Mark Meyer, CEO Meyers Estate Agents looks a the ‘Four Aces’ of franchising to help investors choose the best franchise for themselves.
There are so many franchise opportunities available. How do those looking to run their own business logically select the one that is best for them and avoid taking a gamble on their future?
We like to think there are ‘Four Aces’ of franchising. Namely: safety and support, innovation, income and time. Let me explain more.
Safety and support
If you’ve ever been employed by a big, successful firm then you probably have been dealt a pretty safe hand. There would have been all sorts of systems and processes in place to support you, ensuring you could do your best work. However, when you move into self-employment, suddenly all this structure disappears. Or does it? The best players are those franchises that offer a great level of support. This may be in the form of training or access to established systems that work.
At Meyers for example our franchisees are trained to follow a simple 21 step sales process. The game is actually less about selling houses and more about helping clients overcome barriers, so everyone can move forward with the transaction. Our tried and tested methods ensure our franchisees can succeed in their roles as home-based estate agents providing the best service available to their local clients.
Innovation
One of the best cards a franchisor can have up their sleeve is ‘innovation’. This is because a unique proposition in the market means you have a great chance to win over new clients. Franchisors that are led by innovation are also always thinking ahead. They are the leaders of the pack.
At Meyers we were the first home-based estate agency. Seven years before the pandemic we recognised that we didn’t need a high street presence, instead relying on technology and online advertising to sell our clients properties faster and for a better price than our competitors and offering a higher level of personalised service too. It also means our overheads are low so we can afford better marketing which all contributes to more successful transactions and better businesses for our franchisees.
Income
Let’s face it we all work to earn a living! Why not earn a great living? Here, not all franchises are equal. Inevitably, however hard you work, some opportunities and business models will offer a far better return than others. Don’t shy away from asking the tough questions when it comes to potential earnings from a franchise. If you don’t earn enough to live, you will jeopardise your business, your future, your family’s future too. Find out the average earnings of other franchisees in the network. Ask how long it took for them to earn that level of profit? Count your cards and make sure the sums add up.
Time
The other much overlooked aspect of buying a franchise is how much needs to be devoted to running the business. You might earn a good living, but do you need to be pulling regular 70-hour weeks to achieve it? Finding a franchise which offers a good work life balance is just as important for your mental health as it is to ensure you have the energy and motivation to continue running the operation over the long term.
The amount of time a franchisee wants to spend in their business is totally individual. It may depend on family commitments or simply how ambitious they are. Interestingly, at Meyers we have a range of franchisees working as home-based estate agents – some of whom work part-time and some are full-time, running substantial businesses and teams from their remote offices.
It may be that your commitments will change at some point too, so it’s also worth considering how flexible the franchise will be in the future in relation to the time you need to run it.
The winning franchise opportunities are the ones with all four aces. Choosing the right franchise which has all the elements of safety and support, innovation, income and time, gives you the best chance of getting ahead of the game. Good luck!
For further franchise information about Meyers’ winning home based franchise opportunities please see: https://www.franchisedirect.co.uk/property-and-estate-agents-franchises/meyers-estate-agent/**