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3 Tips for a First-Time Franchise Owner

02/17/2020
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Many employees dream of being their own boss.  What people don’t often consider when they debate becoming a business owner is starting a franchise.  A franchise business has all the pieces of an individual company with a lot of foundational stuff in place already.  Because of this, a franchise is a great first business to own and run. Here are three tips for first-time franchise owners.

Take advantage of all your parent company has to offer.

Companies that help people starting a franchise realize that these people may not have experience in the field they are in or business experience at all.  This is why most of these companies offer tons of training and advice to their clients. Don’t brush this off. There is no one that knows more about the franchise you are about to begin running than the parent company.  From operations manuals to business training, they have everything you need to succeed in a franchise business – as long as you are willing to listen.

Don’t forget about this help once you are well into running your business, either.  The company can be there every step of the way to offer advice. Remember to reach out when you are facing a challenge, even when you think you have nothing left to learn from them.  Chances are, there is another franchise in the company that has experienced something similar.

Have clear expectations of the time and money you will be investing in.

Before you commit to any sort of franchise deal, you need to do your research.  How much is a franchise business going to cost you – not just initially, but in the first year or more?  Time also needs to be taken into consideration. How much time can you invest in this business? If you still have another job, you need to seriously consider the pros and cons of leaving.  Find out what other franchisors are investing in their businesses. Is your company more hands-off, or will you need to be there all day every day? Thinking through all of these before you even begin is important so that you know what to expect as you head into a different period of your professional life.

Have a long-term plan.

As you head into being a franchise owner, what is your goal?  How long do you want to own this franchise business? Maybe it’s something you want to dip your toe into and then get out within a few years.  Maybe you want to pass this franchise on to your children someday. Either way, knowing what you want from the start can help you actually make it happen.

This is true for more than just an exit strategy.  Figuring out your goals for the franchise is an important step in planning.  From how much money you want to make to how many customers you want to reach, everything is more likely to succeed if it is thought about and planned well.

Looking for a franchise business?

Many people think of stores and restaurants when they think of franchises, but the idea goes way beyond that.  Healthcare franchising is a great way to become a business owner and positively impact your community.  A Better Solution in Home Care can help you open your own franchise for an initial investment of just $48,000.  Whether you have healthcare experience or know nothing about the field, they can help you succeed in running a home care network in your area.  Visit us online to learn more.