Everyone knows the popular carol, The Twelve Days of Christmas, but if you love dealing with property projects, or are a great project manager who could use their skills within the property sector, what 12 steps should you take, to not only secure a franchise but to get the right property-sector franchise for you? Here’s our advice.
1. Assess what you find appealing about both property and also the general idea of running your own business. Do you just like reading about property renovations, or do you actually get hands-on and tackle property projects? Do you really like the idea of being your own boss, desire more income, wish to invest a redundancy sum into a new venture or have an entrepreneurial spirit? Be honest about this before you think about a property reinstatement franchise.
2. Research what’s out there in the world of property repair franchises really well, so you can compare and contrast the different franchise offerings and what each one expects of a franchisee.
3. Having narrowed down your choices, engage in some meaningful self-analysis. What is it that you do well? What is your skillset? Are you a loner or a people person? Do your skills seem to match those of the franchise you have in mind?
4. Get in touch with the franchisor that you are considering joining and see if they believe you have the right attributes, before you waste any of your time on something that is unlikely to happen. Submit an enquiry and, if you get the chance, have an online or face-to-face meeting with the franchisor, to explore the franchise opportunity in more depth.
5. Consider your location and whether a territory on your chosen patch could do well. How well do you know the area that could be your territory? How far away from your home would it be, if you cannot secure the actual franchise for the area in which you are based?
6. Further examine the franchisor’s business model. Does it appear to be robust, now you know more and have revisited it with the benefit of your fresh insight?
7. Look at the wider ‘macro-environment’ and set the franchise business within it. What is happening in the economy, the political world, the environment, society, behavioural trends and the legal framework that might impact on the franchise business in a positive or negative way? Is your property sector franchise overly dependent on the construction industry and its known fluctuations? Are there other property sector franchises, like Aspray’s property damage claims management and property reinstatement franchise, for which there is an obvious demand into which to tap, because property damage is a regular occurrence, no matter what the economic or political environment?
8. Reflect on what is happening in your micro-environment. Is your job secure? What would be the impact on your family if you started your own business? Do you have the space at home to create a work area from which to handle administration, or do you need a franchise that is completely based outside of your home? Is it the right time for you to be your own boss?
9. Ask yourself how much futureproofing does your franchise business choice have? Is it a business that will still be relevant in five or 10 years’ time, or longer, or is it based on a trend that could disappear in a few years? If you are looking at a property franchise, the susceptibility to ‘gimmicks’ is probably lower, but you still need to check.
10. Consider how you will raise the finance to pay for the franchise and any cash flow requirements and whether this is going to be possible. You may have a lump sum to invest or need to get a loan. Will a bank lend you the money? Securing the finance is a key step as is having your franchise agreement looked at by a franchise solicitor.
11. Ask to speak to other franchisees, if you want to know what life is like within a property franchise business and what level of support you are likely to get from your franchisor. Remember that not all franchisees may be as proactive as others and this may cloud their view, so aim to speak to a couple, if you can.
12. If all stacks up and the franchisor is ready to offer you a territory and you are delighted to take up that offer, having the relevant finance in place, all that remains is for you to sign the agreement and start to plan a new and exciting business future and career.
The Aspray property and insurance sector franchise is one that could offer you a variety of benefits if you are the right person for the role of loss assessor and have the skills required of a property reinstatement project manager overseeing property repairs. If you are the sort of person that likes putting things back together, whilst helping others, it could be just the ticket for you. Get in touch with us on 0800 077 6705, if you feel that could be the case.