Tips for First-time Franchisees
Set yourself up for success.
Buying a franchise is buying a business. Although the support, systems, and guidance that come with this model provide a significant head start to new owners, there is still plenty to navigate as you find your footing.
These tips for first-time franchisees are aimed at helping you hit the ground running. Keep these things in mind as you weigh up your options or prepare to become the boss of your own franchise.
1. Know that hard work lies ahead
In most cases, franchisees are hands-on—especially if it’s your first time. You’ll be needed to work in the business as well as on the business, and have your fingers in many pies. That’s the nature of it. As long as you are prepared to roll up your sleeves, you’ll do OK. So before you jump into a purchase, consider how much time and effort you are willing to put in.
2. Do your research.
The good thing about franchises is that there is usually plenty of information about them available—from other owners who have been there, done that! Take advantage of this resource and do your due diligence before you decide on a purchase. Read any and all documentation you are given carefully. Ask questions of the franchisors. Go in with your eyes open!
3. Consult the experts
As well as doing your own research, you should seek expert opinions. Have a lawyer look carefully over any contracts before signing. You may have a business mentor or advisor to discuss things with, and if not you can find one. Franchise brokers are a wealth of help and knowledge. Buying your first business is a big deal, and you shouldn’t expect to know it all yourself.
4. Consult yourself!
To be successful and, perhaps more importantly, fulfilled, you will want to buy a business that suits your personality, your passions, and your skillset. If you like the great outdoors, a food service franchise may not be your cup of tea—garden care would likely be more up your alley. If you are investing with a partner, what can you each contribute? As mentioned above, you also need to ask yourself whether you are comfortable with the commitment of time, effort, and money that becoming a franchisee will require.
5. Embrace Training
One of the biggest bonuses that comes with buying a franchise is the targeted, relevant training that’s offered. You don’t get that when buying an independent business! For first-timers, this can be a lifesaver. Take full advantage of it. Jump on any training sessions or help that is offered, and take plenty of notes. You will have your opportunity to put your stamp on your product or service, but for a solid foundation, you should make the most of all education that is available, particularly from people who have been in your shoes.
Whether you’ve made the decision to buy a franchise or are tossing it up, congratulations! It’s a step towards taking control of your future and opening up your earning potential. It’s important that you do your homework and get the best start you can in your new venture. If you are prepared, trained up, and making the most of all the advice and help you can get, you’re set up for success.