algorithmics ~ : z e y | ot -) a. Tela tut: ba EM eT) ee STi Riri eee eee Cee (tract ery being responsible, attentive, and highly competent. Despite the seeming simplicity of doing business under a well-known brand PUM nedcdt: mu mur: ee Luke Ret ey il ee ace etme el UR elm ile ct) Bir ate ttt VE Mle Mu leer ien leila Rem ma elalel start their own franchise business and we are happy to share See te UU RL Reed om Research the market thoroughly One of the common mistakes is to start a business in a field you are not MSCS en Coen Renin Titel tr tsg have some expertise, or invest some time in researching your local market, including competitors, local prices, and so on. Critically assess whether a business will be in-demand in your particular territory. Remember that a trustworthy franchisor will usually encourage and help with research at the negotiation stage, not after it.algorithmics f Bu eat. Although it may be tempting to stay in a safe harbor by choosing an established, traditional market, think ahead and consider what trends may emerge in the next 3-5 years at the very least. One of the clear trends in the past year has been the migration into digital spaces and towards new means of production. In this regard, the most promising industries will be logistics, delivery services, and 3D printing. Of course, as always when analyzing emerging trends, we will often talk about phenomena that are far from mass distribution - perhaps within a few percent of the total share of buyers - but they are interesting for entrepreneurs because demand in these niches outstrips supply while increasing exponentially. Ta Xeya Ra a1 RCo Rt NVA salma Mem dat Mate ide R dal lmat oer le laid everybody's eye was EdTech (Education Technology), and the companies in this industry are at the forefront of paradigm changes on a global scale. Education has long since transformed from a brick schoolhouse into a global industry poised for rapid growth. The statistics speak for themselves: the market for additional education during the pandemic has grown exponentially.algorithmics Ft Col OT UU MCU mie taery) (GZ which have performed well during Mes grit Recent events in 2020 have shown how vulnerable many industries and businesses are, so keep an eye on the ones that have reacted proactively RRs The Covid-19 crisis has created major challenges for everyone, including businesses and franchises. As you collect information about a franchise, look into how it has dealt with the pandemic. Several questions to ask: » Have they been able to stay in business? » How did they do it? © How quickly did they react to the new conditions and crsaavia de CM KOm itm at hard Refer R ale urate ha ee eek) \ia Nail growth, for example, by adapting to the new reality and offering new Products. At Algorithmics, we have been able to offer new franchise options and increase our global presence exponentially. Prepare to work A LOT Assuming you can simply buy a business that will generate passive income is one of the most common mistakes. A franchise requires MMe une Rue eascct mute nt eacccne it hia important to understand how it operates from the inside. Starting a business requires a great deal of initial work, so, if the franchisor is being honest with you, they will tell you about it upfront.algorithmics “an Fr Um Cm Utter MC UCL g 8 i} is wide enough BU Merle M ln i ole RC laa RR aT Lam Col LNA Mole a maarore that’s been proven over a period of time and in different economic climates. A good indicator can be the fact that ace eric c ute u eer ict aoe) business model adapts well to the specifics of each region. i Don’t underestimate the importance of marketing When you become a franchisee, do not expect the franchisor to provide you with customers. That work must be done on your end. The question of attracting clients is extremely important; therefore, we recommend that you clarify in advance the marketing strategy of the future franchisor and what it will include: general recommendations, adding a company to the list on their website, or a full marketing package.algorithmics At Algorithmics, we have come to appreciate the importance of marketing support, so we provide materials and scripts for organizing marketing activities such as SMM, advertising campaigns, a website, brand guidelines, and even designs for venue decoration. This way, the ee URC an ec Reutimann Rn Cina sits the designs and visual materials. Pe Pay attention to the franchisor’s values eZ For successful franchises, the brand’s power goes beyond its name and logo: it is a company vision, mission, and set of values, which explain what the company believes and why it is doing what it does. As you go through the process of choosing the right franchise for you, make sure the business’ values and philosophy are well-established, well-communicated, and — most importantly — resonate with your AL LORI colo lel ool] MUU at I Rol Roo M LOM CR ol Me oleae} Tan aller Maa alae el na ae aoe (aleL RVo lO RU Marea ot Lo) to overcome. PN a tal-B-lale Relea MeV U alate Mir laleal ease Balla ea (e) Rola) side gig. It’s an investment that can bring freedom, flexibility, and REL eut uno eek acl Siitchcn olla community, employees, and customers. Now that you know the common pitfalls that many first-time franchises stumble over, you are all set to start your first franchise business!