Here on Franchise Direct, we try to make the dream of franchising come alive. If you're considering owning your own business, we can connect you to the franchise opportunity that can help make those dreams come true. What many entrepreneurs forget is that between buying a franchise and actually opening, there are a lot of little obstacles that need to be overcome.
If you're seriously considering opening a franchise, we recommend you have a look at this really handy new infographic that explains how the process of opening a franchise happens. We break the process down to 11 steps. They are as follows:
Hire a franchise consultant
Attend a Discovery Day
Speak to other franchisees
Find a suitable location
Chose a franchise and secure funding
Obtain the necessary permits and insurance
Hire staff and begin training
Open your franchise
Now if you read the infographic you'll find information on every step along the way. To be honest the first step may be the most important:
What appeals to you about opening a franchised business?
Are you ready, willing and able to work long hours, including weekends and holidays (especially in the beginning)?
Can you commit to following pre-determined business methods with very little variation, if any variation at all?
Can you accept paying a portion of your profits to another entity (the franchisor)?
Are you comfortable with the reputation of your business being largely dependent on the franchise’s network and not just your business unit?
Furthermore, how much of your personal cash are you willing to part with to establish the business? Unless you’re fortunate enough to have enough money personally, do you have adequate assets (savings accounts, real estate, securities, etc.) to secure a loan?
Best of luck on your journey to franchising. This is a handy roadmap along the way.