Can building your own buy-to-let business with Platinum Property Partners help you to achieve your goals?
Many people aspire to start their own business, but the prospect can be daunting. Working in a network of others and following a proven model is a great way of having your own business, whilst minimising the risk and maximising the upside. It’s your business, but you have training, support and a successful brand behind you.
That’s why many people look at franchising. But what questions should you ask yourself when considering franchise opportunities to ensure you make the right choice?
Does the franchise’s industry, product or service interest you?
A lack of passion about a product or service could mean you tire of the franchise quickly and therefore fail to make the best of the opportunity.
Ask yourself whether the product or service the franchise provides suits your own interests. Does it offer something you like and would buy yourself? Platinum Property Partners (PPP) doesn’t require you to be an expert property investor. But the company knows you’ll be much more successful if you enjoy what you do. As the saying goes: “Do what you love, love what you do”.
Will this franchise help you achieve your personal and professional goals?
Many people look at franchising as an option because they want the independence of being their own boss without all the risks; they want to generate their own income that replaces their current salary; or they want to achieve a better work-life balance.
One of the most important things PPP does when a prospect is considering its franchise is to ask them to complete a goals and needs analysis before joining, so they can be sure PPP will help them get to where they want to be.
Having a plan in terms of your professional, family and business aspirations will help you identify your priorities when considering investing in a franchise business. It is important to consider whether the franchise is right for you and your own particular needs and goals - what do you want to achieve, how do you want your working life to be, what income do you need to generate and who do you want to work with?
What support will I receive?
One of the main benefits of buying a franchise is that you should have access to the relevant tools, training and support to not only get you started with your business, but to develop and grow it during your agreement term.
It’s extremely important to know the details of any mentoring, manuals, guides, systems and ongoing support you will receive that will ultimately impact on your success.
PPP Partners receive intense start-up and ongoing training to ensure the company gives them all the tools they need to make their business successful. In addition, PPP provides personal development and mentoring and also introduces them to other business strategies to help them grow.
What do existing franchisees say about the franchise?
Learning from your own experience is the best way to obtain first-hand information, but this can be costly. If, on the other hand, you are learning from those who have already made the mistakes, you won’t have to.
A good source of information during your due diligence is case studies, which can provide clear examples and stories of other people’s experiences, views and expectations. This will also give you an idea of the kind of franchise community there is and their combined values. Is this a network and group of people you could see yourself working with?
PPP has a network of more than 250 Partners, who play a key role in welcoming new Partners. They enjoy sharing their stories and showing people what they’ve been able to build since joining PPP.
These are just a few questions to consider when looking at franchise opportunities. However, any reputable franchisor should be willing to help you through your due diligence and provide you with answers to some additional questions you might not have even thought about.