Top Five Questions To Ask Yourself When Researching a Franchise
I’m going to assume you’ve come here looking for information on buying a franchise in the wonderful world of education. Private tuition is a huge marketplace in the UK, attracting 1.6 million customers in 2015 - so the business opportunities are endless. At MagiKats, we’ve carved our niche in this arena, and our target group is those 37% of parents placing their children in tuition centres.
Do you want to buy a MagiKats franchise?
To help our potential franchisees make that final leap towards working with us, we’ve put together our top five questions to ask yourself before buying a franchise.
1: What Do You Bring to the Table?
MagiKats is a successful franchise business looking for people interested in education services. Ask yourself if you like dealing with a variety of people from many walks of life. Can you reach out and interview potential mentors, who form the backbone of your staffing and run your workshops? Are you able to listen to parents and children with a whole spectrum of requirements? Do you have an interest in education news and the desire to keep up with it and deliver the best experience possible for your customers? Can you lead your team and organise the centre so it looks and feels like an enjoyable place to come every week – which is ultimately what makes a MagiKats centre profitable?
2: Does the Brand Ethos Attract You?
In franchising you are buying a licence to be one of the businesses in our ‘system’ – if you like. There’s a formula to it, and this is what makes our brand incredibly successful. We’ve been there, and we’ve done it. Our education materials are written by teachers for our centres, and our Mathematics and English tuition programmes reflect our combined experiences of over 70 years in education.
Look closely at our website and the information you’ve read about us to date and see if you agree with the fundamental principles we follow. Can you picture yourself doing what we do?
3: How Will You Be Supported?
There are two aspects to this. First, ask yourself if you have the full backing of your family. How will you manage your hours and how much time you will invest in your MagiKats franchise? Can you realistically run a business that requires regular time investment? It’s crucial to spend time each week looking at student folders, mentor records and making sure you are delivering the very best you can.
Secondly, our branding skills and marketing materials are supplied to you as part of the package, so if you have a gift for delivering results, and great organisation skills, marketing your MagiKats centre will soon see your first enrolments through the door. Add to that an exclusive territory and you have a formula for success.
4: Can You Afford It?
Do you have financial security, especially if you are investing your savings? Examine the cost of the franchise and the potential returns and determine if now and in the future, the price of the franchise you are investing in is worth it, and if you can get the returns back you desire. At MagiKats we can provide you good estimates based on what we’ve seen happen in our centres. We can also help you build your own business plan.
It's worth mentioning that a centre with an average of 50 enrolments can earn over £21,000 per year before tax. Double that centre and the profit is over £50,000.
5: Have You Researched What You Are Getting?
Did you know that most people buy the first franchise they investigate and do little or no research into the wider industry or competition? We have information to share with you about who else is out there and the obstacles you might encounter. There’s lots of information online and on our website about MagiKats. We have solutions to help you on your way, including an initial marketing support programme and the opportunity to spend time in our flagship centre and see how it all runs before you take it on.
It’s important not to feel alone when going through the process of buying a franchise, and we stay in close contact every step of the way. Everyone at MagiKats is primed to help you succeed in your business, and with our proven track record of successful franchisees here and around the world, we are excited you are considering joining us.
To find out more about franchise opportunities with MagiKats, please click here.
To read up on case studies about franchising with MagiKats, please click here.
by Sarah Marsh, Director of Operations, MagiKats HQ
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