Many people, who receive large sums of money such as a retrenchment or retirement package or even an inheritance, consider buying a franchise to make their money grow. The food franchising industry can be very exciting, but can also very challenging as it demands a lifestyle change to run it successfully. This is why Maxi’s encourages prospective entrepreneurs to do their homework first to determine if running a franchise would suit their personality and interests.
Bronwyn Oliveira, brand manager of Maxi’s, says prospective franchisees must firstly determine if they have sufficient capital to sustain them while they are working on growing the business. “You must also have a good credit record, be interested in business, and have some knowledge of how to run a company,” she says.
Apart from capital and knowledge, the ideal fast food franchisee must have a positive attitude and a genuine interest in the brand that he or she will represent. The entrepreneur must also be able to think analytically to handle potential problems and identify opportunities, and be excited about the product or service that they will sell. In addition, entrepreneurs need strong people- and communication skills to successfully sell to people, as well as the passion to make the franchise work.
Oliveira says entrepreneurs should also ensure that they have the support of friends and family. “Talk to your family and your friends. Ask them to rate your people and communication skills. If you are going to be working odd hours or come home late very night, talk to your spouse and plan how you will handle it.”
If you can work independently, get things done efficiently and are organised and physically and emotionally flexible, a franchise will be the right choice if you are also comfortable with selling and dealing with people. “If you are good at organising and motivating people and believe in yourself and your own efforts, you can definitely consider buying a franchise. Collaboration is important as you and your team must be able to grow the business together,” says Oliveira.
She adds that working with franchisees on a daily basis, she has found that it is very important for entrepreneurs to have a realistic understanding of the franchise relationship and the obligations of the franchisee and franchisor. “If you buy a franchise, you have to remember that there are rules that all franchisees must follow, such as branding, advertising, and sourcing products. Entrepreneurs must therefore understand a franchise agreement very well before they sign it to ensure that they know exactly what they are letting themselves in for,” is her advice.
Opinion piece shared by PR Worx.