Alesia

Before you begin your exciting franchise journey, there are certain things that you need to do first. Take a look below for ways to prepare to open your very first franchise.

Assess yourself

This is a good time to take stock of yourself and see if you have what it takes to open a franchise. More specifically, do you have what it takes to open the TYPE of franchise you’re thinking of? Here are some questions to consider:

• Are you able to save or borrow the necessary funds to start the franchise?
• Do you have the technical or interpersonal skills to run the franchise properly?
• If you do not have the required skills, will you be able to hire someone who does?

Assess the franchisor

It’s also a good idea to look closely at the franchise you’re buying. Not all of them are equally viable or enjoyable to run. Take a look at these questions:

• Did you speak with other owners of the franchise’s branches?
• What is the franchisor’s training program like?
• How much support does the franchisor offer after purchase?
• Have you done your due diligence before signing with the franchisor?

More questions to answer

This is only a sample of the kinds of questions that should run through your mind when you prepare to franchise. Be sure to have the franchisor address all your concerns beforehand, because after you purchase the franchise, it will be too late.

You’ve got your sights set on a certain franchise. It might be a fast-food restaurant, sports equipment store or car repair shop. But how do evaluate its potential as a business?

First the bad news

See what the worst aspects of a franchise are first. Search the web for complaints by customers and franchisees. Take these reports with a grain of salt, but if you see the same preventable problems popping up again and again, it could be a warning sign.

Too good to be true?

On the other hand, is your franchisor making their business seem too good to be true? Do they brag about earnings that are unrealistic for their industry sector? A realistic franchisor will be up front about the amount of work involved, and when a franchisee is likely to see an ROI (return on investment).

Look to grow

Search for a franchise that has an eye on the future. Restoring old cars? A small niche. Taking care of seniors? Much bigger growth potential due to the aging baby boomer population. Choose with care.

Once you’ve done your homework, deciding on the right franchise will be a lot easier. So batter up, franchise player! It’s time to put your eyes on the prize.

They say it’s a man’s world out there, but not where franchising is concerned! Women are taking the franchising business by storm, and with good reason. Below are just a few of them.

Serious organizational skills

Women are great at organizing (we’re looking at you, Martha Stewart!) – one of the key skills needed to successfully manage a franchise. Part of putting the right things and people in the right places is an eye for detail, as well as the ability to prioritize. It turns out women have these abilities in spades!

Amazing adaptability

Don’t think that just because a person works wonders with organizing means they’re glued to their plan. Franchisors need to remain flexible, which a lot of women already are (balancing home and work expectations much?). Ladies can think on their feet, and adapt quickly when they see something is – or isn’t – working.

Seamless communication

Anyone who is looking at a successful businesswoman is probably looking at someone who is a master communicator. Although women’s communication methods may differ from men’s, they know how to get their point across to staff, vendors, franchisors and their customers or clients.

Fiscally sound

Women aren’t about to part with their hard-earned dollars without a reason. When they do open franchises, they tend to be cautious with finances, which means they’re willing to start small in order to grow their franchise in the black.

Let’s hear it for the ladies!

Owning a franchise takes more than hard work, start-up funds and support from your franchisor. Without that essential ingredient – confidence – your operation may be doomed before it starts. Don’t discount this key feature that separates successful franchises from ones that shut their doors almost as soon as they open.

You must lead so others can follow

Owning a franchise inevitably means having employees. It’s your duty to set an example for them. That example should be one of optimism, pride and the expectation of success. Just as an army is only as good as its general, a staff is only as good as the team leader in charge of it.

You must learn to deal with problems

Every beginning franchise has growing pains – and then usually a few more pains from time to time. As the owner, you will ultimately be responsible for arriving at a satisfactory solution. But if you don’t have the belief that you can do so, those solutions will prove to be elusive.

You must play to your strengths

You chose to own a franchise for a reason. It probably plays to your strengths, which may be a combination of team-building, working independently and providing for flexibility. Knowing your strengths is key so that, when you identify problems, you have the self-esteem to know you can tackle whatever may come.

You’re interested in making the leap into franchise ownership, but are worried it will be too much for you. You wonder if you can really handle the stress that goes into running your own business. Below, we talk a little about the emotional aspects of being a franchisee – and some of them may surprise you.

Fewer working hours mean less stress

Instead of being chained to a desk 9-5, working for some huge corporation, a franchise owner can set their OWN hours. And no one expects the owner to be at the franchise 24/7. You may find yourself spending only a few hours a week there, while the rest of your working time involves networking with the community and planning for the future of your business. Sounds more exciting than stressful, right?

Loving equals less stress

Have you ever heard the expression “love what you do, and you’ll never work another day in your life?” Nothing could be truer when it comes to franchising. If you worked at your previous job because you saw no other options, but didn’t truly enjoy it, that’s a jail sentence. Working at a franchise that does something you love, whether it’s selling automotive parts or running a pet shop, adds a bit of that “vacation feeling” to every day!

When you’re young, it seems like time inches forward. Every day is a year and every year an eternity.

However, this concept of time quickly changes once we enter the workforce, start families and begin working toward our life goals. One moment you’re graduating college and celebrating with friends, the next you’re blowing out the candles at your 45 birthday party and wondering where all of the time went.

Too often men and women alike put their dreams on the back burner, hoping at some point in the future they’ll be able to dedicate their time and energy to the things they love. While this is nice in concept, life is too short to assume you’ll eventually make time for the things you truly love. Why wait when you can take action today?

If you’ve always dreamed of owning your own business and are tired of running the 9 to 5 rat race, now is the perfect time to consider pursuing a franchise business opportunity. Hundreds of successful entrepreneurs didn’t even start their businesses until after their 50th birthday, some even later.

What we’re trying to say is this: age is just a number and everyone deserves to be happy. If your current career trajectory doesn’t get you excited, set aside some time to research franchising opportunities. No matter your age, now is the time to act. Will you heed the call?

It comes out from the deep. It’s hairy. It’s scary. It fills you with terror and dread during every waking moment. It is …

The Nightmare Boss.

Chapter one

It starts right when you arrive in the morning. No sooner do you put down your cup of coffee than Nightmare Boss is screaming in your ear. You’d better have those reports on his (or her) desk by noon! No, make it 11 o’clock. Then there’s ANOTHER set of reports he wants you to have on his desk by noon. Lunch break? You think you deserve a lunch break? Where do you think you are – on vacation?

Chapter two

The reports are done (both sets). You had to kill yourself to do them and your stomach is growling like a wild animal, but they’re done. Then, Nightmare Boss calls you into his office. You call these reports? I wouldn’t use these to line my birdcages. Do them over – ALL of them. I don’t care if you have to stay late – again.

Chapter three

You’re riding home in the car, bleary-eyed after what seems like another million-hour day. You can’t take much more of this. It’s far past dark. You haven’t eaten in 12 hours. Your doctor says you’re on the road to an ulcer. It’s official: if you don’t do something fast, Nightmare Boss is going to spell your doom.

Chapter four

Just before you pull off the highway to your exit, you spot a billboard. “Buy your own franchise,” it says. “Then, you can be your OWN boss.” Now there’s an idea. You’ve always thought you had what it takes. You have a little capital saved up. You’d never have to deal with Nightmare Boss again – and you certainly would be a better boss than he is.

So what are you waiting for? Give your story a happily ever after: be the boss of your own franchise today.

One of the biggest differences between employees and entrepreneurs isn’t the amount of money they make, their business hours or their working conditions. Although it’s true those can all vary, the most significant difference is something you can’t see: their mindset.

Ownership of problems

Employees often don’t take ownership of problems, i.e., don’t see themselves as responsible for the end result. Often, they’re in a certain place in an organization and are only responsible for the end result of that segment. But entrepreneurs know that, at the end of the day, they’re accountable for every result in their organization.

Goal-orientation

Similarly to ownership of problems, entrepreneurs have a goal-orientation. Employees, on the other hand, often have a process orientation. They put in only enough effort as is necessary to get the job done – not necessarily enough to get the job done well.

Taking risks

Employees are often risk-averse, and for good reason. To an employee, taking risks does not necessarily bring rewards. In fact, the opposite is often true. Taking risks may endanger the status quo, and depending on the company atmosphere, could get the former fired. Entrepreneurs, on the other hand, empower themselves to take risks and know that sometimes, failure is just another cost of doing business.

In order to have a successful franchise, you must alter your mindset from that of an ordinary employee. Like it or not, you’re the leader now, and your every action must reflect that. Here are a few inspirational quotations on leadership to illustrate this concept.

“You manage THINGS; you lead PEOPLE” — Admiral Grace Murray Hopper

As a regular business manager, you were probably concerned with things like stocking, staffing and profit. As a franchise owner, you have to be concerned about all those things – AND inspiring the people who work for you as well. That’s because everything you say and do reflects on the franchise brand. It’s not about the “things” anymore; it’s about the brand that encompasses many different types of employees and customers.

“Leadership is the capacity to translate vision into reality” — Warren Bennis

If you’ve ever managed a business, you know that a certain amount of what you do goes on faith. You have to trust that that the vision you hold for your enterprise can, in fact, be realized. However, franchising makes this much easier. It’s a relatively simple matter to turn your vision into reality when other franchise branches have proven their success in doing it.

If you’re looking for more inspiration regarding franchises, talk to your franchisor. They’re sure to be full of all sorts of ways to get you fired up about your new venture!

You’ve been thinking about taking the leap into owning your own franchise for awhile now. But how do you know if you’re really ready? Below are a few signs.

You want your freedom

There can be no denying that the “freedom” factor is a major reason why people are attracted to franchises. Maybe you’re sick of not being able to chart your own career path. Or you need the flexibility to combine work and family time. Either way, a franchise can definitely free you to do the things in life you want to!

You want more money

You’re the kind of person willing to work harder for more money. But maybe that sort of opportunity isn’t available in your present job. The revenue from franchises, on the other hand, accounts for over one-third of all U.S. retail sales. Why not grab a piece of that for yourself?

You want a sense of purpose

So many salaried jobs today can be soul-draining. You long for something that allows you to pursue your dreams, do something meaningful or maybe make a difference in the lives of others. Whatever your sense of purpose, a franchise might just allow you to achieve it!