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Overseas Opportunities

If you are considering introducing a franchise concept into a new market i.e. a different country, then you are looking at the possibility of a Master franchise .

You need to be aware this is a difficult process to undertake and will present may hurdles along the way. Here are a few points to be bear in mind…

• Is the franchisor looking to break into the new market / country – If the franchise company is not considering this – then your options are limited with this franchise.
• Do you have the capital to undertake this – Large capital investment will be required, as this strategy carries much greater risks.
• Are you a native of the country – This would make it easier for you the franchisee, and would also make it more attractive to the franchisor as you will speak the language and be aware of cultural traits.
• Have you experience of working in the new market – Again this is advantageous for a potential franchisee, and would help in your application process.
• Have you been a franchisee before – Having franchise experience would allow you to understand the process better and could also be a decisive factor in whether or not you are accepted.
• Are you aware of the commitment and dedication this will require to be successful – Setting up in a foreign country, is not easy, you need to be aware of this before you start your research, or approach a franchisor.
• Are you familiar with the culture of the country – will the business work, or be accepted by the local people – Will the concept you are looking at be transferable to another country, where lifestyle, tastes, and the whole way of life will most likely be different.

ARE YOU SUITABLE FOR FRANCHISING?

The self test

From reading this far, you'll know that franchising isn't for everybody. It involves a particular mind-set and attitude. With all the different types of franchise opportunities available, deciding what is right for you can be tricky.

To help with this, which franchise.com have designed a self test.

To take the test click here.

Personal Assessment

Sussing out what kind of franchise will suit you best requires quite a bit of in-depth personal analysis. Working through the list below will help.

• What are your interests / what motivates you in work? These are important considerations. Those that are happiest in their work tend to excel as franchisees.
• What experience and knowledge do you have? What are you good at? Knowing where your strengths lie will help direct you to the right franchise opportunity.
• How do you perform under pressure? Having the right temperament to deal with pressure is important; after all you are your own boss. Some industries are more challenging – so tailor your level of ambition accordingly.

If you would like more information, please view our Assess yourself section

Personal Characteristics

Franchisors are generally looking to recruit people who are highly motivated and hungry to succeed; confident and enthusiast for the particular product or service; who don't necessarily have all the skills required to operate a business, but could, with the help and support of the franchisor; quick learners who are able to train and motivate others; and those with experience or good knowledge of the industry of a particular franchise.

For further information, please view our, what is a franchisor looking for section.

Work Experience

Assessing your previous experience and skills set will also help you pick a suitable franchise. For example:

• Have you managed staff before? Many franchisees are geared to a franchise employing many staff with managed skills.
• Have you been involved in administration? Many franchise systems involve extensive administration work – making it beneficial to have some experience in this area.
• What would you like to do, and where do your strengths lie?
• Would you prefer to work in a shop, office or from home?
• Think about what you enjoy the most. It might be talking on the phone, motivating others, working with your hands, etc.

For further information on the steps to becoming a franchisee, please click here