5 Things you must do if you're heading into a franchise industry you know nothing about

The unique nature of the franchise model, with built in support and an established brand, means that people often use a franchise to make a major career segway or even to jump on a hot trend.

Many people have been questioning whether they still get the satisfaction and enjoyment from their work that they should and whether they are achieving a happy level of balance between work and life. It may be that making a dramatic change into a new industry is on the cards, whether you’re already a business owner or looking to go out on your own for the first time.

Going into an industry you’re not familiar with can be so exciting and energising but also a little scary. If you take cautious steps and get the support you need, it can be one of the most rewarding things you’ll ever do. I decided to make a significant career change and moved from a sales and engineering background to the owner of a Genesis Health + Fitness club. It’s been a wild ride but a very fulfilling one.

Here are five things I found very useful when making a move into unfamiliar territory:

1. Check yourself: Why do you want to go into this industry?

It is important to ensure that you’re entering a new industry for the right reasons as that will give you a good base for success. Choice of industry is often driven by potential – when you see a strong opportunity forthcoming, you want to capitalise on it. Sometimes it’s driven purely by passion, which can also be a wonderful base to work from. Just make sure it’s for the right reasons – if you’re making the move purely to run away from another industry or job, for example, it may not be sustainable and support your long-term goals. After nearly thirty years in software engineering, sales and management it was passion and belief in the wellness industry that drove me to purchase a gym franchise. The product offerings that Genesis Health + Fitness had was in sync with what I believed was needed in the market.

2. Look at the risks

Analysing the business potential is usually the first thing you will do when you’re caught up in the excitement of a new industry and business opportunity. Just make sure you look at the potential in detail, run the numbers and look at the risks too. It’s great to be optimistic but you shouldn’t ignore the risks when entering a new industry. Be prepared to survive the worst-case scenario. Give the risks the same analysis as you do the opportunities. There are certain external risks that cannot be controlled, but they can be managed.

3. Surround yourself by people in the industry

Learn firsthand about the industry by listening to the views and words of wisdom from people who have spent their entire career in the industry. This is perhaps one of the major strengths of joining a good franchise network as there is a wealth of experience to tap into. You can attend networking events, conferences, volunteer at a similar business – there are plenty of opportunities to connect and learn. You might be lucky enough to also find a mentor. You can reach out directly to other franchisees and ask them any burning questions you may have. The benefit of coming into a new industry is that you bring a fresh and different perspective. Be open-minded, ask lots of questions, be a good listener and question everything.

https://www.linkedin.com/in/sudesh-mudaliar-378b5a19/ https://www.genesisfitness.com.au/franchise-opportunities

4. Know your strengths and build your team accordingly

With a long career in people management and sales, I knew I had those associated skills to offer to the business, but I didn’t have every skill needed to run the gym the best way it could be run. This is one of the reasons I chose to go down the franchise route – I was passionate about health and wellness, but I knew an established brand like Genesis had systems and appropriate procedures and KPIs in place that I could leverage off immediately. I had to build a team to compliment my own weaknesses. I knew having the right people in my team was critical for success. When you have the right people in the team, they will build a great business. Reward performance, treat your people like you want to be treated and give them autonomy with checks and balances in place.

5. Trust your gut

Ultimately, that’s what got you to this point in the first place – that feeling in your gut, that little voice inside your head. Believe in your instinct. Quantify your instinct with a plan with constant check-ins to validate that gut feeling. Take on advice and listen to industry veterans but at the end of the day, make your own choice. Just because an industry does something a certain way and has been doing it that way for many years, it doesn’t mean you can’t challenge that if it feels right. Some of the biggest changes in history have happened because someone was prepared to challenge what was considered normal. Hold on to your passion and you can truly make your mark, even in an unfamiliar industry. v