Day 1: Fill out franchise application and sign the FDD.
Day 15: Discovery day at the corporate office and tour of facilities
Day 20: If approved, a franchise is awarded, Franchise agreement signed and franchise fee paid
Day 30: Location selected and lease signed
Day 30-100: Construction in process
Day 80: Training begins at one of our approved training facilities
Day 110: Corporate crew arrives at your location to install furniture and equipment
Day 115: Corporate training crew arrives at location and begins on site training.
Day 120: OPEN and your piece of the profit pie begins.
While franchising may not be for everyone, it can be an ideal situation for the right person. These personality traits, in addition to sufficient financial backing and proper business experience, are essential to succeeding in the franchising world. If you see yourself in the descriptions below, chances are that you have the confidence, drive and motivation to be a successful franchise business owner. As you review this list, be honest with yourself. Do you already have each of these characteristics? If not, can you focus on applying yourself to developing and effectively portraying these characteristics through your actions?
Are you a reliable and work conscientious? Good franchisees tend to be reliable and solid individuals who are careful but not necessarily risk adverse. In other words, franchisees have the necessary skills to be consistent and manage a franchise operation effectively.
Do you have some business skills? Franchisors tend to look for franchisees that have developed certain life and business skills. Dealing with people, leading a team, communicating with others will count in your favor as you will be the boss of your own business. Don’t be too worried if you don’t have specific industry experience as the franchisor will let you know all their knowledge and expertise, and provide you with the necessary training and support needed to make your franchise a success.
Every business carries a risk, some more than others. But with franchising, the franchisor will do what they can to help eliminate possible threats and guide you on your way to franchise success. However, as a successful franchisee you must have good judgment to assess whether or not something is considered worthy of a risk or not. Note! Your franchisor will always be on help or support mode in case you need to consult before taking a business risk.
There will always be aspects to the franchise that requires continuous learning and training. Franchisees must be prepared to learn from other people to understand the ins and outs of the business. All good franchisees should be willing to take advice from franchisors in order to make their franchise a rewarding and profitable success.
Before making any decisions about entering into a franchise opportunity, franchisees should make sure they talk everything over with their family and loved ones. After the franchise is agreed upon and supported by all involved, the franchisee must maintain effective communication links between family and franchise; franchisee and franchisor; franchisee and suppliers, staff, customers etc. Excellent communication skills are a necessary element of a successful franchise operation.
Are you good with people? All businesses have customers and if you can’t handle dealing with people, then franchising might not be the best option for you.
Have you got the necessary finances to set up a franchise? A good franchisee will have the necessary start up and investment finance set up prior to any franchise agreement. After the franchise agreement has been signed and the franchise is set up, a franchisee must keep an eye on financial income and expenditure as the company progresses. Keeping an eye on the business finances will ensure the success of the franchise business.
A good franchisee is aware of his/her staffing hierarchy and is willing to delegate work as appropriate. The ability to delegate work to staff is key to the success of the franchise and can help foster effective relationships between staff and franchise owner. Delegating work will also help to take some of the pressure off the franchisee and enable the franchisee to concentrate on other important elements of the franchise business.
A good franchisee is never afraid to ask for help from the franchisor, staff and family. Sometimes asking for advice in solving a difficult issue can relieve any stress involved for the franchisee. The willingness to ask for help is central to the maintaining of successful and healthy partnerships in business. This will help the franchise business grow and be successful.