How does one find the right franchise concept within the wide variety of franchise businesses? Even if you already have a rough idea or a direction for your choice to follow, you still may want a few aspects to invest your budget lucratively.
Important issues in the franchise concept search
First, you need to ask some essential questions that drive your search. What are your personal goals? What type of franchise would you like to be? Would you like to be directly involved in the daily business or do you want to hire employees that take over the everyday work? You should therefore be clear whether you want to exercise a user action, or if you want to take a leadership position. Of course, when searching for the right franchise concept, the question of the budget plays a major role. The amount that has to be invested, varies depending on the company. Be aware of what budget is available to you.
What does it take to be a franchisee?
Do you have that special know-how to become a franchise partner? The "A"s and "O"s to get started as a franchisee: you should have a certain affinity for marketing and dealing with customers. If you have chosen a franchise business, learn enough about the company and the obligations that await you in particular. Make sure that you take advantage of the brand and make its success your own.
Five steps to the perfect franchise concept!
For those looking for the best franchise concept, there are five steps that you should be aware of.
1. First, you should consider which area you want to specialize in. Specify a priority list and use it as a pin point. The purpose of the list is to record what you are looking for. Are you, for example, rather looking for a large or a small, fast-growing business? Also write down the sums you want to invest and which location you prefer for your franchise projects.
2. The next step will be to obtain comprehensive information online about different franchise concepts. Become aware of the top franchise companies.
3. Now it gets serious: make a short list of your dream franchises. Compare all the start-up costs and find out about the support you receive in the event of cooperation. Ensure that cooperation is 100% worth it.
4. Now you should get familiar and start communicating with the franchisors who are in your shortlist. Make clear to them that you have serious intentions about entering into a cooperation. Let your contacts know where came across the franchise offering and that you have already fully informed yourself about franchising.
5. The final step is to organize a meeting with your favorites and clarify all aspects that have so far remained open. If everything seems right after this conversation, you have found yourself a suitable franchise concept and there will be nothing standing in the way to the signing of the contract.
After processing the 5 steps, you have concluded that the real estate franchise is the best suitable option for you?
At Engel & Völkers, you're choosing a competent franchise partner. The successful brand has been one of the top 100 franchises worldwide. Engel & Völkers always improves its approach to be the most modern standards. An important member of the board of Engel & Völkers and the board of the German Franchise Association is Kai Enders. He was elected on 11 June 2014 as Vice-President of the European Franchise Federation (EFF). At this very moment, many lucrative sites are available to you nationally and internationally.