Becoming a first-time franchise owner is in an incredibly exciting time. It also can be very daunting — but that’s part of what fuels the excitement, so embrace it. By being prepared and confident, an entrepreneur new to the world of franchising can take their latest venture by the horns.
Here are a few tips to give a clearer picture of how to succeed in owning a franchise.
- Decide Whether You Want a Franchise or an Independent Business. Start with the decision of franchise vs. independent business. Each model has pros and cons, so consider them thoughtfully.
Going independent allows for more autonomy, but can be fraught with uncertainty and painful (costly) mistakes.
A franchise may afford less freedom of concept but comes with the significant head start and ongoing resources of its established brand, model, and system.
The decision of franchise vs. independent business may be helped by considering the next tip.
- Make Sure You Have the Qualities of a Franchise Owner. Give yourself a gut check, because any new business venture is not for the faint of heart, be it independent or a franchise. If it’s not for you, figure that out, and stop here.
FranchiseGator.com distills what it calls the eight top qualities for franchisees. They include coachability, people skills, work ethic, ability to follow the rules of an established system, being motivated by results, thinking about the big picture, being cool and collected, and having hiring skills.
While most of these traits are inborn and others you may be able to develop, all will be needed to be a successful franchisee. If you have these traits, read on.
- Define Your Business Plan.
The foundation of a successful business, be it independent or franchise, is its business plan. Getting it right requires a lot of homework (and legwork) — and securing funding.
If you try to do this independently, it could be the most daunting task of all.
The good news is that, as a franchise owner, the franchisor can help immensely with the business plan. The franchisor has already worked out the details and determined best practices and planning from years of honing success.
- Get Experience In or Knowledge of Every Role.
If you’ve worked in and managed a particular type of business previously, you may already have experience that enables you to understand various roles. If not, ask your franchisor if you can shadow management and employees in current franchise locations for a time. This opportunity allows you, as a new franchise owner, to learn the business from the ground up. The knowledge of how others operate their franchise can be powerful.
- Call Upon Your Franchisor for Help.
If you wanted to go through challenges alone, you’d have opened an independent business. But instead, you chose to become a first-time franchise owner.With this decision, you’ve invested to buy a successful concept, so take full advantage of it as you get going.
Ask your franchisor for guidance, feedback, and resources. They want to help you succeed.
- Follow the Lead of Innovators.
The best aspect of owning a franchise is being able to harness innovation. Typically, corporate will release new products and as a franchise owner it will be your job to sell such items. A franchisor that has put in the work over time and stays creative knows how to excite its customers. This mindset benefits first-time franchise owners exponentially, since the franchisee will only be required to focus on selling and not innovating.
- Choose the Best Franchise Brand for You.
Ultimately, a first-time franchise owner’s profit potential is only as good as the brand and system he or she buys into. Do your homework. Figure out how much you’re willing and able to invest and narrow the choices from there. Research the brands. Ask questions. Talk to current franchise owners of your short list of companies.
Is the brand growing? Is the brand adapting to market conditions?
The stronger the franchise you own, the better your odds.
Wayback Burgers is a Connecticut-based fast-casual restaurant with a commitment to an environment that hearkens back to a simpler place and time – when customer service meant something and everyone felt the warmth of the community.
The Wayback reputation for cooked-to-order burgers and thick, hand-dipped milkshakes, has allowed this burger franchise to rapidly expand to qualified candidates the opportunity to open and operate a business in the highly sought-after fast-casual sector, with a small footprint and big upside.
Wayback Burgers offers initial training and ongoing support for all its franchisees and works diligently on finding innovative ways to offer franchisees the opportunity to increase revenue while adding value to the customer experience.
For more information on how to get started, visit https://waybackburgers.com/franchising/.