Maplebrook Wills has offered a sneak peek at the ‘five stupid mistakes’ many prospective franchisees make at the start of their journey
Starting your very own franchise is exciting, but it’s all too easy to sign a franchise agreement without properly thinking your decision through. To save overeager franchisees from making what he calls ‘stupid mistakes’, Maplebrook Wills’ founder, Mike Pugh, has shared the most important things you need to find out before joining any franchise.
Mistake number one? Not researching the franchise owner’s business history. Pugh says that it’s important not to get sucked in by a ‘glossy brochure’, and to find out whether the franchisor has a strong record of success in their industry. He also advises speaking to other franchisees to find out how much care and attention, as well as training, is offered by the franchise owner, or senior team if the franchise is much larger.
Pugh says that failing to examine the company’s marketing plan can be a costly mistake two. Some franchises will help you generate new business leads, or pre-sell to potential clients in their marketing materials so you don’t need to use high-pressure tactics. Other franchises may leave you to cold call, or do your own marketing and networking, which may not suite inexperienced or shy entrepreneurs.
Error number three in Pugh’s eyes is not finding out about the franchise’s support systems. He explained:
“Does the franchise have a fool-proof software system that guarantees you’ll never make a costly mistake and lose clients because of it? Does it have a top expert in the field you can call on for help when things get too complicated? Is there a lot of ‘hand-holding’ available at the start or are you left with two options, either sink or swim?”
The fourth mistake a new franchisee can make is not taking time to connect with successful franchisees and find out if they’re actually making a comfortable living. He added:
“Does the company care enough about every franchisee that it offers a daily Q&A session and actively invites every franchisee to get any problem solved on the same day they have it?”
And the fifth and final mistake?
“They don’t take the time to find out whether they are in a growing or declining marketplace.”
Pugh stressed that it’s vital to choose a franchise that is resilient to change, and that will still be around and thriving in a decade.
The award-winning will writer, and founder of legal & solicitor franchise Maplebrook Wills, will be sharing plenty more tips and advice in his upcoming webinar. ‘How to avoid the 5 stupid mistakes most people make when choosing a franchise’ will be held on the 7th May at 3pm. You can register for the webinar today and find out more about the world of franchising from the experienced franchisor.
Sophie Cole, Point Franchise ©
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