So, you’ve taken the leap and decided to start your own business by investing in a franchise. All is looking well for the long term- you have a franchise business plan in place and have your expectations set. You may have already signed an agreement or contract or have had a good read of it and understand what is required of you as the business owner.
However, at this point, you might be doubting yourself or wondering if franchising is the right choice for you. Or perhaps you have fallen for some of the common myths of franchising and wondering how you’ll best overcome them. Don’t stress it- in this article, we’re going to cover five day-one tips all future franchisees should follow. We hope to give you a better understanding of the franchise life and set you up for long term success.
Tip 1: Understand what’s needed of you
When you buy a franchise, there are a few key requirements to consider. Every successful entrepreneur, small business and franchise owner should be fully aware of what’s required of them before going all in.
You should especially have a thorough understanding of any legal/contractual requirements in the United States that may occur. For example, certain franchisors may require you to have United States citizenship, experience in the industry, or even a particular credit score.
These will likely vary depending on the industry you are entering. It may be beneficial to obtain legal advice before signing a franchise agreement.
Tip 2: Seek continuous improvement
Many new franchisees spend hours educating themselves before purchasing a franchise, yet after they own one will stop learning altogether. If you want to open your own, it’s important you stay open to new ideas and constantly seek self-improvement. Your franchisor may offer ongoing support or access to a network of tools and resources which you can leverage to grow your new business. The franchise life requires self-education and progression to reach your desired goals.
Tip 3: Preparation is everything
The months approaching the opening of your business can determine the level of success you achieve. Your franchisor should guide you through the process for opening and help you set a timeline for your grand opening.
First, you will want to ensure all financial and legal issues have been sorted out. As mentioned in tip 1, communication with lawyers and the franchisor’s own legal department will be likely as there will be franchise contracts to sign. If all of this sounds too much, it may be a good idea to review the pros and cons of franchising so you can understand the work required.
Once these have been sorted out, your next focus should be on getting your franchise location up and running. This includes build-out, training, hiring and training staff, and advertising. The franchisor should guide you throughout the entire process.
Tip 4: Welcome the challenges
As with any business, setting up a franchise has its difficulties. You may experience periods of struggle as challenges arise. It’s important not to lose your drive when this happens.
Instead, use it as fuel to motivate yourself to learn and do better. For example, losing a regular paycheck may be difficult, or failing to meet certain targets can be demotivating, but the best course of action is to learn from the process and become a better franchisee because of it.
Tip 5: Enjoy the process
When faced with various franchise fees, franchise agreements, contracts and the like, it can be easy to get lost in all the technicalities. Making the transition can be a challenging experience but starting a business is also a great experience that will serve you throughout your life. So, don’t forget to slow down and enjoy the process as you make your way towards opening day.
Franchising is a challenging but rewarding venture. It allows forward-thinking and motivated individuals to achieve their goals with a proven business model and access to all the tools needed to succeed.
By choosing to franchise over entrepreneurship, you will benefit from brand recognition and the full support of the franchisor’s business expertise behind you.
There are over 750,000 franchise establishments in the United States alone, and one out of every 12 businesses in the U.S. is a franchise business. Franchising covers just about every industry- from fast food to health care, there is something for everyone.
Franchising has been shown to be a highly successful opportunity for thousands of people just like you who have decided to leave the corporate world and become their own bosses.
As long as you enter the franchise world well prepared, always seek improvement, and remain optimistic, you are sure to see success as a franchisee.
Interested in learning more about available franchising opportunities? Check out some of our current brands, or contact us for more information.