Thinking about investing in a franchise, but not sure where to start?
Look no further than these key factors to consider when making your decision.
First, ask yourself what you want to do and whether you want to work alone or with a team. Consider the entry-level investment, your confidence levels, and your available time and energy. But don’t forget to also consider the cultural and ethical fit of the franchise, as well as ongoing costs and financing options. And perhaps most importantly, trust your gut instinct and look for a sense of belonging within the franchise’s community.
By carefully weighing these factors and seeking advice from experienced franchisors like Samantha Acton, you can make an informed decision that sets you up for success.
Enjoyed this conversation? Then check out this LinkedIn Live with Samantha, where she gives us top tips for making your business dreams a reality. Watch here.
Timestamps:
Overview of Samantha Acton’s background [00:00:52]Â Samantha Acton talks about her experience in franchising, her role as a franchisor with Domestic Angels, and her personal background.
Factors to consider when choosing a franchise [00:02:37] Samantha Acton discusses key factors to consider, including the type of work, location, investment, and level of responsibility.
Choosing the right franchise based on skills and experience [00:07:38] Samantha Acton advises to go with your gut instinct when choosing a franchise and to connect with the franchisor or franchisees. She also suggests choosing a subject you already feel comfortable with.
Choosing the Right Franchise [00:08:35] Tips on choosing the right franchise for you based on cultural and ethical fit.
Upfront and Ongoing Costs of Franchising [00:09:31] Explanation of the difference between investing and purchasing a franchise and the upfront and ongoing costs associated with franchising.
Common Mistakes in Starting a Franchise Business [00:15:11]Â Advice on avoiding common mistakes in starting a franchise business, such as running too quickly and not listening to the franchisor.
Choosing the right franchise [00:17:20]Â Factors to consider when choosing a franchise include gut instinct and building a good relationship with the franchisor.
Connecting with Samantha Acton [00:17:54]Â How to connect with Samantha Acton for further questions about franchising.
Marketing strategies for franchises [00:19:24]Â Different marketing strategies for franchises, including target marketing and national marketing strategies. The importance of researching the marketing support provided by the franchisor.