Andrew Gibbs recently sought to answer the question, on the Century 21 website, of how a person knows which franchise is the right franchise for them.
Century 21 was founded in 1971, and the property franchise has been welcoming new franchisees on a regular basis for many years now. This means that the franchisor team at Century 21 knows very well how to navigate the process of a franchise investment, albeit from the other side of the fence. Andrew’s gathered expertise has led him to suggest that franchisees on the verge of an investment ask themselves the following three questions in order to determine if it’s right for them or not:
- “What do I love doing?” - Andrew said, “Do you really want to spend 8-10 hours a day working [in the industry that you’re considering investing in], or will you be daydreaming about your dream job? If you love baking, do you really want to invest in a cleaning business when you could open your own bakery?”
- “Can I afford this franchise?” - Andrew suggested that potential investors “revisit the shorter list of franchises you have in front of you, and separate the opportunities into three piles”. A pile you can “100% comfortably afford”, a pile you “could afford” with a bit of flexibility/budget management and a pile you “definitely cannot afford”. This will make it easier to figure out and narrow down.
- “Do I know what I’m doing?” - Andrew revealed that in actuality, “many entrepreneurs don’t really know what they’re getting themselves into with starting their own business”. Know your answer, and you’ll be able to access “the right level of support, initially and/or throughout your franchise journey”.
If you’d like to invest with this insightful estate agency network, you can become a Century 21 franchisee for a minimum initial investment of £10,000, with a total investment cost of £100,000 and a royalty fee charged at 10%. Find out more about franchising with the property company via its profile page, which you’ll discover linked above.
Cara Squires, Point Franchise ©