If you’re new entrepreneurship, starting your own business is a risk, and requires hard work.
However, franchising is the common-sense approach to business ownership. Investing in a franchise frees you to become a business owner minus many of the perils and headaches of starting your venture from scratch.
A franchise provides a proven operational model, customer base, training and support, and is ready to go the moment you open for business.
Regardless of why you want to be your own boss, understanding the steps needed to turn your dream into a reality is essential.
If you're already reading this, you probably already want to be your own boss and we at Franchise Direct are here to help. Here are 7 helpful steps on your journey to becoming your own boss.
Find The Right Franchise
There are many franchise opportunities out there, but it pays to you narrow down what you want. Find the right franchise for you by asking yourself some questions, like…..
Would you like a full-time job with a great income? Or something part-time, for extra income? Do you want to a franchise to compliment your previous career? or do you want a franchise that does not require previous experience?
Research
Before investing in a franchise, research is key. Take a deep dive into your preferred industry. Examine competitors and their business models, and look at the rough costs involved running a franchise, success rates, supports, training etc.
Get Your Finances in Order
It is vital you have sufficient funding to start your franchise and cover costs. Having adequate capital will allow you to start a high-quality franchise and by maintaining good finances, risk to your business will massively decrease.
Selection Process
You can be up-and-running pretty quickly in business terms, usually months after signing your franchise agreement. Prior to signing, there is usually a series of interviews with the parent company. This works both ways. The parent company can get to know you, see if you fit the mould the want. You will get an insight into the company culture see whether the franchisor is the right fit for you.
Once accepted, you will need to sign a franchise agreement and pay franchise fees – making you an official franchisee and opening you to a wealth of resources, including; training programs, company branding, marketing, branding, PR, and any other requirements to start your franchise proper.
Set Up Your Franchise Outlet
Things really kick into overdrive in the days after you sign your agreement and pay the initial franchise fee. You will scope potential locations for your new business and in many cases, HQ will provide assistance. Specific dates for your formal training will be discussed and scheduled. You’ll be provided with a list of things required before you can officially open your doors; business registration, licensing, insurance etc. And before you know it, you’re in business. You’re a franchise owner.
Cultivate A Positive Franchisee-Franchisor Relationship
The relationship between you and the franchisor is crucial to success, so a positive relationship is a must! The relationship you foster will determine the likelihood of extending the franchise agreement contract is up for renewal.
Develop A Good Team
If you need staff for your franchise, it is vital you find a great team that you can trust and rely on. Avail of the training programs your franchisor will offer. Training programs such as these will help you become a better manage and provide team members an excellent chance of developing the skills required to perform at their best.
Our Franchise A-to-Z has an option to suit most people, so why not check it out now?