5 ways to boost your 2020 franchise plans
The end of year period is coming up quickly, and for most it means lazy days by the pool and time with family. While that may sound like a perfect Summer break, there’s no better time for aspiring entrepreneurs to kick-into gear than over the holidays.
If you are looking to get into business for yourself, take the business slow-down as an opportunity to consider possible career and entrepreneurship options.
Here’s five things you can do over the holidays to help boost your 2020 plans.
Nowadays, free time is a highly-valued commodity. It’s critical to your ongoing due diligence process that you dedicate a large chunk of time to research.
Over the holidays, put aside a few hours to look into businesses that you are interested in. Make sure that you consider what format you think would best suit your personality, what industries excite you and what investment costs you could handle.
Remember, a franchise business is a long-term financial commitment. You must research the model and business thoroughly before signing any agreement. Time is money, and over the holiday period, it pays to do your research.
2. Speak with existing franchisees
A key component of the franchise due diligence process is speaking with the existing network. Once you have identified a brand that you are interested in pursuing, consult current and former franchisees to chart their experience.
This will allow you to gain a deeper understanding of the day to day operation of the franchise, what unexpected challenges may arise and how supportive the franchisor will be.
The holiday period is a great time to do this, as a lot of existing franchisees will also be making the most of their down-time, performing admin duties and preparing for the next 12 months.
They will be in the best frame of mind to share their insights, particularly on the current climate, however, be considerate in your discussions. The holiday period can be extremely busy for certain industries, such as retail, so try not to drop in on a franchisee on Christmas Eve asking for advice.
3. Catch up on reading
If you do choose to soak up the sun over the holidays, be sure to stay productive while you do so. Use this time to catch up on any reading or professional development that you may have been putting aside.
This can include business and communication books, as well first-person accounts of business ownership and entrepreneurship from successful operators. Seeing how other people in similar situations have handled the challenges of being their own boss can better emotionally prepare you for the journey.
4. Measure your financial aptitude
This is a big one. The end of the calendar year allows you take stock of your spending and savings over the last 12 months, giving you an accurate financial position.
Take these figures to a franchise accountant and determine what you could be doing better. From there, you will be able to deduce what financial level you would be comfortable in investing, giving you a clearer perception of your capabilities.
5. Create an organisation calendar
One great thing to do over the holidays is set yourself a series of organisational goals. Set yourself one, three and six month objectives that you would like to achieve.
These may be as simple as speaking with five current franchisees, or as complex as submitting a franchise agreement to your proposed franchisor.
Remember, these goals are there only to help you to stay on track; they are flexible. Don’t feel like you have to sign on the dotted line on a specific date just because it fits in with your organisational calendar.
The right opportunity will wait for you, make sure you know what you are getting into.
Tips for working over the holidays
For prospective franchisees, working over the holidays may seem like a bit of a chore, but there is no better time to get started.
Research, due diligence and self-assessment are processes that take time. Trying to fit them in around your working schedule can be a tough ask, so it makes sense to make the most of your down-time.
Prior planning prevents poor performance, and in the franchise world, the onus is on you. Be proactive in you research and development, but don’t forget the holidays are about family.
Make sure you mix in a healthy dose of relaxation. Happy holidays future franchisees!