A SEVEN-STEP CHEAT SHEET

In summary, there is a broad process here with lots of questions and diligence required at each stage …

1. Love the industry you are considering – you are going to be engulfed in it, so you

need to love it.

2. Look for clear, confident disclosure from potential franchisors – fluffy, vague

language is something to be concerned about.

3. Ask for real proof of concept and performance from others in the system. Benchmark your business against similar, high-performing businesses already in the system.

4. Speak to other business owners who are already established.

5. Ask the potential franchisor how they will set you up for success and importantly the commercial operating reports you will have and the regular support they will provide you and your team.

6. If in doubt or feeling overwhelmed, reach out for help.

7. Be patient – bank your short-term wins, don’t spend them (that time will come).

Deciding to invest in a franchise is a fantastic opportunity but extreme diligence and insight is critical to ensure you set yourself up for long-term success and those years of overseas holidays you have dreamed of.

Karen Matthews is a business reinvention specialist, and her career includes marketing at Myer, 10 years as CEO at Ella Baché, and two years as retail director at Freedom Furniture.