As with any big purchase, it is wise to do extensive research before jumping in. As a business owner, there is a certain amount of risk that you will have to take on (which is exciting!), however, being prepared will allow you to make educated decisions when it comes to navigating your new business.
Understand the Industry
The first step is understanding the industry you are about to join. You may be passionate about a certain type of work but if you haven’t previously worked in that field, it is advisable to take a close look at what goes on from the inside. Learning from those doing business day-to-day in the industry will give you an insider perspective that will be invaluable as you step into your new world full time.
Training makes Perfect
Training is not always the most exciting thing to do but it will be an important step when your Franchise becomes operational. Take some time to find out if the Franchise you are buying offers training for new owners. Know what is provided so you can learn how the Franchise works when it comes to hiring, finances, legal issues, location choices and logo/marketing restrictions. With this knowledge, you will be one step closer to excelling in your new role.
Fees and Associations
Each Franchise has a different expectation when it comes to the annual fees and what accompanies those fees. Being clear on what you are free to use and how you are able to advertise your business will give you a head start as you develop your advertising campaigns and work your plan.
Know the Rules of the Game
Each Franchise has a specific goal when it comes to branding. Understanding the branding do’s and dont’s will help you to stay consistent with the bigger vision. Review the leasing terms of the logo to be clear on the rules when it comes to uniforms, creating marketing material and wording. Being clear on these legalities will ensure you stay on track and grow your successful brand.
At Franchise 360 we have opportunities for Franchise 2019 available now. Franchise 360 will help navigate the process of owning a Franchise from beginning to end. Contact us today to explore our franchise opportunities at www.franchise360.ca