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You’ve bought the franchise you were most excited about. Congratulations! Welcome to the franchise community.
Now what?
When Reality Sets In
Most of the people who’ve worked with me over the years have come from corporate jobs. They’ve been employees. And if they’ve purchased a franchise with a lot of moving parts, they’re now employers. Big difference.
Fact is, if you’ve just bought a franchise, the anticipation of being your own boss is eventually going to fade away. You’re going to find that the reality of business ownership combined with the uncertainty of running the day-to-day operations of a new business is unsettling. But have no fear because your franchisor is here!
Franchisors know what you’re feeling. That’s why virtually all of them insist on playing a pivotal role in smoothing this career transition by providing multifaceted, hands-on support.
What Does Your Franchisor Do to Help?
Their help begins once you officially become a franchisee.
It begins with extensive formal training-and sometimes pre-training online. This equips you with the essential skills and knowledge to manage every aspect of your franchise business.
More specifically, you’ll learn business operations, technology, marketing, customer service, product knowledge, growth strategies and more.
In addition, your franchisor will offer ongoing training. This training will help you stay updated with industry best practices, emerging trends, and any new products or services you’ll be able to offer your customers.
Also, if your business requires a location, your franchisor will jump in and help with location selection.
How? A combination of internal tools and external real estate contacts in your area.
Once they’ve helped you find a suitable location for your franchise, they’ll provide specific information about developing the location to meet brand standards, both inside and out.
Getting The Word Out
If you’ve purchased a location-based franchise, you should anticipate having a grand opening. And your franchisor will help you have one that’s a smashing success.
That’s because they’ll use their already proven grand opening promotional strategies that are designed to create attention for your new franchise location.
To begin with, your new business will be advertised in important local publications and online-including social media. And if there’s enough interest, you may have interview opportunities with local television and radio stations presented to you. Today’s local media sources are always looking for good stories. Like new community business openings!
That said, the marketing help from your franchisor doesn’t stop after the excitement of a successful grand opening fades away. That’s because marketing assistance from franchise headquarters is ongoing. It’s part of what you’re paying for.
Bottom line: Your franchisor knows how to put together a grand opening; they’ve done it many times before. So, follow their lead as they help you open your new franchise business.
Ongoing Communication and Assistance
Your franchisor will maintain ongoing communication with you throughout the term of your franchising agreement. You won’t be alone.
For instance, you should expect to get regular updates on the state of the franchise system you’re a part of, along with news and views concerning your sector of business.
Other information you receive from headquarters may include tips and tricks that fellow franchisees have used that can help your business run more efficiently and more profitably. It’s part of the strength of a franchise network.
After it’s all said and done, this constant flow of information ensures that you’re equipped to make informed decisions and adapt your business strategies as needed.
In addition to regular communication, franchisors extend ongoing help in areas such as operations, marketing, and financial management. This support helps franchisees navigate everyday business challenges while helping them enhance their franchise businesses for success.
The Impact of Post-Purchase Franchisor Support on Franchise Success
Franchisor support for new franchisees significantly influences franchise success.
From helping new franchisees transition from corporate employment to business ownership, to formal training, Grand Opening/ongoing marketing, and ongoing communication, the support from franchise headquarters post-purchase plays a pivotal role in your success as a franchise owner.
And at the end of the day, success as an owner is what you’re striving for.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.