The SUBWAY brand offers some top tips for those considering franchising
The season of spring heralds new opportunities for development and franchising could offer the fresh challenge budding entrepreneurs and business people are looking for.
A SUBWAY franchise is perfect for anyone keen to run their own business, while at the same time benefitting from working with a leading global brand. With first class training and support from planning through to opening and beyond, the SUBWAY brand ensures franchisees receive guidance on all aspects of their new business.
Do you have what it takes to become a SUBWAY franchisee? Here the SUBWAY brand provides top tips on what to consider when deciding if franchising is right for you.
Your needs
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The first question that must be asked when considering a franchising opportunity is whether or not franchising is right for you. Joining a franchise may seem restrictive for some entrepreneurs, however the benefits of using a tried and tested system and the affiliation with a successful brand are the main appeal for many business people. The solid support structure offered by the SUBWAY brand has meant that today 70 per cent of all new SUBWAY franchises sold worldwide are sold to existing owners.
Within a franchise there are opportunities to improve and adapt certain aspects to suit your own way of running a business. To be a successful franchisee you must be able to understand the full benefits of working with an established brand, as well as the limitations this may also incur.
Research
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Once you have fully considered whether franchising is right for you, it is time to research your potential franchise options. Spend time investigating exactly what each franchise offers you, the costs incurred and the support system offered while setting up your franchise and then once things are up and running. Look into attending any franchise exhibitions or seminars that will help you to get a feel for the different aspects of starting a new business.
Once you have an idea of the sort of franchise you are interested in, it is important to research the competition. Look into market trends in your chosen sector, the winners and losers in the sectors and what competitors have done well in the geographical location you are considering. Look at potential threats to the franchise and anything that may affect your personal success, including legislation that may come into play.
Ask questions - any brand worth its salt will be able to provide you with in depth information on its franchise system and what to expect. Investing in a franchise can be a life changing business choice, so it is vital to make an informed decision.
Network
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Networking is key when starting a new business and this is no different when starting out with a franchise. Building up a good relationship with your local community and getting to know the surrounding local businesses will be beneficial when it is time to open your franchise. Developing a good support network can also result in possible partnerships, future business engagements and potential cross promotional opportunities.
Building these local contacts can be done in a number of ways, including via face to face networking at local events, local chambers of commerce, local charity sponsorships or online via social media, to name but a few. Other networking opportunities to consider are conferences and meetings organised by your franchisor. These events present you with a fantastic opportunity to learn more about the future of the brand, what practices have worked well for other franchisees and to learn more about issues affecting the company and its franchisees.
The SUBWAY brand organises meetings throughout the year where the worldwide SUBWAY community come together to take part in seminars and brainstorming sessions laid on for their benefit.
Budget
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From the planning stages of setting up your franchise, right through to when things are up and running, it is key to keep an eye on your finances and ensure you have budgeted for your venture. The SUBWAY brand advises and guides its franchisees through this process, encouraging them to think ahead and consider any possible drains on their resources.
Good business people will be thinking three to six months ahead and have the ability to anticipate the ebbs and flows of cash flow, putting a strategy in place to address these potential pitfalls. Evaluate any risks, taking an informed and disciplined view.
