6 Steps to Consider Before You Opening a Franchise
You know it’s going to be a lot of work, but you’re ready for the challenge. You’ve taken a serious look at how you want to shape the rest of your life and have decided that opening a franchise is the way to go. As a transitioning service member, you’re up to task because you’ve faced more robust challenges in the past. Here’s a checklist to help make sure you have all of the knowledge you need in one place to successfully open a franchise.
Take a close look at your motivations when determining if opening a franchise is the right choice for you. It is an ideal fit if you’re one who likes to have a little direction from someone more experienced but then works well on your own. A franchise isn’t ideal if you want complete autonomy or think you’re going to need a lot of assistance and support every step of the way.
If you don’t care a lick about fitness, then you shouldn’t open a fitness related franchise. Same goes for any other industry. You have to care about the business to be best positioned to make it successful. So before you open a franchise, do your research. Take a look at your area and the types of businesses already in place. Then cross-check that with the types of business that interests you. Once you’ve narrowed your search, then you have a clearer idea of what kind of franchise will best work for your approach, your area, and your long-term goals.
Depending on the industry that interests you, a community outreach or “discovery day” is going to look a little different. Basically, it’s a chance for you to meet with corporate representatives and discuss the opportunity of opening a franchise. It will generally give you a chance to speak to other franchise owners as well, so you can get a really clear understanding of the risks and rewards associated with the particular business.
Find a Location
It doesn’t matter if you have the best business model in the world with the most robust support system. If your location is terrible, you’re not ever going to be successful. But don’t worry – most franchise owners will help you choose the best place to open up shop.
Carefully evaluate all of the funding options that are available to you. As a transitioning service member, there are offers for which you qualify that civilians and non-veterans do not.
Sign and Obtain
Carefully read over your contract and when you’re comfortable with all of the details, sign it and get the keys. Congratulations, you’re now a business owner!
Once you’ve hired and trained your staff, the next step is your opening day. You might choose to do a soft opening to gauge the public interest before your grand opening, but the wonderful thing is that it’s your choice.