Top Five Questions to Ask Yourself When Researching a Franchise

So, you want to run your own business and you’re thinking about an educational franchise. There’s a huge demand for private tuition and never more so than since the pandemic.  In 2019, research by the Sutton Trust found that over a quarter of secondary school children were having private tuition with that figure now thought to be higher after almost of a year of school closures. All of which means that an educational franchise is a great opportunity to both start your own business and give back to your community.

WHY BUY A MAGIKATS FRANCHISE?

At MagiKats, we’ve been specialising in private tuition for over 25 years. As a family run business, we pride ourselves on the support we give to all our franchisees. We also know it’s a big decision, so we’ve put together the following questions to ask yourself that you might find helpful in deciding whether to take the plunge.

1: What do you bring to the table?

If you become a MagiKats franchisee we want you to be successful, and we know from experience that means you need certain characteristics. Ask yourself if you like dealing with a variety of people from many walks of life. Are you able to listen to parents and children with a whole spectrum of requirements? Can you support and motivate your own small team of mentors, who form the backbone of your your workshops? Can 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 our ethos attract you?

Read our website carefully and any other information you have about us. Do you like what you read? Do you agree with our principles, values and approach? Can you picture yourself doing what we do?

In franchising, you are buying a licence to be one of the businesses in our ‘system’. 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.

3: Have you got the right support?

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 will you 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, what about the support we provide? Well, you’ll find us always on hand to advise and support you. We have already put in the work to provide you with the processes and systems you need to set up, launch and run your own franchise. Our branding skills and marketing materials are supplied to you as part of the package, and we also provide you with an initial marketing support programme and the opportunity to spend time in our flagship centre and see how it all runs before you launch in your area. 

As a franchisee, you also become part of a network of other franchises from across the country who communicate with each other regularly via our members’ platform to provide support, advice and to share experiences. So you never feel like you’re going this alone. Does this all sound like the sort of support you would welcome and feel able to take full advantage of?

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 help you build your own business plan.

5: Have done your research?

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 what to look for (and avoid).  

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 enquire now.