Becoming a franchisee is both daunting and exciting at the same time. If you have interest in owning a franchise, here some tips to consider before making the leap.
For any aspiring entrepreneur disinclined to create a new business from scratch, owning a franchise can be a great opportunity to become your own boss. However, there are a lot of complexities to be aware of when weighing the decision of whether or not to enter the franchise world. 1851 spoke with Supporting Strategies franchisee Dawn Hershik to learn her top three tips for success when preparing yourself for the journey of franchise ownership.
Do your research
“Make sure that owning a business is the right direction for the kind of lifestyle you want to pursue,” Hershik said. “Research what owning a franchise means to you before finding a coach or broker to work with.”
It’s important to conduct thorough research on the franchising industry as a whole, its trends and pitfalls, before deciding which franchise may be a good fit for you. Additionally, Hershik advised that entrepreneurs speak with current franchisees or franchise consultants to gain a better understanding of the franchise model and develop a successful business plan.
If you can make it past the dirty details without reservations, then franchising might be something to explore further.
Understand your personality type
It takes a certain kind of person to effectively manage people. Ability to execute and run a successful business are not traits everyone has.
“The prospective owner has to be willing to follow through with the franchise and business model, but they also have to be prepared for the times when things do not go according to plan,” Hershik said. “Just because they bought into a system, they cannot always rely on and run to the franchisor asking for help. At the end of the day, it’s up to each owner to have the knowledge and acumen to run a successful business.”
Surround yourself with the right people
As cheesy as it may seem, success comes from those with whom you surround yourself with. When you’re surrounded by hard-working, like-minded individuals, achieving your dream becomes that much easier. Just as important as working with great people, Hershik said, is establishing strong connections.
“Not only are the people you hire to work with and for you essential to success, but the people you associate with outside of your business are just as important,” she said. “The connections you make will help you find success in numerous ways, from sharing marketing strategies to learning from each other’s experiences to connecting one another with resources and even sending referrals. It’s great to have those ready-on-hand connections to help guide you in the right direction.”
Buying a franchise is a great way to become a business owner with a lot of proven support backing you up, but understanding the scope of the endeavor and why it’s worth it for you is key. The better you do your research, understand yourself and establish support systems, the more success will come from this exciting-but-complex experience.