How to pick a winner in Franchising
Poolwerx Founder & CEO John O’Brien shares the vital questions you should ask yourself when choosing a franchise.
- Look for these signs of life in the franchise system – Has it got longevity, uniqueness and growth? How many franchise partners? How many franchise partners have excelled? What industry awards has it won?
- When picking a franchise system – Unexpectedly, start at the end and consider your exit strategy. Does the opportunity match your age, health, fitness and experience? Can you involve your spouse and children? What’s your investment profile? What are your income needs during your start up period? Can you grow and own multiple units such as service vans and retail stores?
- Have you got the right skills – Do you have the passion it requires to be successful? Can you work together with your spouse, family and the franchisor team? Are you a good communicator? Can you jump out of bed each day with drive and motivation? Do you like being a part of a team? Are you prepared to work long and hard to make your franchise a success? Can you adapt as a leader as the business grows?
- Is the franchise a leader in training and education – What is the induction training and for how many weeks? Is there ongoing support in the first 12 months for you and your staff? Is there support longer than that? Is there an inhouse training facility? What is the annual training and education plan; do they have one?
- Look for market leaders in marketing and brand – Do they have a marketing plan? Will it support growing new franchises? Does it include social media, web-based support, local area, regional and national marketing? Is there a suite of tools you can utilise to build your franchise in your area? Where do they rank in terms of brand recall with your clients and potential clients? Can they provide support in driving new business via national contracts and tenders and commercial business growth?
- Leaders in technology and innovation – Do they embrace new and innovative ways to reach new and existing clients? To get your franchise brand in the number 1 position with your target market? To find new ways to communicate and attract awareness of users of your services?
- Pick a brand with values that align with yours and your family – What are their values? Do they embrace them company-wide from the families of franchise partners to the support team to the franchisor? Do they include – People First always – Find a better way – Do the right thing – Dare to succeed – Energise?
If you’ve been considering a franchise and haven’t been able to confidently answer all of these questions then why not . We can show you how Poolwerx ticks all the boxes, with over 115 franchise partners, 400+ mobile service vans and 115 retail stores Australia wide.
Poolwerx is twice winner of FCA Franchise System of the Year, and three time Multi-unit Franchise of the Year.