4 Questions to Ask Yourself Before Buying a Franchise

Being your own boss, having a flexible schedule, and turning a good profit are all excellent reasons why buying into a franchise can be a great business (and personal) opportunity. However, it’s not always easy and truthfully, it’s not for everyone.

There are certain personality traits and circumstances that lend themselves to franchise success. To see if you meet the prerequisites, ask yourself these four questions.

1- Am I a Rule Follower?

Yes, you’ll be your own boss…sort of. Although you’ll be in charge of day-to-day business operations and hiring your own employees, every franchisee signs contracts with their franchisor guaranteeing that certain (and many) rules will be followed. Consistency is key when it comes to a successful franchise system which means you will not be able to change things or explore your own ideas. You will be using their playbook and following their rules.  

2- Do I Work Well in a Team Environment?

You will be working with a large team of players, both above you and below. You will be interacting with people a lot so you need to have the type of personality that enjoys it. Having experience managing a team is also very important as is the willingness to work hard, support others, and ensure everyone succeeds together.

3- Do I Have the Financial Means?

Opening a franchise takes money. Let’s clarify…it takes a LOT of money. Undercapitalization is one of the major causes of business failure. You will have start-up costs (business licences, inventory, equipment, etc.), professional fees, insurance, land, rent, utilities, employee salaries, and promotional expenses. You can count on your business taking AT LEAST a year to turn a profit. Make sure you and your family can afford the wait.

4- Have I Found the Right Opportunity?

Make sure you’ve found the franchise opportunity that best encompasses the following attributes:

  • The business is well known and successful
  • Their philosophy and mission aligns with your own values and priorities
  • The products and services interest you
  • The location is convenient for you
  • You agree with the terms of the contract
  • The staff is friendly and helpful
  • The franchise company offers ongoing support

If you have answered yes to all of the above questions, you’ve passed the test! With thorough preparation and vigilant hard work, you can become a successful franchise owner.

For information on a great franchise opportunity, visit Bruges Waffles & Frites!

4 Tips for Choosing a Great Franchise Location

Location can have a huge impact on the success (or failure) of your business.

Yes, most franchisors will provide you with their specific location criteria but you need to do your own homework as well to ensure that you have the greatest chance of success.

Here are four tips to help you choose a great location for your new franchise.

1- Scrutinize the Traffic Patterns

It may seem trivial, but the traffic and parking patterns around your location can make a huge impact on who patronizes your business or just drives on by. To truly grasp a solid understanding of how important this is, drive to the location from different directions and at different times of the day. Pull into the parking lot and determine if there are enough spaces. Sit across the street and watch the area. Think about public transportation and foot traffic as well.

2- Consider the Competition

You want to corner the market in your area so you can maximize the number of customers coming through your doors. There isn’t much point in being the fourth pizza joint within a two block radius and splitting the pizza customers four ways, for example. That’s why it is so important to consider your surrounding competition. Does what you offer stand out from what’s already in the area? Is there a location that is lacking what you can give them?

3- Examine the Area’s Economics

Take a moment to examine the economics of the area in which you want to open for business. Is your product or service in line, price-wise and quality-wise, with what people can afford and want to spend to get it? On the flip side, can you afford the neighborhood? Will the rent, taxes, and insurance eat too much into your profit potential?

4- Deliberate on the Demographics

It’s important to deliberate on the age, social status, and preferences of the locals in a potential area. Whoever lives or frequents the neighborhood will be your customers so be sure to cater to their needs, desires, and tastes.

When you find what you believe to be the perfect spot to open your franchise, seek the support of your franchisor. They will offer their suggestions and advice and will help you navigate the real estate system.

For more information about owning your own Bruges Franchise, contact us today.

3 Factors That Could Be Affecting Your Franchise

As an entrepreneur, the idea of owning a franchise business probably seems enticing. Not only are there fewer risks than starting a business from the ground up, but the chances of succeeding as a profitable business owner are higher with a franchise, too, due to the support you’ll receive from your established franchisor and fellow franchisees. However, without being fully prepared to take on the endeavor of running an affluent franchise, chances are you’ll encounter difficulties and roadblocks that threaten the vitality of your business.

Before you embark on the journey of growing a reputable franchise, review these three common factors that could stand in the way of your success.

Not Having Defined Business Goals

Like other entrepreneurs, you’re probably a “big idea” person who has a plethora of ideas, strategies, and visions. While this is often what makes you shine, it can be difficult to contain these big ideas into a clear, streamlined brand. Unfortunately, this factor can stand in the way of what your business must do: sell. So, try to define your business goals in six words or less, so that even complete strangers will understand what you’re about.

Not Being Flexible

Being passionate about your work is vital when growing a business. However, it can also cause some serious roadblocks if it leads to tunnel vision that prevents you from listening to advice or making the necessary changes your business needs to succeed. Avoid this by working hard to navigate the line between being passionate and being rigid. While you don’t have to capitalize on every idea or suggestion that comes your way, you should be open to change where further development is needed.

Not Playing Nice

In order to be a successful business owner, you have to play nice not only with competitors but especially with other franchisees. Don’t be afraid to share your secrets and talk about how your personal touch impacts the business. By doing this, you’ll be able to create a duplicable brand that allows franchisees to connect with the spirit of the company. Consider hosting round-table discussions or offer access to educational tools that allows others to recreate your successes in every unit.

If you’re interested in becoming a member of a successful franchise family, contact Bruges Franchise today.

3 Key Factors For Successful Franchises

waffle-878198_960_720In many ways, owning and running a franchise business is much easier than starting a business from scratch. Not only are you backed by an established brand, but you also have all the tools and resources you need to succeed. This said, however, nearly 40-percent of small and retail franchises fail over a four-year span. So, while the chances of being a successful franchise owner are high, there is still a chance that your business could see a very short lifespan if you don’t execute properly. Read more