Forty Winks franchise overview
by
Forty Winks
The investment required to establish a Forty Winks outlet is in the order of $150,000 to $300,000. The promotional information specifies that experience in the bedding and furniture industry is preferred, but not essential. Some of the other factors considered important are in the table below.
Franchise name: Forty Winks
Franchisor's name/title: Roger Wilson – General Manager
Concept: Retail bedding and furniture
Investment entry price: $150,000 – $300,000
Skills prerequisites: Experience in the bedding and furniture industry preferred, but not essential.
Ideal franchisee:
The ideal franchise owner for Forty Winks tends to be sales oriented, with strong business acumen. While Wilson admits this is sometimes difficult to assess, the recruitment process includes detailed discussions of the opportunity, including a review of the profit and loss (P&L) statements and the balance sheet of the retail operation. This provides an early indication of whether or not a potential franchise owner is capable of analysing, picking the trends, and seeing opportunities and challenges presented by the business.
Forty Winks utilises a variety of recruitment methods, including direct enquiry from the website, dailies and other publications, and specialist recruitment websites such as Seek. By far the most effective method, however, is word of mouth in the trade. Many franchise owners have been drawn from other parts of the industry and have applied their knowledge and experience effectively within the Forty Winks network.
Ideally, franchise owners are family oriented. This seems to fit well with the culture of the business. While the majority of franchise owners are male, husband and wife or two partner teams also work very well.
Commonly, each of the partners brings a different, but complementary skill set to the business. For instance, one may be very good at sales and operational matters, whilst the other has a flair for merchandising and promotion.
Top three most important questions asked of franchisees during the interview process
The key areas to assess are:
- The prospective franchise owner’s background and experience. Ideally, there should be some retail in there.
- The work ethic. Unfortunately, some people believe that a franchise is a walk-up start or a guarantee of success. Whilst Forty Winks has enjoyed tremendous success, it is usually the result of working hard and smart in a very competitive environment; and
- Passion. Again, difficult to measure with any accuracy, but generally it will shine through in those people who really love what they do and are excited by the opportunity.
What franchisees shouldn’t ask
Anything is fair play in the recruitment process. Forty Winks believes that open communication is a key ingredient in the success of the business, so any successful franchisee is fully expected to ask all the questions required to satisfy themselves that this is the right opportunity for them.
Short-term goals (within the next six to 12 months)
Forty Winks has just undergone its first major re-brand in 22 years, so it is an exciting time as the fresh, new look is launched in the media, on the website, and in more than 90 stores across Australia.
See the buying a franchise page for additional information. 24.07.2007
FCA Member
Contact Forty Winks
Tel: 03 9558 0044
Fax: 03 9558 0276
