Understanding the Franchise Process
Wondering whether you should take the plunge and become a franchisee? There are many advantages to choosing this path, as it grants you the opportunity to own your own piece of an already established and successful business.
It can be extremely difficult to start your own company from the ground up, but with a franchise all of the heavy lifting has already been done for you. With this type of business, you also have the ability to choose your own work hours and become your own boss. Learn from the best and surround yourself with likeminded people who all share the same goal as you.
It’s important for you to know all the steps involved in becoming a franchisee and exactly what it entails, so we’ve taken the liberty of compiling a list of the essential stages in this process to help guide you.
1. Pick a Franchise
The first thing you must do is research different franchises and establish which one aligns best with your passion and lifestyle. Picking a franchise is a serious commitment, so make sure that you take your time and consider your choices carefully.
There are a variety of different franchises that exist in our extremely modernized world today, so it may seem like an overwhelming decision. Start off by picking an industry which interests you and that you could see yourself contributing to. Having prior experience in that area would also be a bonus.
Once you’ve chosen an industry, start to look at the different franchises that you could join. Research each thoroughly and reach out to representatives to discuss franchising opportunities and exactly what they would entail.
Don’t forget to discuss finances! A certain amount of money is needed to invest and become a franchisor in your chosen industry, so make sure to be aware of this number as it may make or break your decision.
Now that you’ve chosen your franchise, get ready for your initial interview! With so many different people applying, it’s important for you to make a great impression so the franchisor will pick you to join their team.
2. Meet the Franchisor and Make the Necessary Agreements
If you are selected, it’s time to get to know the franchisor a bit better and go over the necessary documents and paperwork. Be prepared for this meeting and think of it as an interview. Arrive early and dress smart, with a list of questions prepared. Not only are you there to ask pertinent questions, but to make a good impression as well. The franchisor is also interviewing you, so discuss all elements relating to the business so there are no surprises for either of you in the future.
It’s important to ensure that you and the franchisor are on the same page in terms of budget, guidelines, and your franchise agreement. Your expectations, as well as the franchisor’s, must be discussed so everything is clearly defined from the very beginning. Ask a lawyer to read over the agreement given to you by the franchisor to clarify anything that may seem vague.
At this point, it’s also vital to talk about which location you will be running. This must be agreed upon, as your decision to choose this particular franchise may have been based on the locations it’s looking to branch out to. Knowing the area that you will be placed in beforehand is also important so you can get to know the people living in that community and what marketing methods to use to target them.
3. Receive Training
After all the necessary documents have been signed, proper training is needed in order to familiarise yourself with your new business. This is essential if you want your franchise to be a success.
One of the greatest advantages of being part of a franchise is that you will receive continuous support from the team. You have now joined a close-knit family that are all striving to make this business reach its highest potential. With the proper training, you will be able to contribute as well.
Training includes everything from learning the ins and outs of the business to establishing a marketing plan to reach more customers. This phase of the process is very important so you can maintain the reputation of this franchise. By learning the strategies and tactics given to you, you will ensure not only the success of the franchise but yours as well.
4. Get Ready for your Grand Opening!
The final stage of the franchise process is opening the doors of your new location to the public! This should only be done when you have finalized all aspects and are ready to wow your community.
First, you must ensure that the layout and design of your branch will appeal to your target audience. Perhaps certain equipment or facilities need to be added to make it more inviting. Once this is established, you must hire your staff! Conduct interviews and select only the most professional and experienced in the field to ensure the success of your new location.
At this point you should also be working on your marketing plan and establish how you will reach prospective customers. This can be done in myriad ways from social media to local media channels in your community. Use these platforms to your advantage and promote the grand opening of your branch to people who live in your area! 20% of your marketing budget should go towards this special event, as this will grab the attention of many prospective customers.
Now get ready to open your doors and welcome your new clients in!
