Do you spend most days at work stewing in frustration, thinking you could run the operation way better if only the higher-ups would listen. Why wait any longer to truly test your mettle? Especially since you can find a roadmap forward with a franchise.
Before you balk, there is as much variety in franchise operations as with any independent business. There’s so much more than fast food and automobiles. Some are better run than others and some would make a better match with your skills and experience.
This is why the most important step in the purchase of a franchise is all the work that comes before you ever sign any contracts. A franchise coach — whose services are free to you — can help guide you through a complete due diligence so that by the time you are ready to make a decision, you know exactly how much it will cost, what you can expect in the way of revenues and how exactly you will run this business.
You can find out all this information because franchises are required by federal law to disclose it in a Franchise Disclosure Document (FDD). While operating revenues are an optional item in the FDD, interviews with individual franchisees can give you a good idea of what you can expect.
What a good franchise offers you is an easy on-ramp since it comes with so many tools to help you get started. Read on to learn what you should expect from a good franchise company.
Five Startup Tools Offered by Franchises
Upfront training and ongoing support
Franchisors offer training because they want you to learn their systems. They have a brand and want you to be a great extension of that brand in the marketplace. You should make sure you get what you need to get you started. Some will offer as much as 50 hours of instruction upfront, plus more for you and your employees after you open your business. On top of that, you get ongoing support, someone to answer your questions as they arise in your new business.
A ready-made national advertising campaign should be available to you. Local marketing is also essential, and a good franchise should offer you plenty of assistance to help you get the word out about your new business — one of the most important steps to becoming successful.
Guidelines for setting up your shop
You will likely get a list of suppliers to help you get the equipment and inventory you need. The franchisor will have specifications on furniture, fixtures and supplies to purchase, as well as the number of employees you will need. If you don’t like these, you probably should find a different franchise.
Support on leasing
Many franchise companies will help you find a suitable location, as well as sign a lease, though you probably want to do your own research about your region and hire a real estate attorney of your own. A bad lease can be a significant burden on a new business.
A business of your own can help you rise to greater heights in your career. So take the first step today.
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Contact Dan Citrenbaum to help you create the career you’ve always wanted.
With a quarter century of experience as an entrepreneur and coach, Dan began the latest stage of his career in 2010 when he bought a franchise — which he calls “the best decision I ever made.” To find out how to start your own business with a franchise or buy an existing business, call Dan at email@example.com or at (484) 278-4589.
© Dan Citrenbaum 2016