4 Things you need to know about becoming a franchise owner

So, you’ve decided to take the step and become a franchise owner. There are many advantages to becoming a business owner and even more to becoming a franchise owner. There are, however a few important questions you should ask yourself before choosing a franchise seeing as there are so many to choose from, making it all the more important to find the right fit.

1. How much will it cost?
This is one of the most determining factors in choosing the right franchise for you. Questions like what is the total of startup capital you will need to get the franchise up and running? And how soon will you begin to see a return on your investment? Are things you need to consider.

One of The Bed Shop’s biggest advantages is the low capital inset required from the franchisee when setting up shop. The set-up cost is averaged at R500 000, which also includes the initial franchisee fee. The stores turnover is estimated to be at around R200 000 and allows the franchisee to quickly see a return on their investment.

2. What are you good at and what are you passionate about?
Just because you like fixing things it doesn’t mean that you have to buy a home improvement franchise. You will be the business owner and that means you’ll be employing people that will need to be passionate about your business. What you need to determine is bigger than just what are your interests. Ask yourself if you enjoy being around people? Will you be able to lead a team and motivate employees? Do you have the necessary business acumen to run the business or do you plan on enrolling for classes or courses to acquire more knowledge about how a business works? The time and effort spent on your business is just as important the amount of time spent in your business.

Another important aspect of owning a franchise to consider is if you’ll be able to operate within an already existing system. What might seem like an advantage to one person can be a disadvantage for another. The Bed Shop’s franchise model and systems are setup to assist franchisees in the running of the business, but each franchisee is encouraged to bring their own personality and style to their business in order for it to be a success.

3. What kind of help does the franchisor provide?
Like we said, there are many advantages to owning a franchise, of which the assistance a franchisor offers the franchisee is one of the most important. You won’t be alone in running a business. The success of the store will be just as important to the franchisor than it is to you. If there are certain aspect that they will not be assisting with, you will need to find the resources that do.

The Bed Shop offers franchisees ongoing support from the outset to preparing budgets and engaging in marketing and advertising. As a small and unknown start-up, a business owner would not necessarily have the capital to engage in such activities which could aid in a business’ success, especially in the beginning stages.

4. What’s your end game?
This is a big one. Very few people have it all figured out from the get-go, but you’ll already be much further in figuring it out than most once you start thinking about this question. Would like to buy another franchise? Are you going to leave it to your children one day? Or would you like to make as much money and get out? The last is obviously not to the advantage of the franchisor, but it is business after all and if your store is successful it will be much easier for the franchisor to get another buyer. As Stephen Covey says, “Start with the end in mind.” Knowing what your end game is will make it much easier to choose a franchise.

Interested in becoming a franchisee of The Bed Shop? 
They have 20 stores across South Africa that are already successfully established and just waiting for new owners to bring their knowledge and energy to the store. To learn more, please contact Kurt Loggenberg on 011 762 1464 or kloggenberg@thebedshopsa.co.za for more information.

Visit The Bed Shop online at thebedshopsaonline.co.za