Dreaming of becoming an entrepreneur can make you ready to hit the eject button on your current job, but before you do, make sure you’ve lined up everything you need to in order to be successful as a franchise owner.
Choose Your Franchise Wisely
There are so many options when it comes to franchising. You not only need to choose the industry you want to work in, but also the specific brand. You need to determine whether you want to be an owner/operator, or if you want to hire a manager.
You may even be able to buy a franchise and continue working your day job, if you won’t need to be involved in the day-to-day operations. These are all concerns to consider before you put in your notice (if you do at all).
Build Your Budget
Running a business isn’t a cheap operation, and in addition to the franchise fees you’ll have, you also need to factor in startup and ongoing operations expenses. Oh, and you’ll want to pay yourself!
Knowing what it will cost you to run your franchise can help you determine if you have enough to finance it now, whether you want to take out a business loan, or if you should continue to work a while longer so that you can bootstrap the investment.
Do Your Homework
A smart franchise owner is one who has not only thoroughly read through the franchise agreement but who has also researched important aspects of the business like insurance, business permits, and taxes.
Digging into these topics before you launch will ensure that you’re well prepared and don’t end up with any unpleasant surprises down the road.
Budget Your Time
Money isn’t the only thing you’ll need to invest as you launch your franchise. Especially at the start, you will be investing quite a lot of time into this business, so consider your schedule.
If you plan to continue to work your job, you need to ensure that you can commit enough time in the evenings and on weekends to make the business a success. You may decide to hire help from the start so that you’re set up to thrive.
Talk to your family about your time commitment. They may be unhappy at how little they’ll see you when you open your business, so set expectations now.
A little forethought can go a long way when it comes to preparing yourself for buying and launching your franchise.
Susan Guillory is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.