9 factors to consider when choosing to own a Franchise

When considering starting a business venture, one may also have to consider owning a franchise as a way of avoiding some disadvantages that accompany starting a business from scratch in the real sense of it. So you need to know the factors to consider when choosing to own a franchise.

There are a lot of advantages to owning a franchise. One attractive reason is that you would be building on an already developed and established, tested, and trusted structure as opposed to starting out your business and struggling to carve a niche for yourself. Brand reputation takes a lot of time, energy, and experience (good and bad) to build. Starting out by owning a franchise means that you are given a head start in your chosen industry.

Another advantage of starting a franchise is that there are so many options in every industry to choose from. You wouldn’t need to stick with a brand that doesn’t suit your every need just because there are no alternatives.

After deciding to own a franchise, the next hurdle to cross is what franchise to choose. Owning a franchise without considering a lot of factors to know if it suits your business goals would mean shooting yourself in the leg in the long run. One thing to note is that franchisors are mandated to file with the relevant Federal and State authorities. To make sure you’re on the right side of the law, remember to always refer to your Franchise Disclosure Document (FDD) for guidance when choosing your franchise.

Below are a list of 9 factors to consider when choosing a franchise:

Finances

You need to make reference to Article 21 of the FDD to look up the financial standing of your potential franchise. Be sure to confer with your accountant too to make sure that the franchise is in a good place financially.

Background checks

You would need to check the history of the franchise to understand where they are coming from and to know if they are a credible and reliable brand to work with. Articles 1, 2 and 3 would provide guidelines on this.

Market Information

Before you decide to own a franchise, you should have credible information on how profitable the market would be in the long run. There is no use starting a franchise on a dwindling market structure.

Restrictions

Serious franchises place certain restrictions to protect their brand identity and ensure brand uniformity across all borders. You should understand these restrictions to know if they suit your business needs and goals.

Royalties

Article 6 of the FDD would come in handy here. There are certain payments you’d make in the form of royalties on a continuous basis, even after you have paid the initial lump sum. Understand how these royalties are calculated, the durations you need to pay them and if the arrangement is something you can conveniently work with.

Royalties

Article 6 of the FDD would come in handy here. There are certain payments you’d make in the form of royalties on a continuous basis, even after you have paid the initial lump sum. Understand how these royalties are calculated, the durations you need to pay them and if the arrangement is something you can conveniently work with.

Support Structure

Does the franchise have the right structure to provide support for your business whenever you encounter problems? How willing are they to help you through crisis situations? You should consider these.

Investment

How much can you invest in the franchise and how much is required for you to invest? Consider these to know your financial standing after you purchase the franchise.

Direction

Look at your interest, needs and abilities and see if the chosen franchise would align with what you want for yourself in the future. Is that particular franchise something you would find fulfillment from in the future?

Territory

Article 12 of the FDD would help you with information as to what territories your franchise would thrive in.

Take advantage of the opportunity Optamark gives to own a franchise that is well-founded, has a reliable market structure and is ready to support you all the way from start to finish.

Increase your Customer Base through Employee and Brand Culture

Mr. TED Talk, Simon Sinek, author of Start with Why.: How Great Leaders Inspire Everyone to Take Action once implied that your culture is your brand. And we say that no truer words have been spoken especially as it relates to the business world. In other words to Increase your Customer Base through Employee and Brand Culture. following is the idea.

Your brand culture (as reflected by your employees) is simply the values and knowledge that is shared by your employees. There are so many factors that are responsible for rapid business growth – employee culture remains among the top 5. It’s basically a factor you simply can’t ignore if you want your business to not just survive but thrive.

Employees carry in their hands, the power to make or mar your brand. This is why every prudent business brand ensure that they invest in employee communication and in nurturing a good working relationship with the employees. By doing this, you can easily develop your brand culture and ensure that your employees absorb it for the growth and development of your brand.

How you can achieve

Rob Gray, a formidable business writer, and consultant once discussed. How important it is for brands to invest in their relationships with their employees and customers. According to him, “Businesses exist to make money. But in order for a company to turn a profit, its employees must be clear as to what is being asked of them. And motivated to work in the right way to achieve those objectives.” Gray says this can be achieved by giving your employees a sense of purpose and promoting certain values that help your employees grow personally and impact the business positively.

Again, the brand should establish easy-to-understand core values that reflect the characters of the brand. And tells everyone what the brand stands for, how they operate their business, and what they expect from everyone they intend to work with. For example, at Optamark Franchise, their core values are seen to be transparency, trustworthiness, respect, and passion.

Like Optamark, the core values shouldn’t just be written for people to see. It should be obvious to everyone, even strangers, the first time they walk into the brand’s office environment.

Here are 4 ways to bring value to your brand:

  • First, create the leadership values that you wish to grow into your brand culture
  • Constantly communicate and re-establish these values until they stick
  • Commit to the values yourself – lead by example
  • Enforce penalties and disciplinary actions against defaulters

In all these, it is important that we emphasize the importance of communication in achieving a positive brand culture. Communication should not be by words alone but by actions too. By doing this, you’re creating a culture of positivity and passion for your employees to work with and for your business to thrive. Hence, you can increase your customer base through employee and brand culture

The benefits of franchising with Optamark.

As a leading brand in graphic communication and marketing, Optamark offers you and your brand the best services. With more than 40 years’ experience in the industry, and with a reestablished brand structure, Optamark is the “go-to” for anything related to graphics communication and marketing.

Franchising with Optamark means that you are partnering with an industry leader with relevant industry experience and an unbeatable track record in performance and profit-making. Optamark leads to visual communication and marketing. Their stability and reliability over the years have endeared them to the hearts of their teeming customer base that spans over 600 locations, cutting across North America and the UK. To know more about franchising with Optamark, simply fill out the form.