How important is a support network when establishing a new franchise?

How important is a support network when establishing a new franchise?

The best way to get support to launch a new business as a franchisee is to choose the right parent company in the first place. One that has a successful business model, well-respected brand, and a robust package of everyday help for its franchisees.

Franchising is a great way to be your own boss without literally ‘going it alone’. You will get help at every step of your business development. However, more subtle forms of assistance can be invaluable too!

Here, we look at the importance of a personal support network when establishing a new franchise, and sources of help for start-ups of this kind.

Help choosing the best franchise opportunity

The benefits of having your own personal support network start before you even ‘sign on the dotted line’.

It’s vital to read websites like this one when you research ‘the best franchise option for me’. Gathering the opinions of others can be important too. Ask your family and friends what they think about your business start-up ‘shortlist’ and whether they believe one is particularly relevant and in demand locally.

Support from existing franchisees

One of the best ways to get good advice on which franchise to invest in is to talk to people who have already ‘made the leap’.

For example, The Little Foxes Club is happy to connect you to existing staff and franchisees who deliver safe and inclusive children’s sports activities in their local communities. You can then ask them for initial insights and honest opinions.

When you do get up and running, other franchisees should be a central pillar of your support network, as pooling ideas and sharing good practices can be vital.

Financing a franchise business

Once you have chosen a business start-up idea, you will need to find the cash to invest in the best franchise for you. So, your support network needs to include organisations or individuals willing to fund your new business, and advisers to help you manage your money wisely and well.

Your bank may be a good source of help, but also check if you qualify for funding from the Prince’s Trust or the Government’s Start Up Loans initiative.
Support Network When Establishing A New Franchise

Best contacts to grow your business

Who you know can matter when you start a new business – especially one like ours delivering community and school-based sports activities for children.

For example, your support network in this context would be just about anyone in your circle of friends and acquaintances; including parents, local schools, local sports coaches and clubs, large local employers and local authority officers and councillors.

Tell them what you have planned, and sound them out for feedback and contacts they have that could be of use. Spreading the word this way – and getting lots of new ideas and business leads – could make a big difference to your initial success.

Is local business networking important as a franchisee?

Much depends on the type of franchise opportunity you have opted for, as clearly local business networking won’t necessarily help an eCommerce venture aimed at UK-wide consumers.

If you have chosen a community-based franchise working with schools, clubs and businesses, then local networking will be crucial. By attending local business meetings and events, you could spread the word about what you offer and build your contacts.

For Little Foxes Club franchisees, any opportunity to grow awareness amongst local parents is important too.

Family support network when establishing a new franchise

We couldn’t explore the ‘team’ you need to launch and grow a franchise without mentioning some absolutely vital ‘players’ – your partner, children and any other close family.

Even with the backing of a highly nurturing and dynamic franchise company like The Little Foxes Club, getting a new business off the ground takes commitment and hard work. You are going to need your family to give you space and time, and cheer you on!

Fortunately, we offer the perfect franchise for parents, as you can work from home, engage your children in your business and create your own school holiday sports programmes.

Growing your franchise confidently

Once you have established your franchise start-up business, you will continue to need a healthy support network to grow profitably. Particularly as you start to consider new income streams.

For example, The Little Foxes Club is a multi-area franchise opportunity, enabling our existing partners to deliver children’s sports activities in more than one community. Where should your next ‘territory’ be?

Use the advice offered by your parent company as much as possible and stimulate constant feedback from your business contacts, family, friends, funders and in our case, from the local coaches you engage. That way, you will never miss a new opportunity!

Contact us to start building your support network for your new venture.

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