Opening a franchise can be a daunting and confusing undertaking. It is a process that shouldn’t be done without thorough research and careful decision-making. Should you wish to open a franchise, you might want to consider following these steps.
- Recognize your interest in
opening a business – There are various ways of opening a business and
franchising is one of them. Assess yourself whether you really want a franchise
model or you want something else.
- Assess your level of
commitment – How committed you are to the business? Some business franchise
requires a few hours of your time in a day while others require you to be in
the workplace the entire business operation.
- Know the industry you are
most interested in – The business franchise industry is huge. There are many
industries to choose from – food, healthcare, fitness, education, and service
industry, to name a few. Keep in mind that such industries differ in time and
money requirements. Know beforehand what industry you are most interested in
and how much time and money you can afford to invest.
- Consider other possible
franchises – a franchise business is popular nowadays that many big-name
franchises are advertised on television. While it is good to consider such
businesses, one should also never disregard up and coming franchises. There are
vast of them and they might fit you perfectly.
- Shortlist – once you’ve
done your research, the next step is to create a shortlist. When creating a
shortlist, there are a few important things you should consider such as:
- Time spent setting up the franchise
- Revenue methods/sources
- Flexibility of schedule (possibility of working from home)
- Capital
- Contact the franchisors and
the current owners – After creating a shortlist of a franchise, the next step
is to contact the franchisors as well as the existing franchise owners. Contact
the franchisor to know the requirements needed to become a franchisee. Second,
contact the franchise owners to have an idea as to how the business is running
– the day-to-day life of a franchisee. This includes both the strengths and the
challenges faced not only in the day-to-day business operations but in terms of
connecting to the franchisor.
- Visualize yourself as a franchise owner – Being a franchise owner comes with a lot of responsibilities. If you can’t imagine yourself being a franchise owner, then do not be one as it will be a recipe for disaster. Just because you are buying a franchise does not necessarily mean that you will entrust all the work to your franchisor. You have to do your part as a franchise owner. Depending on the industry you chose, being a franchise owner would require not only a start-up capital but also your time and energy.
Choosing and opening a franchise is easier said than done. Do not be impulsive with your decision. Take your time. Do diligent research so that you will be able to come up with an informed decision.
If your primary interests are in health and fitness you might be interested in finding out how to setup a personal training franchise. Fit Body Boot Camp has a quick guide on starting a personal training franchise business here on their official franchise opportunity website. Click here to visit their website and learn the most important steps when starting your own fitness business.
