How to Become a Successful Franchisee
Owning your own business is a dream for many, but business ownership can be overwhelming. Joining a franchise organization is often a way to be your own boss while having the backing and strength of a larger organization. There are several steps to take to become a successful franchisee.
- Conduct thorough research on the franchise system and industry you are interested in. Learn about the franchise’s business model, track record and requirements to become an owner.
- Assess your personal and financial situation to ensure that you are ready to take on the responsibilities of owning and operating a business. Determine if you have the necessary skills, experience and capital to succeed.
- Talk with the franchisor about the process of becoming a franchisee, the current state of the franchise, sales and other key metrics. Understand what the requirements are for ownership as well as identify the timing and steps to qualify. Also, ask questions about available territories, size of territories and AUVs (average unit volume.)
- Review the Franchise Disclosure Document (FDD), which provides information about the system, history, costs and more.
- Attend presentations by the franchisor to learn more about the brand and opportunity. Ask questions about the types of support they offer and meet the team.
- Speak with current franchisees to understand their perspective on the franchise system, industry, support provided and growth opportunities.
- Develop a business plan that outlines your strategy for operating the franchise. This plan should include financial projections, marketing plans and operational details.
- Explore different funding methods, including self-funding, loans, or investors to secure financing for your business.
- Once signed on, you will complete the franchisor’s training program to learn and understand the systems and processes for running the business.
- Launch your business by following the franchisor’s systems and guidelines.
- Stay involved with the franchisor and other franchisees. To help you stay current on the franchise system’s latest developments and best practices.
If owning your own business is a goal, and you are an enthusiastic people person, consider looking at AtWork. We are an award-winning, 31-year-old staffing agency that has partnered with countless clients and put tens of thousands of people to work nationwide.
Contact us for more information by visiting atwork.com/franchise.
