What questions should prospective franchisees ask themselves before buying a franchise?
How serious am I about owning my own business? Do I have positive intentions? Am I a person who seizes opportunities and turns them into reality? Do I want control of the biggest challenge in my life? Do I have what it takes to work hard and convert opportunities into profit?
What made you decide to buy a franchise?
I have a strong entrepreneurial spirit and saw the opportunity that has been overlooked by so many others. I wanted to be in control of my own earning potential.
How important is it to investigate a franchise and what criteria did you use?
The old saying applies, “TO THINE OWN SELF BE TRUE.” After effective due diligence the business model must make sense and you must be absolutely certain that you are happy with the Franchisor.
What made you buy a Tengizak franchise?
The Cash Loans business in South Africa is huge and many of the clients that we work so hard to source are retained as on-going clients.
What early challenges did you face?
To escape the corporate mentality and to change my mindset to a business owner was definitely the most difficult. It was also a challenge to know that my future was in my hands but was made easier by following the methods that were taught to me.
What training and support does the Franchisor provide you with?
Head office provides full training and support on an on-going basis and when in doubt the answer is a call or visit away. Everything is centrally controlled reducing stress and complications considerably as they are already taken care of.
How important is the Franchisee’s relationship with the Franchisor?
The relationship is vital to the success of the business as both parties must be committed and willing to collaborate to make the “partnership” work.
What advice would you give to prospective franchisees?
Open your mind to learning the business and although the Franchisor depends on your success as a Franchisee, remember success is in your own hands. Become familiar with the operations as the cash loan industry is very regulated. There are no shortcuts and by not following set procedure may jeapordise everyone else’s efforts in the network.