By: Alicia Saunders
Franchising is a great way to start your own business without having to do it on your own. You’re given the tools you need to build your business and the support from a franchise system that wants you to succeed. However, there are a few factors to consider before you get started:
1) You’ll have to work hard
You may not have to do the leg work that comes with creating a business from scratch, but that doesn’t mean you won’t have to work hard. Franchisors want their brand to be successful and they need franchisees who are willing to put in the time and effort to make their location a success. This may include long hours while getting your location ready to open.
2) You need to like the work you do
It’s a lot easier to put in the hard work when you enjoy what you’re doing. Find an industry that interests you and a franchise system that you want to be a part of. LookforaFranchise.ca can help you search for the industry that’s right for you. Also, visiting The Franchise Show gives you the opportunity to meet with franchisors face-to-face to see if their opportunity is the right fit for you.
3) You need to be willing to learn
When you join a franchise, you agree to follow an established system. This allows the franchisor to keep their brand consistent, regardless of location. In order to do this, you’re going to need to learn a lot about your system, including best practices for marketing, product and day to day operations. Your franchisor will be there to help you, but it’s on you to take the time to learn the system.
4) You’ll need to manage your time well
Time management is key. In order to be able to juggle all the responsibilities that come with being a franchisee, you need to know how to make the best use of your time. It’s important to keep track of what needs to be done every step of the way, as well as daily tasks to help you develop good habits.
5) You’ll need professional support
Whether it’s a lawyer to help you go over legal documents from your franchisor or a financial advisor to help you make your franchise dreams a reality, at some point you’re going to want some professional support. CFA’s Franchise Support Services directory can help put you in contact with the people you need to help you make your business a success.