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<div id="pastingspan1">Franchising offers a great path for young people to take on the challenge of business ownership with the support and backing of a franchise system. Before someone jumps into the franchise world, it&#8217;s important to know what that entails.</div><div id="pastingspan1"></div><div id="pastingspan1">Sean Fitzgerald, CFE and Chief Development Strategist at <span class="brand-highlight">No Limit Agency*</span>, shares his top tips for young franchisees to know about buying into a brand.<span style=""> </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style=""><strong>1. Franchise support.</strong></span></div><div id="pastingspan1"><span style="">Starting a business on your own is far more challenging than starting a franchise. One of the benefits of joining a franchise system according to Fitzgerald is having access to the benefits of working in a proven system and receiving support from brand and marketing assistance. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style="">&#8220;In a small business you have to wear many hats,&#8221; said Fitzgerald. &#8220;In a franchise, you have the support and best practices of the company behind you.&#8221;</span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style=""><strong>2. Success is not guaranteed. </strong></span></div><div id="pastingspan1"><span style="">Buying a franchise does not guarantee success. Franchising is a business model, and if it&#8217;s executed properly, it should yield good results. The only underlying variable is you, the franchisee and how you execute in the system.</span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style=""><strong>3. Work hard. </strong></span></div><div id="pastingspan1"><span style="">After you sign on the dotted line, there is still work to be done to have a successful franchise business. It&#8217;s hard work and putting in the right effort. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style="">&#8220;Be prepared to work harder than you have in your life,&#8221; said Fitzgerald. &#8220;The good news is your young and have energy. Be prepared for long hours and a lot of effort. It&#8217;s the hardest job you will ever have, and it could be the most rewarding.&#8221;</span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style=""><strong>4. Do your homework. </strong></span></div><div id="pastingspan1"><span style="">Before you sign any franchise agreement, make sure to do the due diligence required for taking on this commitment. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style="">Here are seven tips for doing due diligence on a franchise brand. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style=""><strong>5. Make Friends. </strong></span></div><div id="pastingspan1"><span style="">It&#8217;s important to have a business advisor when you&#8217;re getting into franchising. If you&#8217;re going to buy a franchise, try to become friends or find a mentor in a system. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style="">&#8220;Even though your buying into a system, there are best practices an experienced mentor can teach you and help you in the first years,&#8221; said Fitzgerald. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style=""><strong>6. Be sure you are well capitalized. </strong></span></div><div id="pastingspan1"><span style="">There are many reasons why people run out of money. That&#8217;s why it&#8217;s important to be well capitalized and have access to additional rainy day funds when opening a franchise. That&#8217;s because, if you get yourself in a pinch you will need a resource to carry you through the tough times, says Fitzgerald. Don&#8217;t start with only enough to launch the franchise. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style=""><strong>7. Follow the rules. </strong></span></div><div id="pastingspan1"><span style="">&#8220;If you&#8217;re a true entrepreneur, franchising is not for you,&#8221; said Fitzgerald. &#8220;If you don&#8217;t like following a process the franchise model is not for you.&#8221; </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style="">However, if you want to be an entrepreneur and run your own business franchising is a great way to own and run your own business. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style=""><strong>8. Remember you&#8217;re the boss. </strong></span></div><div id="pastingspan1"><span style="">If you&#8217;re a young franchisee you could be hiring your peers. Make sure to draw a line between friends and employees. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style=""><strong>9. Maintain strong communication with the franchisor. </strong></span></div><div id="pastingspan1"><span style="">If you need help ask for it. Fitzgerald suggests participating in any type of training, support or conference calls offered by the brand. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style="">&#8220;Don&#8217;t put yourself on an island,&#8221; said Fitzgerald. &#8220;Don&#8217;t isolate yourself.&#8221;</span></div><div id="pastingspan1"><span style=""><strong><br /></strong></span></div><div id="pastingspan1"><span style=""><strong>10. Plan your exit strategy. </strong></span></div><div id="pastingspan1"><span style="">With all beginnings come endings. It&#8217;s important to plan for the end when starting a new business venture. Make sure you know where do you want to get your business to, when do you want to exit, and what&#8217;s your emergency exit plan if things don&#8217;t go well. Having a solid exit strategy will help you when your business journey evolves. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style=""><strong>11. Be a leader. </strong></span></div><div id="pastingspan1"><span style="">Take responsibility for your business and your success. When you become a franchisee you&#8217;re becoming a business owner, and potentially leading a team under your direction. </span></div><div id="pastingspan1"><span style=""><br /></span></div><div id="pastingspan1"><span style="">&#8220;It&#8217;s your business in all aspects of it,&#8221; said Fitzgerald. &#8220;You have to make it happen. Don&#8217;t rely on anyone to solve your problems.&#8221;</span></div>

1851 Franchise

Here’s what young franchisees should know before joining the franchise system.

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