Opening a franchise can be tricky, but if you follow a few simple rules of thumb the process can be a much smoother and more rewarding experience.
1. Do your homework!
Make sure you research not only target the correct franchise business model that will match up to your specific goals, but also the franchise company and industry that you’re buying in to. Making sure you have an excellent cultural fit with your potential franchise partner is critical to your overall business success.
2. Be willing to follow a proven system. Don’t try to re-write the model.
As much as you may think you know better, if you’ve done your research correctly, you will know the franchise system you’re buying into has a proven track record. They have a dedicated team of marketers and business analysts determining what direction your business will go based on a proven their model. Trust them!
3. Commit to working hard to achieve success.
Just because you’re working within a proven successful model doesn’t mean you can kick back and coast in the slow lane. Owning your own business is always a challenge and takes hard work to get off the ground. Commit to the hard work, you’ll be able to reap the rewards shortly thereafter.
4. Know your exit strategy.
No matter what your future looks like or what your plans are for being a business owner, someday you’ll have to exit the business. If you end up not wanting to be in this business forever you’ll need to exit and if you do love the business, you’ll need to retire eventually. Determine how you’ll make your exit graceful in advance – you’ll thank yourself later!5. Become an Educated Buyer.
By becoming an educated buyer, staying true to yourself, laser-focused on how you employ your due diligence will save you ten-fold in helping you reduce your risk of loosing money and wasting time you can never get back. Working with a professional that has a process that works, like Careyann Golliver, can get you there safely on this journey.
6. Feel the fear, but commit to your plan!
Understand that Fear is not real. Fear is an emotion your mind attaches to thoughts. Fearful emotions come from the unknown. If you can surround yourself with a process that delivers data and education your butterflies in the belly will begin to settle down as your confidence rises knowing what to expect once you become your own boss. These feelings are normal before making any decision that involves a great deal of risk. But, without risk there will never be any reward.
Careyann Golliver, a FranChoice business consultant in Denver, Colorado. With over two decades of experience in entrepreneurship and franchising, she can provide guidance on your own journey. Contact Careyann today 720.542.3548 or email@example.com, or visit her on the web at careyann-golliver.franchoice.com.