Four Questions to Ask Yourself When Thinking of Franchising a ...

Bricks & Minifigs offers franchising opportunities for individuals looking to partake in the action!  Our franchise is all about the fun and joy that LEGO® provides, and we understand that you may enjoy owning your own business that you are truly passionate about. When thinking about franchising a Bricks & Minifigs store, there are four important questions to ask yourself to understand whether or not this is the right fit for you. Read on to learn more, and visit our website for more information on franchising opportunities!

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Are You a LEGO® Enthusiast?

Our franchise is all about LEGO®! If you enjoy playing, collecting, and working with LEGO, you can take your passion to the next level by starting your own Lego business. Having a passion for the hobby is a critical part of becoming a successful franchisee, as you will work with Legos day in and day out! 

Do You Have an Outstanding Work Ethic?

When starting your own business, no matter the industry, it is important to have an outstanding work ethic and passion to succeed. Owning a franchise is hard work, and it will require an immense amount of focus as your aim should be to grow your business as quickly and successfully as possible. 

Do You Love Seeing Smiles on Customers’ Faces?

As a toy business owner, you must have a passion for putting a smile on your customer’s faces! Brick & Minifigs franchises are a place to have fun and enjoy the hobby we all love, so you must do your best to make the experience as positive as possible for customers! 

Would You Enjoy Working With a Diverse Customer Base?

I am a little skeptical about franchises. Don't get me wrong; I have seen many successes in franchising. However, as we all know, the world is not perfect, and before jumping into franchising, there are several items I recommend researching and considering.

1. Visit existing locations

Let's start with the obvious regarding initial homework. If you are buying a franchise with physical locations, you must visit as many as possible. Keep in mind that it is likely that the franchisor may recommend visiting certain locations. Although you should visit the suggested locations, you must also visit others.

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2. Pay attention to brand differences and real estate

When visiting franchise locations, paying attention to many details is important. Look out for consistency. If you see different logos, varied store designs, or, in the case of food franchises, differing menus, or, in service-based franchises, different offerings, be sure to ask the franchisor about these discrepancies.

Real estate choices matter, too. If the brand relies on impulse visits and not as a destination, visibility is crucial. If the locations are in rundown shopping centers with poor visibility, these businesses are likely to struggle.

Additionally, if the locations are not well-maintained, don't have positive online reviews, or have a bad experience, it's not a good sign. Remember that even though you won't have any direct business ties with these other franchises, you all represent the same brand. Therefore, it's essential to vet these other locations thoroughly.

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3. Vetting the franchisor

To vet a franchisor, start by reviewing the Franchise Disclosure Document, then speak with existing and former franchisees. While the franchisor may provide some contacts, it's crucial to find others to get diverse perspectives independently.

Key questions include their experience with the franchisor, plans for additional locations, and actual sales versus expectations. If possible, speak with franchisees from closed locations to understand potential issues.

Difficulty in contacting franchisees may indicate a non-disclosure agreement, which could prevent open communication. Such agreements can be a red flag, suggesting the franchisor may not be transparent about their operations.

Related: What Should a Franchise Agreement Contain?

4. Demographics and build-out costs

You also need to dive deep into what demographics the franchisor is recommended. If the franchisor has this figured out yet, it is concerning to me. It would be best if you also made sure the franchisor clearly understands what the build-out will cost and what utility requirements they have.

Most franchisors will give a range regarding costs, which will vary dramatically. Thus, you really need to ensure you are doing your homework and gathering your team of experts to assist and verify.

5. The franchise agreement

After you do your initial homework of visiting existing locations and talking to existing and, if possible, ex-franchisees, then come to the franchise agreement. This legal document should not be taken lightly.

As with all legal agreements, I recommend consulting a lawyer specializing in the specific industry. There are attorneys out there who focus on franchise law. I recommend you utilize one in this process. Although it will cost you money, it could prevent you from getting into a situation you do not understand.

When signing your franchise agreement, you must understand the agreement from top to bottom. For example, you need to know what happens if you do not find a space within the period established in the franchise agreement. Do you get an extension or lose your initial franchise fee paid? You need to know if you have any territory production. Can the franchisor sell another franchise to someone who can open near you? Most franchises will get some radius protection, but I have seen some franchises not give any. If protection is given, it is still not enough to prevent the oversaturation of the franchise within the trade area.

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Additionally, I have seen franchisors keep prime areas for their corporate stores and sell off second — or third-tier markets to franchisees. If this is the case, you are virtually competing with the franchisor, who has a better territory than you.

It is important to try to avoid surprises, and the only way to do that is not to assume anything, ask questions, and do your due diligence. If you do things correctly the first time, the likelihood that you will be able to become a multi-unit franchisee is much higher. Remember, don't feel ashamed if you do not know the answer to something. It is better to ask a question than regret not asking it.

Contact us to discuss your requirements of retail franchise blind box plaything. Our experienced sales team can help you identify the options that best suit your needs.