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Franchising First Steps

Written by: Ian Macleod

Article Overview: I’VE BOUGHT A FRANCHISE. NOW WHAT? So you’ve bought your franchise and are ready to get started. Before you open the doors and start welcoming customers, you’ll need to have everything ready to go. New franchisees will usually have a lot of help for their Franchisers, but it’s good to be ready for what is coming. From training your employees to securing a location and mastering the skills you’ll need to manage the business, there are a lot of preparatory steps. These things take time and effort, and all of them must be completed before you can actually start doing business. Here is a list of some of the steps you’ll have to take, and issues you’ll need to be ready for when you are getting set to open the doors of your new franchise:

Franchising First Steps

I’VE BOUGHT A FRANCHISE. NOW WHAT?

Once you’ve taken the plunge into buying a franchise, you’ll want to get off on the right foot.

So you’ve bought your franchise and are ready to get started. Before you open the doors and start welcoming customers, you’ll need to have everything ready to go. New franchisees will usually have a lot of help for their Franchisers, but it’s good to be ready for what is coming. From training your employees to securing a location and mastering the skills you’ll need to manage the business, there are a lot of preparatory steps. These things take time and effort, and all of them must be completed before you can actually start doing business. Here is a list of some of the steps you’ll have to take, and issues you’ll need to be ready for when you are getting set to open the doors of your new franchise:

1. Training. A new franchise owner will have to know everything about their business, and be able to train new employees as well. Along with training manuals, tests, certifications and other related material, be prepared to learn a lot about a range of subjects. Everything from marketing to business procedures will need to be learned by you and your staff, and you’ll want to be able to complete everything on schedule.

2. Get your financing ready. If you haven’t already done so by the time you’ve signed your franchise agreement, securing funding is the most important step you need to take. Make sure you get your check to the franchisers on time and have the appropriate documentation in order. Nothing is worse than committing to paying your franchiser and ending up with a late payment. Not a good way to start a business relationship.

3. Secure the location. Like financing, your business location should be scouted out well in advance and ready to move into as soon as you can manage. The sooner you occupy the space the sooner you can begin any needed construction or other preparations. You’ll need a base of operations, but to make it complete you may have to find contractors to install fixtures or equipment, interview potential employees and train them in your space. It is quite common that new locations require significant set-up times, so the earlier you start, the better.

4. Keep the franchiser informed. Your franchiser will probably want to keep tabs on your progress, so communicating with them in the early stages is very important. It is so important, that most franchise organizations require new owners to make regular status reports. You’ll have to be ready to keep detailed records of everything you do, how you progress and where things stand. The franchiser will also probably advise you about the process as a whole, meaning they’ll tell you what items will take the longest and what should be done before other efforts are begun.

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Article Tags: base of operations, business location, business procedures, business relationship, buying a franchise, certifications, doing business, doors, financing your business, franchise agreement, franchise owner, franchisees, franchiser, franchisers, marketing, plunge, preparatory steps, right foot, things take time, training manuals



Related Forum Posts
Re: Re Franchise etc - [quote="bmueller47":e0j0nu4t]Can you see a shift of various types of franchises? What I am thinking about is that today it is more difficult to create franchises, that has great appeal. More and more people want to have their business, but no interference of someone else.[/quote:e0j0nu4t] Not sure what you mean exactly but it is certain that more and more people want to have their own business but not more and more people know what they really want to do, or how to do it. And that's what franchising is all about. Franchising is not for an entrepreneur. An entrepreneur will do his own thing. People who buy franchises want a turn key business, with a proven model. Franchising in the US had never been that good. I don't have the exact numbers in mind but I know for sure that franchising is growing more and more as people are getting more and more aware of this business model.
Franchising vs. Licensing? - What is your opinion on Franchising vs. Licensing? Which is better?
Nominations for a new Franchising Moderator! - Is there anyone you'd like to nominate as our Franchising Moderator (or volunteers for the position)?
Great Article, chock full of info. - Ian, Thank you for linking your article regarding Licensing vs Franchising. Its a good read.
Re: Hello from Captain Franchise - Hi BuzzAroundBooks, I actually found the site in my search for franchise networking. We're looking to make connections and also inform the general public about franchising. Franchising is often misunderstood because of the lack of knowledge. We're here to help and learn as well! Thanks!


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