If you're already interested in the property market, have you thought about stepping it up a gear and becoming a franchisee in the Belgian estate agency market? With estate agency franchises thriving in Belgium, more and more entrepreneurs are opting for this refreshing way of doing business. Perhaps you're thinking of launching your own estate agency and have already heard of the franchising system. Or, maybe you've already decided on using this model for your future business. In any case, if you're after more information and tips, we've compiled all you need to know on working with franchising in Belgium.
First things first, what exactly is franchising? In Belgium, franchising is a system based on a partnership between an independent firm, known as the franchisee, and a larger company, known as the franchiser. Earning revenue from sign-up fees and royalties, the franchiser offers the Belgian franchisee the rights to use their name and existing business model.
For the franchisee, this system allows them to reap the benefits of sharing the franchiser's image and brand identity, all whilst remaining in charge of their own business. Furthermore, franchisees can share in the franchiser's industry know-how. All these benefits allow franchisees to become more profitable at a rate far superior to that of other agencies. If this description sounds interesting, you'll surely be asking yourself “Is this model really for me?". How do I choose my franchiser? Here's some advice before you get started.
In the first instance, if you're considering getting started in the Belgian franchising market, you need to be sure that it's right for your business. Consider doing a self-assessment of your current situation and your growth forecast. To do this, ask yourself some key questions. For example, if you're thinking of launching your own estate agency, do you enjoy working face-to-face with your clients? What are your strengths and weaknesses? Which parts of your business plan seem to present the most challenges for you?
Fully assess your financial situation. What investments are you prepared to make? How much money have you got put aside? Finally, launching your own estate agency franchise in Belgium is a hugely time-consuming project which will take a lot of time out of your personal life. Do you have the right level of support from your team and loved ones? Are you prepared to sacrifice your weekends and work long hours, particularly in your first years of business? Also, there's one key question which cannot be ignored: what are your goals for the next 5 years?
The second most important element of your future franchise, after evaluating your personal needs, is choosing the right franchiser. Be sure to take some time to choose the one which is right for you. In Belgium, you'll find a wide range of estate agency franchises, so choose one which will allow you to achieve your potential.
However, in order to know which franchise is best adapted to your needs, you'll need to do some research beforehand. You'll find the right network for you by taking into consideration the following factors: quality of services offered; earning potential; uncovering what makes each franchising network unique. Other important factors include the franchiser's internal and external communication skills, which may give you an indication of their leadership style, as well as the quality of their training and guidance offered, whether this is at the start of or throughout your partnership.
Carrying out your self-assessment and choosing the right franchiser will, of course, need a lot of prior research. To do this, it's recommended to get as much advice as possible. Call industry professionals such as accountants, lawyers, experts etc. You'll find a wealth of information online, but you could also contact current franchisees through a franchising network, or by visiting existing estate agency franchises in Belgium. Launching your own franchise business can seem like a daunting task, but it's one which promises a whole load of new adventures along the way! Become a franchisee and make your entrepreneurial dreams come true!