Moving Ahead With My Franchise
At FranChoice, we spend a lot of time talking about how to find that perfect franchise opportunity but finding a franchise is only the beginning. There are many things that need to happen between the time you sign on the dotted line and when you open the doors to your new business.
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Franchise Documentation
The first thing you will usually receive from the franchisor is the new franchisee documentation concerning the system and the tasks involved in getting your new business established. The franchisor wants the new franchisee's business to open quickly just as much as the franchisee does so their system and process will assist you in moving up the learning curve as fast as possible.
The system documentation almost always involves training manuals, which will include information on the franchisor’s operating systems, marketing procedures and new business setup. The franchisor may also use other types of media to present or reinforce this information, such as company intranets, training videos or CDs, and sometimes, even personal visits to the new franchisee from company employees.
Critical Path Items
If your new franchise will require a real estate component (whether a storefront or industrial space), the franchisor, through their experience opening other new units, should be able to easily identify the critical path item or items necessary to open units quickly and correctly. These items may include finding and buying or leasing the real estate and dealing with zoning and permit issues. The franchisor may help you find architects and contractors and assist you in supplying your business with signage, product, furniture, fixtures, etc.
Assistance may also include employee hiring (especially in those franchises which need a lot of minimum wage-type employees or employees with special licenses), developing and implementing a marketing plan, integrating technology into the business (point of sale, operations tracking, intranet, etc.), and ensuring that everything is available and in place prior to opening.
Most franchisors also provide some kind of training to a franchisee, either at the corporate location or hands-on training at another franchise location (or a combination). This is usually timed so that the training is fresh in your mind as you open your own business.
The franchisor will know which items take the longest to accomplish and will have you work on those items immediately. This is the best insurance against delays later in the process of opening the new business.
Checklists
In addition to providing basic checklists, most franchisors provide timing data on every checklist item, so new franchisees can double-check to make sure they are staying on schedule.
As an example, there might be a checklist of items titled "To Be Completed at Least Five Weeks Prior to Opening," with a new list for each succeeding week. A progression of such scheduling checklists assists new franchisees in establishing priorities of their "to do" list each week as they go through the process.
What’s the Timing?
The question of how long it takes to get the business open is also one that has a very large range of answers, depending on the franchise opportunity chosen. As a general rule, the following are the most relevant factors in determining this answer:
Real Estate If the franchise involves leasing a location, the normal rule of thumb is that it takes about three to six months (or sometimes even longer) to get the business open. If a stand alone location has to be built specifically for the business, plan on six to 24 months for this to be completed.
Training After being awarded a franchise, you will be assigned a training date. Many franchises schedule their training days so that a number of franchisees can be trained at the same time. Depending on many factors, this training could occur within a few weeks or a few months of signing.
Financing If you will be financing a part of your business, this can delay opening from anywhere from six to eight weeks to as much as six months, depending on the lender and type of loan.
If reading this list of items that need to be accomplished (before you are an “official” franchisee) gives you a feeling of anxiety, don’t be overly concerned. Whenever you face a new experience, whether you are buying a new home, getting married or trying sky diving for the first time, you will feel some anxiety if not downright fear. This is normal.
When you buy a franchise, like any new experience, the easiest way to alleviate fear is to ask questions. Make sure to cover any questions you have very thoroughly with the franchisor and also with the existing franchisees during your research on the franchise. That way, you'll have realistic expectations when you sign up, you'll know exactly what needs to be done and you should be able to have a positive experience in opening your new business. Most importantly, have fun!!
FranChoice
FranChoice
helps future entrepreneurs realize the dream of owning their own business. FranChoice will help you find that perfect fit; matching up your interests, talents, and investment level with a strong franchise business. We provide this valuable service for free. Pre-screened, high quality franchise companies pay us a fee for referring qualified, prospective candidates.
From the beginning, FranChoice has been committed to its Mission Statement: "Helping People Realize Their Dreams." By developing a unique and thorough system of candidate qualification, consultant training and franchise selection, FranChoice has helped thousands of entrepreneurs find a great franchise.
C.E.O. – Jeff Elgin
President - Lori Kiser-Block
Year Founded – 2000
Years in Business – 7+
Location – Corporate offices are in Eden Prairie, MN (15 minutes outside of Minneapolis). Consultants are located all over the U.S.
Experience Level – Consultants have over 2000 years of combined experience.
Market Share & Industry Position - #1 Deal Closer, we are recognized as the Premier
Franchise Consulting Firm. We place 20% of all new Franchise Owners in the U.S.
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