Buying your own franchise is an exciting venture but how does it differ from working with the business at a ground level? Andrew Beecroft, Snooze multi-site franchisee shares five things he wishes he knew before buying a franchise.
Initiating his Snooze career on the shop floor, followed by eight years as a business development manager, Andrew Beecroft has a solid understanding of the bedding retailer.
“After spending so much time within the Snooze business, I developed a sound understanding of a franchise business model, and knew that one day I wanted to buy my own business, likely into a franchise,” says Beecroft.
He then made the transition to a Snooze franchise, taking on the Crows Nest site alongside his partner and long-standing Snooze employee, Zhong Zhu in 2009. After just seven months, the pair took on their second site at Artarmon. The duo then invested in their third franchise at Penrith in 2012, with continued investment in Crows Nest until 2014.
5 things I’ve learned as a franchisee
1. Have a game plan
Always be prepared, that’s the best advice I can give. Make sure all systems are in place and operating effectively. Taking on a business is new and exciting, but you don’t want that to get the better of you. Key systems such as warehouse logistics, staff training, inventory control and staff structure are all vital for smooth operation.
2. Less on operations, more on business growth
It’s hard to let go of being involved in every aspect of the store, but you have to learn to take a less hands-on approach. It ensures that your team grows effectively, and shifts your focus from operations to the bigger picture; how the business is performing and your profitability.
3. Learn to delegate
Owning a business means it can be hard to trust that things will get done the way they should, but once you learn to delegate responsibility and have a team you can trust, it frees up your time to focus on senior level operations. There’s no way to single- handedly run a store, so trust in your team to take over aspects of the business.
4. Employees are key
Managing people is always a challenge, but with employees you get out what you put in. Training and counselling allows you to mentor your team to excel, and this will reflect in the day to day running of the store, as well as the business results. You want to be able to rely on your team, as you won’t be there for every moment.
5. Take care of the financials
Lastly, and it may sound obvious; set yourself up for success financially before embarking on your business venture. Use your experience to plan ahead, assess the business’ profitability and, if in doubt, seek advice from the franchisor team.