How Do You Thrive In Your First Year in Franchising
Congratulations, you bought a franchise! Now how do you not just survive but thrive in your first year as a business owner? Here are three key tips you can use to get over that hump:
- Be Financially Ready: Ensuring your finances are in order before buying a franchise can make the difference between having a stressful work experience and an enjoyable one. You may not make a huge profit in your first year so even if you’ve invested in a low start-up cost business, it’s wise to have at least 3 months’ worth of salary stashed away.
- Delegate Tasks: One of the best investments you can make as a business owner is in your day-to-day operations. Hiring the right people can help make the business run more smoothly while the right technological investments can help expedite your processes and cut down on waste.
- Leverage the Support: The beauty of being a franchisee is that you get the backing of a strong brand behind. Take advantage of all that your franchisor has to offer – including training in the areas of hiring, marketing and brand awareness. You can also consider teaming up with a business partner who can help shoulder some of the responsibilities, alleviate the financial strain and ultimately help propel the growth of your business.
Though your first year in franchising has its ups and downs, these tips can put you in a position for success. For even more franchising tips and tricks, tune into Season 1 of the Franchise Canada Chats podcast!