Our state managers have extensive knowledge of the franchising world, so we asked them to provide you with some tips to consider before selecting or taking on a franchise.
Tip 1: What’s the first question to ask yourself when considering a franchise opportunity?
A good question to ask is, what are your interests and key strengths? For example, are you:
– Passionate about customer service and client driven
– Innovative
– Entrepreneurial
– Focused
– Interested in numbers and finance
If any of these resonate with you, a mortgage broking franchise could be a suitable opportunity.
Not sure what your key strengths are? Our state managers can help you identify them and what areas you may need further training or mentoring in to be successful.
Tip 2: Think about your financial position before purchasing a franchise and understand the costs of running a business. Here are a few costs to take into consideration
Thinking beyond the initial set up costs is important. In the case of a franchise, this will mean looking beyond the franchise fee. For example operational and marketing costs.
Rest assured, our state managers will work with you to define your short and long-term expenses. They’ll also work with you to project your income to allow you to assess and evaluate your financial position.
Tip 3: Make sure you know and understand your community
As a franchisee, you’ll often be allocated a specific territory for local area marketing – eg. certain postcodes or geographic areas. It’s then your job to get to know and understand the community in that area, so you can market and service them efficiently.
Have a think about your local community, do you know what target market can be found in this area? If not, our state managers will guide you through various areas and provide you the intel you need know.
Tip 4. Look for a business that offers a strong and collaborative franchise network
The value in having a franchise network to support and guide you should not be underestimated. Other franchisees are a wealth of knowledge and experience and can act as your mentors.
Franchisors who facilitate a collaborative culture can be significantly beneficial to your learning and growth.
At Resolve Finance, we consider our network a community and it’s often referred to as a family. Opportunities to connect and share are provided right from the get go and we welcome all potential franchisees to reach out to existing ones to find out more about our model.
Tip 5. Consider the whole package
Like any good business owner, you’ll be interested in the return, commissions or income you’ll receive. While these are important, make sure the franchise you select invests in their franchisees.
This should include on-going training, leading and innovative technology, marketing support, mentorship and business partners and contacts. These will specifically help support your success and growth. Get in touch with us to find out how we can support you in these areas.
To learn more from our State Managers about what you need to know about becoming a franchise owner or the MYRESOLVE franchise model, get in touch today.
WA State Manager: Clara Sciarretta | 0481 013 543 | csciarretta@resolvefinance.com.au
Vic, NSW, Qld State Manager: Paul Evans | 0412 326 197 | pclarence@resolveconveyancing.com.au