with money for a franchise. It could be a very well-known one, but this doesn’t mean that as soon as you open your doors on launch day you’re going to get flooded with customers. All businesses need to market themselves, and this usually requires a budget, so plan this in.

Although the franchisor will be supportive you will need to do as much as you can yourself to build interest in what you are doing. This could be  leafleting in you local area, social media campaigns, google ads, influencers etc. Your franchisor will be able to tell you what works well for this type of business – trust them and give it a try.

5. Use that network

Your franchise network is full of like-minded individuals like you. Most will have a strong head office team too, who are there to support and guide you along your way. Reach out to your network and ask questions – that’s what they are there for.

A franchise network is such a power of strength and knowledge, and the members want everyone to be successful. Your success helps them and vice versa.  One of the main benefits of being part of a franchise network is that you are self-employed but with a whole heap of colleagues doing the same as you and all for the same reasons.

6. Support outside of your network

Running a business can be stressful, and being self-employed means taking a day off can sometimes come at a cost. The benefit is that everything you put in you get back in spades, but this can mean long hours, catching up on admin at weekends or during the evenings so it’s important to have your own support too.

A partner/spouse/family member or friend who supports you who you can offload on is imperative to your wellbeing.  During the selection process of a Bloom Baby Class franchise, one of my main questions is finding out what family and friends think about the potential career change.

Knowing that they have the full support and backing of loved ones is something I look for. This indicates they will be able to hit the ground running and have support from both me and my network and from those at home too.

With all this in mind investing in a franchise can be one of the most guaranteed ways of creating a successful and highly profitable business. The rest of the success is then down to you, follow the model, trust the advice and your business will simply bloom!

If you’d like to discuss whether a Bloom Baby franchise could work for you, visit their site.