Amid all the caroling, cookie-eating, and Christmas movie marathoning you plan to do this month, there’s one more thing to add to your to-do list:
Start your prep now to buy a franchise in the new year.
Even if you don’t plan to buy a franchise until next year, now is the perfect time to get everything lined up to make it easier when you do.
1. Get Your Finances in Order
Likely, you’ll be taking out a loan to help finance your franchise, so you want to ensure that you look like a good investment to a lender. How’s your credit score? If you’re carrying some credit card debt, take time now to pay it down so that your score increases and you will qualify for a better interest rate.
While you’re at it, review your credit report for discrepancies, and get them cleaned up. This will also help the loan application process go more smoothly.
Additionally, get a plan for how you’ll pay your expenses as you get off the ground. You aren’t guaranteed to make a profit for a while, so you want to ensure you have enough to cover your personal expenses, as well as those of the franchise.
2. Start Your Research
You may already know exactly what franchise brandyou want to buy...or have no clue. Start with the industry. Where do your interests and experience lie? That’s always a good place to start.
From there, what brands do you know about? Which have good reputations? Which have great franchising systems? Make a list of any you want to learn more about next year.
3. Get an Exit Strategy
If you’re currently an employee, start thinking about how and when you will put in your notice. If you plan to open a vending franchise, you might not need to quit your job, since you can easily manage your business in your spare time.
But if you want to open a restaurant franchise, you may want to be more involved, and therefore would need to quit.
Just don’t burn bridges. Find a way to quit that leaves things amicable between you and your employer. You might give your boss a heads up on your plans so he knows several months out and can plan your replacement.
You’ll still have a ton to do next year when the franchising hunt gets serious, but taking care of these few items now will make your work easier in 2018.
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.